A car inspection is essential when applying for a bad credit score auto loan Surrey British Columbia. The process is meant to safeguard the lender before they invest in the borrower. It’s also vital because lending companies need to know any cosmetic or mechanical damage the collateral has to determine the value. They need this to know if the car has enough value to cover the loan.
Types of Car Inspections Done for Title Loans
There are two types of inspections done to cars used as collaterals for title loans – interior and exterior. With an interior inspection, the lender looks inside the car. They will look at the state of the seats, the flooring, and whether the owner has installed any after-market accessories. Aside from that, the mileage, the state of the engine, brakes, and inner workings of the car are also checked.
Meanwhile, an exterior inspection is geared towards finding any cosmetic damage to the car. For instance, does the car have lots of dents or scratches? Is the paint peeling? The lending company needs to assess whether the damage is extensive. This is critical as they need to determine whether it will be costly to repair the car if they ever need to sell it. If it’s too much, the company would either deny your refinance car loan application or deduct the cost of fixing the cosmetic damage from the vehicle’s worth.
The Best in the Industry
If you’re looking for good value and fair deals, then Canadian Equity Loans is the company to call. This trusted lender can offer you as much as $50,000 in loans. They’re also known for their low-interest rates and for accepting early repayment without penalties. You don’t even have to worry about credit or employment checks. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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