Factors That Could Hold You Back From Getting a Special Financing Auto Loan Nanaimo British Columbia
Need funding for a big endeavor? There’s a loan for you. Consumers today have access to a wide variety of financial services. You can get a bank loan to purchase your first home. Meanwhile, a special financing auto loan Nanaimo British Columbia is a good option for emergencies. Sadly, there are many factors that could disqualify you from getting a loan. It’s best if you know the reason so you can do something about it.
What’s Holding You Back?
Lack of Employment: Conventional lenders require proof that you’re employed for at least 24 months before your application. Having a job for more than a year proves you have the necessary cash flow to repay the loan. Title loan specialists consider applications from pensioners and freelancers as long as they can provide proof of alternative income streams (ex. pension).
Too Much Debt: A high debt-to-income ratio also affects your loan approval chances. A consumer debt ratio of 28 percent or a whole debt ratio of more than 36 percent will disqualify you from most loans.
Unacceptable Credit Rating: Traditional lenders require applicants to have a credit score of at least 680. It’s the main reason many people can’t get bank loans. You’ll have a better chance of applying for a car equity loan. This is a secured loan, so your credit score isn’t a big factor.
Borrow More Money Than Any Competitor has to Offer
Get peace of mind with Canadian Equity Loans. You can borrow as much as $50,000 and not have to worry about credit checks. Our company also offers low-interest rates and affordable monthly payments. We also accept early payouts with no penalties. Sign up on our website or call our toll-free number at 1-844-586-6311.