You might find car inspections dull and feel that there are better ways to spend your time. However, this is a necessary and critical part when you’re applying for an auto title loan. These evaluations are designed to protect both the lender and the borrower. But what kind of inspections are done for bad credit loans Vegreville Alberta?
Inspections Required for Title Loans
The inspection process is essential because title loans use the car’s value to secure the loan. Lenders use the process to look for value so that in the unlikely event that the borrower defaults, the collateral will be used to cover the loan. There are two types of inspection done – the interior and exterior. The interior inspection checks the quality of the vehicle’s interior and inner machinery. The inspector typically looks at the mileage and the state of the material inside the vehicle. They check if the leather on the car seat’s cracked or the floor paneling rusted through. They also check the state of the engine, filters, etc.
The exterior inspection focuses more on the cosmetic damage to the vehicle. For instance, are there obvious dents or does the car require a new paint job? The inspector has to assess any damage to the exterior and how much it would cost to repair. This will be deducted from the car’s value. The final cost will determine how much you can borrow using your car.
Faster than the Competition
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