Getting a bank loan is one of the surest ways to secure the money you need for a major purchase like a car or your own home. But for emergency situations where you need cash fast, you can borrow using your car Markham Ontario. The only challenge is securing the amount you need as title lending companies consider several things before approving an application.
3 Factors That Affect Title Loan Amount
- Value of the Collateral: Title loans revolve around the vehicle being offered as collateral. How much an applicant can borrow, as well as the terms and conditions will be influenced by its value. Using cars that are relatively new and well maintained can easily secure approval. Meanwhile, older models with high mileage might result in the application being declined or the loan amount to be reduced.
- Location of Both Parties: The region where a borrower lives or where the lender operates can also have an impact on the fast loan amount. Some states have a cap on how many titles lending companies can invest as well as the interest rates.
- Borrower’s Credit History: Your credit score isn’t really a big factor in title loans because there’s collateral on the table. However, lenders still do check your score and credit history. The latter is particularly useful in determining how much loan the applicant can handle and whether they’re good payers or not.
The Best in the Industry
You have a better chance of getting the financial assistance you need with Canadian Equity Loans. The company can offer as much as $50,000 in loans, with low-interest rates and affordable monthly payments. They also have flexible payment plans and accept early repayment without penalty. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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