Banks have strict requirements when it comes to loans. They usually demand a credit score of 700 or better for a borrower to qualify. Not everyone can meet those criteria, and they’re automatically shut out of the chance to borrow money. But millions of people have been able to get financial assistance, thanks to online lending companies. So what kind of score do you need to get a poor credit car loan Guelph Ontario?
What Credit Score is Needed for Auto Title Loans?
Challenged credit auto loans are called secured loans because they need collateral. Borrowers have to put up their car’s title as security. The equity you have on the vehicle is used to cover the loan. This means the higher the value, the more money you can borrow. One advantage of having a collateral is that your credit score ceases to become a factor to getting approved. Many lenders don’t even do credit checks anymore. Or if they do, it isn’t as extensive.
It also means that even people with poor credit scores can apply. Auto title loan companies are open to everyone, even people with credit history, those who are currently unemployed, or senior citizens.
Get You More Money Than the Competition
Apply at Canadian Equity Loans today and get the financial assistance you need. The company can provide as much as $50,000 in loans. This trusted lender also has the lowest interest rates and monthly payments around. They also offer early payouts without penalties. Their fast approval means you can get the money you need within 24 hours. You also get to keep and use your car while the loan is active. Sign up on their website or call their toll-free number at 1-844-586-6311.
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