A car inspection is essential when applying for a bad credit score auto loan Surrey British Columbia. The process is meant to safeguard the lender before they invest in the borrower. It’s also vital because lending companies need to know any cosmetic or mechanical damage the collateral has to determine the value. They need this to know if the car has enough value to cover the loan.
Types of Car Inspections Done for Title Loans
There are two types of inspections done to cars used as collaterals for title loans – interior and exterior. With an interior inspection, the lender looks inside the car. They will look at the state of the seats, the flooring, and whether the owner has installed any after-market accessories. Aside from that, the mileage, the state of the engine, brakes, and inner workings of the car are also checked.
Meanwhile, an exterior inspection is geared towards finding any cosmetic damage to the car. For instance, does the car have lots of dents or scratches? Is the paint peeling? The lending company needs to assess whether the damage is extensive. This is critical as they need to determine whether it will be costly to repair the car if they ever need to sell it. If it’s too much, the company would either deny your refinance car loan application or deduct the cost of fixing the cosmetic damage from the vehicle’s worth.
The Best in the Industry
If you’re looking for good value and fair deals, then Canadian Equity Loans is the company to call. This trusted lender can offer you as much as $50,000 in loans. They’re also known for their low-interest rates and for accepting early repayment without penalties. You don’t even have to worry about credit or employment checks. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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An emergency can place you in a stressful and precarious situation. It’s good if you have money saved to weather this situation, but if not, you can always get a bad credit score auto loan Surrey British Columbia. Applying for this loan is easy, as you only need a lien-free title to your own car. But what if you just made the purchase and only have the bill of sale on hand?
Can You Apply for a Title Loan Using a Bill of Sale?
No, you cannot. Even though a bill of sale proves you have bought the vehicle, it’s not enough to convince lenders to approve your loan. As the name implies, a bill of sale shows that you’ve legally purchased a car, usually from a private party. It works as a contract that transfers ownership of the vehicle. However, you can’t use it as collateral for a quick car loan.
There are steps you should take to secure a title for your car. First, you have to prove that the car is lien-free. You can do this by bringing the bill of sale and other pertinent documents to the DMV and get a surety bond. DMV officials will talk to you about surety bonds that you should purchase from a reliable insurance company. Once you have that, you can then apply for a bonded title and have your name registered as the car’s owner.
Faster than the Competition
You’re always assured of good deals with Canadian Equity Loans. You can borrow as much as $50,000 in loans, without worrying about the mandatory credit or employment checks. The company offers low-interest rates, affordable monthly payments, and flexible payment plans. Their application process is faster than their competitors so 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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Vehicle title loans have a distinct system. Unlike conventional loans, title loans have fewer requirements and a faster approval process. A bad credit score auto loan Surrey British Columbia is also considered a secured loan because it requires the borrower to surrender their car’s title as collateral. This has led some people into thinking that the can easily walk away from this loan if they can no longer afford the payments. It’s not that simple though.
Why You Can’t Walk Away from a Title Loan
One advantage to challenged credit auto loans is that they don’t require the applicant to have a good credit score. This is because the collateral acts as security and will cover your loan. Because of this, some people believe there won’t be consequences if they stop payments. They are wrong.
There are consequences to walking away from a title loan. The most serious and obvious one is the loss of your car. Defaulting on your payment will result in the lender repossessing your vehicle and selling it to cover your loan. Aside from losing an investment, this would also appear on your credit rating and can pull your score down further. Most lenders also won’t agree with the borrower just walking away and will include a clause in the contract that prevents this.
Borrow More Money Than Any Competitor has to Offer
You can borrow more money with Canadian Equity Loans. Considered as one of the best lenders in the country, they can offer as much as $50,000 in loans. They also offer low-interest rates and flexible payment options. You can even get the money you need in a matter of hours. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
For more information, visit us on:
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