Millions of people were able to get relief from their money woes with an auto title loan. This type of loan utilizes a person’s vehicle as collateral. It means even people who are unemployed, bankrupt or have a poor credit score can avail of this loan. But there are other requirements and factors that lenders consider before approving bad credit auto loans Moncton New Brunswick so you should make sure you meet them.
How to Get Approval for a Car Pawn Loan
Every state and lending company has different requirements when it comes to loans. If you’re applying, double check that:
- You’re of legal age: The majority of states and companies require that borrowers are at least 18-years-old before applying for a loan. You have to be of legal age to be held liable for commitments like loan payments.
- Your vehicle has value: There’s a limit to what kind of vehicles can be accepted in car collateral loans. Cars that are too old, have high mileage, or were just salvaged are likely to be rejected. Lending companies also only take on vehicles that have enough equity to cover the loan.
- There’s proof of income: Most lenders won’t bother with credit checks or job requirements. However, some will ask for some evidence that you have the means to pay the money you’re borrowing.
Faster Than the Competition
The last things you need in an emergency are extensive credit checks and a long application process. That’s not the case with Canadian Equity Loans. The company is known for its quick approval, low-interest rates, and easy payment schemes. What’s more, borrowers can apply for loans as high as $50,000. Log on to their website to apply online or call their toll-free number at 1-844-586-6311.
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