Vehicle title loans are designed so that even people with poor credit scores or who are currently unemployed can apply for them. As a secured loan, the main requirement a borrower needs to present is a clean title. However, that’s not enough to get a loan. There are several factors you have to meet to ensure the approval of your poor credit car loan Toronto Ontario.
3 Factors to Guarantee Loan Approval
- Proof that you’re of legal age. A government-mandated identification card is one of the chief requirements of this loan. Borrowers have to be 18 years old and above to apply. This is because the law requires that only adults can be forced to pay off loans.
- Ownership of high-value collateral. You will also need to present or prove ownership of a vehicle with high-value or equity. The majority of lenders accept all types of vehicles, although there are some that deal only with cars of a particular make or model. Your odds will be even better if your vehicle is well-maintained and not more than a decade old.
- Steady income. Credit scores or employment status might not be a strict requirement for car collateral loans, but you’ll still need to prove to the lender that you can pay back what you’re borrowing. Payslips are good but you can also use pension slips or proof of alimony or disability. You can also show that money is deposited regularly to your bank account.
Lowest Possible Payment in the Industry
Get the financial assistance you need with Canadian Equity Loans. You can borrow up to $100,000 in loans while also availing of low-interest rates. The company also offers poor credit car loan Toronto Ontario with affordable monthly payments and flexible terms. You don’t even have to worry about credit or employment checks. Applying is easy. Just log on to their website or call their toll-free number at 1-844-586-6311.
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