Applying for a loan can be a nerve-wracking experience. You have to meet specific requirements before you can qualify. One of these requirements is the credit score. Most traditional lenders require borrowers to have a credit rating of 700 or better. But a special financing auto loan Surrey British Columbia has a different requirement.
What Credit Score Do I Need for an Auto Title Loan?
A vehicle title loan doesn’t have a credit score requirement. It’s one of the reasons this loan is so popular. While a high credit rating is great to have, it’s not a requirement. You can qualify for this loan even if you have a poor rating. This is due to the collateral the loan requires. Borrowers must put up their car as collateral. Its value will cover the loan so the car should have enough equity to do this. Most auto loan companies also forego credit checks too because of this.
There’s a downside to this though. Because the car’s value will be used to cover the loan, missing payments could lead to repossession. The lender has the right to take the car and sell it to recover their money. Any balance after the sale will be shouldered by the borrower.
Trusted Car Loan Expert
Premier Loans Canada will ensure you get the financial assistance you need. You can borrow as much as $45,000 from this trusted lender and not worry about credit checks. Our company also offers low-interest rates and affordable monthly payments. We also have extended loan terms and flexible payment plans. You can receive the cash you need within the day. Sign up on our website or call our toll-free number at 1-855-965-1650.
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