There’s no denying the popularity of auto title loans. After all, getting one is easy, fast, and simple. You don’t need to worry even if you have a poor credit score since you’ll provide the security of collateral. However, just because you have your own vehicle doesn’t guarantee that your applications for bad credit auto loans Nanaimo British Columbia will be approved or that you’ll get the amount you need.
3 Factors That Impact a Vehicle’s Total Value
Your vehicle’s value has a big impact on your auto loan. There are several factors that lending companies look at when considering your application, like:
- Brand: Obviously, the brand and model will affect a lender’s assessment of the car’s value. For instance, a Mercedes-Benz will be deemed more valuable than a Toyota. So be prepared to settle for a lower car pawn loan amount when offering a particular make or model.
- Accessories: Any after-market accessories or enhancements you’ve made on the vehicle will add more value. Interior light extras, electronic add-ons or special paint jobs can make your basic car special.
- Exterior: This is one of the biggest factors that impact’s a vehicle’s value. For instance, an older car with a lot of mileage can still have high value if the exterior has minimal damage. But one with extensive body damage is worth almost nothing in the eyes of a lender.
Lowest Possible Payment in the Industry
No matter what vehicle you offer, you’ll still get the best deals at Canadian Equity Loans. The company provides borrowers loans as high as $50,000. They also offer reasonable interest rates and the lowest monthly payment schemes in the industry. Just log on to their website to apply or call their toll-free number at 1-844-586-6311.
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