Vehicle title loans are a handy option if you need extra cash and you need it quickly. It’s so easy to qualify for this secured loan, as you technically just need to own a car. However, no lender can guarantee 100% approval, as there are factors that will affect the status of your easy bad credit loan Paradise NFL & Labrador application.
3 Factors That Impact Your Title Loan Application
- The car’s value is not enough to cover the loan. One of the key requirements for title loans is collateral. But if your car’s value is not enough to cover the loan, then the lender has no option but to deny it. While you could try negotiating with the lender, you’ll likely end up with a much smaller loan amount.
- Your capacity to pay. Aside from your car equity, your monthly financial status will also affect your loan application. While being self-employed, on disability, or currently unemployed doesn’t disqualify you from applying, you have to convince the lending company that you can pay back the loan. You can do this by providing pension or disability slips, or your monthly bank statements.
- Your car’s status. You need a car with a lien-free title in order to qualify for a title loan. Lending companies need the assurance that you have enough equity in the car to cover what you’re borrowing. However, most companies are willing to accommodate applicants who only have a few payments left on their vehicles.
Same Day Cash
Sign up with Canadian Equity Loans for a fast and hassle-free application. You can borrow up to $50,000, without worrying about credit checks or employment requirements. The company also offers low-interest rates and flexible payment plans. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
For more information, visit us on: