car pawn loan Kitchener Ontario

November 10, 2020

What Three Cs are Crucial in Determining Car Pawn Loan Kitchener Ontario Creditworthiness?

Auto title loans have been a godsend for millions of people this past decade. Because it’s a secured loan, it’s open to anyone who owns a car, even if they have poor credit scores. However, car pawn loan Kitchener Ontario companies will take steps to minimize their risks by doing a credit analysis of the applicant. They will consider three key factors – capacity, character, and collateral. Here’s why: What Lenders Use to Gauge Creditworthiness  Capacity: The first thing a lending company will check is the borrower’s ability to repay the loan. You’ll be asked to submit copies of your payslip to prove you’re employed and to show how much you’re earning. If you’re a freelancer, unemployed or retired, you […]