Conditions Your Car Must Meet Before It Can Be an Auto Finance Waseca Saskatchewan Collateral

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It’s impossible to get a bank loan when you have a low credit score or a poor credit history. Banks require borrowers to have a credit rating of at least 700. It’s one of the reasons why you should work at improving your credit score. You do have some options if you need fast cash. You can apply for an auto title loan. However, there are some conditions your car must meet before you can use it to get an auto finance Waseca Saskatchewan

Title Loan Collateral Requirements

  • The vehicle should not be more than eight years old. Lending companies prefer newer cars. They’re easier to sell and in better condition. There are lenders that accept older vehicles but expect to get a lower loan.
  • It should not be a company car. The borrower must be the legitimate owner. Commercial vehicles like delivery vans are not allowed.
  • It should be lien-free. Your car must be fully-paid if you want to use it as collateral for a poor credit car loan. 
  • The car title must be clean. The lending company will keep hold of the title while the loan is active. So the document must show the car is registered in the borrower’s name. It shouldn’t be a salvaged title. It should also show the vehicle is lien-free. 

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