People have been coming to us due curiosity in knowing more about our loans. That’s because our car title loans have been helping the people of Canada in times of distress for quite some time now.
More and more people want to opt for a bad financial history score auto loan and get rid of their problems such as; overdue credit card bills, medical bills, house repair expenses and others. This article clears out all the doubts and the most frequently asked questions related to an auto equity loan.
1.Can everybody apply for a car equity loan?
Yes, all you need in applying for this loan is a car that’s fully-paid and has clear title papers to it. It shouldn’t be under any type of financial obligation like a loan or a lien.
2. How much loan can I get using this option?
The loan amount you get depends on the equity value of your vehicle. The more equity value your car has, the more loan amount you can get. You can get up to 30% of the equity value for the loan amount.
3. What do I have to do in order to qualify for a loan?
As mentioned earlier, a fully-paid car is what you need in the first place. Just provide us with the basic details about your car, like its make and model, year and kilometer reading; then we’ll let you know whether it qualifies for the loan or not.
4. What are the requirements to apply for the loan?
Unlike other traditional loans, a bad financial history score auto loan needs a few documents from your end for verification purposes only. These are:
- A lien-free vehicle with a clear title
- The vehicle shouldn’t be older than 10 years
- A valid Canadian driver’s license
- Proof of permanent residency
- Registration and insurance of your vehicle under your name
- The second set of keys to your car
- Proof of legal age in your province
5. Do I have to surrender my vehicle to the lender?
Not at all! We don’t want to disrupt your daily routine by keeping your vehicle with us. All you’ve to submit are the lien-free title papers of the car. And as soon as the loan is paid, these papers are released and handed back to you.
Paperwork for the loan is another area of doubt which we want to clear for our clients. You must be aware of the fact that a traditional bank loan takes a lot of time and effort to complete the paperwork. From approval through disbursal, it can take up several weeks just to get approved and the borrower ends up waiting a long time for his money.
We, on the other hand, don’t want our customers to wait that long to get the financial help they need. A bad financial history score auto loan takes a shorter time in preparing your loan file and getting approved. We will provide you with the funds immediately after the approval.
Call us at our toll free number 1.844.452.4125 or apply online.
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