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 […]