An unexpected surgery or your basement suddenly flooding will either put a dent on your savings or have you scrambling to find extra funds. If it’s the latter, a vehicle title loan might be a good solution. The approval process is quick and you’re almost guaranteed a loan since you’ll be offering your car as collateral. But before you sign up for a fast loan Surrey British Columbia, it pays to know if the borrowed amount is enough for your needs.
How Much Can You Borrow From a Title Loan?
Before you can offer your vehicle up as collateral, you must have accumulated enough equity to fund the loan. This means you should have either cleared any loans you made to purchase your car or the title is clean and the vehicle fully paid.
The amount you borrow is also based on the collateral’s value or the equity you have. So the greater the value of the vehicle, the larger the amount you can borrow. However, there’s no way you’ll be able to secure a car pawn loan that equals the full value of the vehicle. Lending companies want to get their investment back as quickly as possible so they will only offer a loan amount equal to what they can sell your vehicle for if it ever gets repossessed. At most, lenders will be willing to lend you about 25 to 50 percent of your vehicle’s value.
The Best in the Industry
Canadian Equity Loans offers borrowers high loan amounts at very low-interest rates. You can apply for loans as high as $50,000. Their flexible payment schemes ensure that you’ll have an easy time repaying your loan. You also don’t have to worry about credit ratings or employment checks. Just log on to their website to apply or call their toll-free number 1-844-586-6311.
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