car collateral loans Barrie Ontario

January 23, 2020

Why Inspections are Required for Car Collateral Loans Barrie Ontario

Thanks to its minimal requirements, easy application, and quick approval process, title loans have gained prominence. While the presence of collateral is a major factor, it doesn’t guarantee approval. It’s because car collateral loans Barrie Ontario require a vehicle inspection. Why are Vehicle Inspections Vital in Title Loans? Title loans are considered secured loans because of the collateral. The borrower should own a vehicle that’s lien-free and with a clean title. The collateral acts as security for both the lending company and the borrower. Auto finance loans are usually about 50% of the vehicle’s total value. It’s not surprising that the lender would require that the car is inspected beforehand. It’s one way to ensure that it can cover the […]