The collateral is the most important component of title loans. It determines how much the borrower can get and provides the lender with much-needed security. But what becomes of your quick car loan Delta British Columbia if something happens to your vehicle? Read on to find out.
What Happens if Your Car is Stolen or in an Accident?
Your loan will remain active and you’re still required to repay the lender even if your car is involved in an accident or is stolen. It’s for this eventuality that a lot of lending companies require the collateral to carry insurance. Your insurance provider will evaluate your claim and could decide to deal directly with the lender. When this happens, all or part of the insurance claim will go straight to them.
If the collateral is stolen or considered a write-off, the insurance company could directly pay the lending firm the market value of the vehicle. This refers to the amount the car would’ve been sold for. But if the car’s equity doesn’t cover the whole fast loan, you’ll shoulder the payment for the remaining loan amount. In some regions, the lending company could even sue you if the settlement wasn’t enough to cover the loan amount.
Borrow More Money Than Any Competitor has to Offer
You can borrow more money with Canadian Equity Loans. They can offer you as much as $50,000 in loans. The company also offers interest rates, affordable monthly payments, and flexible payment plans. You don’t even have to worry about your credit score as it’s not a big factor. Their easy application and fast approval process mean you can get the money you need within the day. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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