Challenged credit auto loans North Vancouver British Columbia are a great option if you can’t borrow money from traditional lenders. It has a simple premise – the borrower puts up their vehicle as collateral for a loan. Once the loan has been fully paid back, the borrower will get the rights or their car’s title back. While qualifying or applying for this loan is easy, some people still get disqualified. Here’s why.
Reasons You’ll Get Disqualified from a Title Loan
- You don’t have the financial capability to repay the car pawn loan. The borrower should also prove to have enough income to convince the lender they can repay the loan. While being self-employed, unemployed, disabled, or a pensioner will not automatically disqualify you, you need to show proof of alternative income.
- Your car doesn’t have enough value. A title loan depends on the car’s value, which will be determined by the lending company. If the equity isn’t enough for the loan you’re applying for, it will be denied. However, some lenders are willing to offer a small amount.
- There are problems with the car’s title. A lien-free and clean title is one of the main requirements for this loan. But there are companies willing to accept collateral that still has a few payments left on its name. Other issues, like two names on the title, will also see the loan application disregarded.
Lowest Interest Rates in the Industry
Experience hassle-free lending with Canadian Equity Loans. You can borrow as much as $50,000 without undergoing credit or employment checks. The company also offers low-interest rates and flexible payment plans. They also accept early payouts without penalties. Log in to their website or call their toll-free number at 1-844-586-6311.
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