No matter how hard you’ve prepared, there are times when you’re just caught off guard and need funds immediately, like a death in the family or a medical emergency. A vehicle title loan offers you a way to secure a short-term loan fast. However, you would need to offer your car as collateral. But how much cash can you get when you borrow using your car Kelowna British Columbia?
How Much Can You Borrow in an Auto Title Loan?
Before you can avail of a car pawn loan, you need to have enough equity in your vehicle if it’s to serve as collateral. A lot of lenders won’t let you borrow if you’re still paying off your car but others are willing to lend you the cash you need. A typical auto title loan can range from $1,000 to $5,500. There are some lenders who reportedly can lend you more.
How much you can borrow depends on your car’s value or your equity. The higher your car’s value, the higher is the loanable amount. But borrowers are cautioned not to expect to get their car’s full value out of the loan. Most lending companies will offer loan amounts around 25 to 50 percent of a vehicle’s value. After all, they want to ensure they can recover their money quickly, so they only shell out what they can easily receive in the event they have to repossess and sell a vehicle.
Trusted Car Loan Expert
When it comes to auto loans, go with Canadian Equity Loans. Considered one of the best companies in the country, you can borrow as much as $50,000 without worrying about credit checks or proof of income. The company’s quick approval process means you can receive the money in an hour. You can apply online or call their toll-free number at 1-844-586-6311.
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