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Many people can’t use conventional lenders to get financial assistance. There are many reasons for this. They might not meet the credit score requirements or have no credit history yet. You can always try to get cash for car Ponoka Alberta. A title loan has helped millions because it’s easy to qualify for and has a fast application process. But no lender can promise a guaranteed approval though. There’s a chance you could get rejected for a title loan as well.
3 Possible Reasons the Lender Denied Your Loan Application
- Your collateral doesn’t have enough value. A title loan depends on the car equity and the assessment of a trusted inspector. They might not accept your collateral because it has high mileage, is too old, or is a salvaged vehicle. Most lenders don’t accept vehicles that are a decade old or have more than 100,000 miles on them. You’ll rarely get approved with a salvaged vehicle as well.
- You don’t have the right car insurance. Borrowers are required to have insurance. This is to reassure the lender that they will be able to recover their investment even if the vehicle is damaged. Some lenders accept basic coverage but most demand comprehensive collision insurance.
- You don’t have a stable income. Bad credit score auto loan companies accept retirees and part-time workers. But you still have to show that you have sufficient income every month to repay the loan.
Same Day Cash
Do you need quick cash? Apply with Canadian Equity Loans to get what you need. You can borrow as much as $50,000 from us without worrying about credit checks. We also offer low-interest rates and monthly payments. We accept early payouts and don’t give penalties. Sign up on our website or call our toll-free number at 1-844-586-6311.
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