3 Things That Could Cause Lender to Reject Your Poor Credit Car Loan Application Moncton New Brunswick
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August 1, 2021Auto title loans have helped millions of people manage financial emergencies. The application process is simple and quick. You’re guaranteed almost instant cash and you can qualify even if you have a low credit score. However, there’s still the possibility that your poor credit car loan Moncton New Brunswick application will be rejected.
Factors that Could Negatively Impact Your Poor Credit Car Loan Moncton New Brunswick
- Low Car Value: Your collateral not having enough value is enough for the lender to dismiss your application. Car equity plays a big role since it determines loan amount. It’s why lenders require a car inspection. Factors like the age and model, mileage, condition of the engine, etc will be considered. The lender wants a vehicle they can sell quickly in case the borrower defaults. It’s how they’ll recover their investment.
- Dubious Income Source: Your application will also be rejected if you can’t convince the lender that you can pay them back. It’s why you have to provide proof of income. You should give copies of your payslips and employment contract. Pension or disability slips also work.
- No Car Insurance: Lenders also require proof that they’ll recoup money if the car is involved in an accident. The coverage depends on the company. Some demand comprehensive collision insurance. Others will be happy with a standard cover.
Get You More Money Than the Competition
You have a good chance of getting the financial aid you need with Canadian Equity Loans. You can borrow as much as $50,000 from this trusted lender without undergoing credit checks. Our company has the lowest interest rates and monthly payments around. We also offer early payouts with zero penalties. Sign up on our website or call our toll-free number at 1-844-586-6311.
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