A lot of people apply for a title loan because it’s fast, easy, and convenient. However, there’s no guarantee that you’ll be able to secure the amount you need. You might be able to get more than what you asked for or if you’re unlucky, far less than what you expected. There are several factors that will affect your poor credit car loan Scarborough Ontario.
How Much Can You Get?
There’s no simple or definite answer to that. When it comes to car collateral loans, the amount you can borrow or how much the lender offers will depend on three key factors – the lending company, the region you live in and the value of the collateral you put up.
Every lender has its own loan threshold. Some offer a minimum as low as $100 while the maximum amount can reach as high as $50,000. But you’ll typically see loans amounting from $1,000 to $10,000.
The region or area you live can also affect your loan. Some states regulate auto title loans and put caps on how much one can borrow. This can impact the lender’s minimum and maximum loan offers. But it’s the vehicle’s value that really affects how much you’ll get. Most lenders can give you loans commensurate to a percentage of the car’s value. This is known as the loan-to-value (LTV) ratio. Most of the time, borrowers can secure 50% to 85% LTV. The percentage will be based on your collateral’s resale value.
Lowest Interest Rates You Can Find
Get cash for your car with Canadian Equity Loans. The company can let you borrow up to $50,000, with no credit checks or job requirements involved. They also have the lowest interest rates around and allow early payouts without penalties. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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