Every borrower wants to maximize their chances of getting approved when they apply for auto title loans. While title lending companies would look into your credit score, it’s not a deal-breaker when it comes to car finance Mission British Columbia. There are other factors that influence your loan’s approval.
Factors that Impact Title Loan Approval
- Income: It’s a sound business rule not to lend money to people who can’t pay them back. Lenders are understandably concerned about the income at your disposal. For instance, a lender would dismiss your loan if you’re monthly income is $2,000 but your monthly payment is about $1,500 as it’s obvious you would be struggling to meet your obligation.
- Outstanding Debts: Any debts you currently have can affect your capacity to pay back your easy bad credit loan. Lenders will check your debt-to-income (DTI) ratio or monthly income versus your debt payment. Each lending company has a different DTI, but most would demand payments allotted for debt to be about 35% of your income. More than that and your loan will be denied.
- Increased Number of Loan Applications: Lenders also look at numerous loan applications filed within a short time frame as another red flag. They can tell how much credit you’ve been applying for recently by checking the inquiries on your credit report. If they see you’ve had several recent inquiries because you’ve applied for various loans, the lender will be wary of approving your loan.
The Number One in the Industry
Securing a loan is easy with Canadian Equity Loans. The company offers as much as $50,000 in loans. They also have the lowest interest rates and accept early payouts without fear of penalties. Their fast approval means you can receive the cash within the hour. You can sign up on their official website. You can also call their toll-free number at 1-844-586-6311.
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