4 Issues Lenders Consider When Deciding on Poor Credit Car Loan Sherwood Park Alberta Application

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Applying for a loan is always hit and miss. Each lending institution has its own way of doing things. You’ll never know what the company will consider as an issue. Even a service as simple as a poor credit car loan Sherwood Park Alberta will have other factors to consider aside from the collateral’s value. It’s why you should always put your best foot forward when applying for a loan. You should also be aware of the following: 

Factors Lenders Consider When Evaluating Loan Applications

  • Credit Standing: Almost all lenders will look at your credit report. It gives them an insight on how you manage your money. They use credit scores as an indication of your creditworthiness so make sure you keep it as high as you can. 
  • Income Stream: Lenders want assurances that you can repay the loan. Make sure you have copies of your current pay stubs or pension or disability slips as proof of income. 
  • Debt-to-Income (DTI) Ratio: Lenders prefer borrowers who have a low DTI ratio as it means their debt is manageable. A high DTI is almost negligible if your income is high. Otherwise, you should work on reducing your debt. 
  • Value of the Collateral: This is crucial when applying for car equity loans. You should use a car with low mileage, less than 8-years-old and is running well. 

Lowest Interest Rates in the Industry 

Canadian Equity Loans is a good option when you’re facing financial problems. You can borrow as much as $50,000 from this trusted lender. We offer low-interest rates and affordable monthly payments. We also accept early payouts without penalties. You can get the money you need in a few hours. Log on to our website or call our toll-free number at 1-844-586-6311.

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