Title loans are a great way to secure much-needed cash when you’re in a financial crisis. As a secured loan, borrowers are required to offer a collateral to fund it. A special financing auto loan Kelowna British Columbia is structured so that even those who are unemployed or who have poor credit score can apply for one. It doesn’t mean that you’ll automatically get approval though. But there are things you can do to improve your chances.
3 Things That Will Help Get Your Loan Approved
- Being of legal age: One of the main requirements is for the borrower to be of legal age. You have to be 18-years-old to apply for any type of loan as legislation states that only adults can be held accountable to pay off loans.
- Proof of income: Credit score and proof of income might not be much of a factor with car collateral loans, but some companies still need the additional assurance that the borrower can meet their financial obligation. You should prepare a proof of income, like pay slips, before you apply. For those who are currently unemployed, any evidence that you’re receiving money regularly will help. This includes pension, alimony, or disability benefits.
- A vehicle with High Value: A relatively new model or a vehicle that’s well maintained are considered good collaterals to put up. While some lenders are still willing to accept a 10-year-old car, don’t expect being offered a substantial loan.
Lowest Interest Rates in the Industry
Get the cash you need quickly with Premier Loans Canada. Borrowers can get loans up to $100,000, without worrying about credit checks or proof of employment. The company also offers some of the lowest interest rates around as well as flexible payment plans. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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