1-877-804-2742
The idea of getting behind a brand new set of wheels is exciting, isn’t it? One can easily get a new vehicle as there are a wide range of financial tools out there to help you get a car loan. However, this blog is not about getting a loan for a new vehicle. It’s quite the opposite though. We are going to talk about auto title loans. They are completely different from the well known car loans. Instead of borrowing the funds to buy a new vehicle, an auto title loan allows you to use your existing vehicle to borrow money for your expenses. It’s basically borrowing cash using your vehicle vs borrowing cash to buy a vehicle.. Car Title Loans Canada is highly experienced in providing bad credit auto loans to Canadians who are in need of immediate funds for financial emergencies. It is also a good option for many people with poor credit scores..
What is a Car Title Loan?
In simple words, it is a loan that you get by using the equity value on your fully paid for vehicle. We simply hang on to your car title papers for the duration of the loan. . We use the equity value of the vehicle as the basis to lend you the required sum of money. The condition of the vehicle also helps in deciding the loan amount you are eligible to borrow. A recent survey shows that approximately 1 in every 3 Canadians is under constant stress due to money issues. It could be due increasing credit card debt, long overdue utility bills, home renovations or massive medical bills. People simply remain unaware of the financial sources that are available.
Anyone who owns a fully paid for vehicle (car, SUV, truck etc.) that is no older than 10 years can easily apply by using it as collateral for a loan. You get the funds you need , while we keep the title papers with us for the term of the loan. We provide a hassle free and quick loan process that makes it easier for people to get hold of much needed cash. There’s no need to apply for a personal loan with a bank just to wait weeks or months for approval.
Benefits of a Car Title Loan
There’s absolutely no need to produce a good credit rating to get a loan from us. Since the loan is secured by the title papers of the car, a perfect credit or anything to do with your credit score is not necessary. A person with good equity in his car but has poor credit can easily apply for a loan. The loan amount will be based on the equity value of the car and condition. . Our online platform also allows the borrower to send in his loan application to us in minutes. We will review the information to prequalify you and then one of our agents will be in touch to provide further details about the next steps. We are professional and ensure complete confidentiality in money matters.
Bad credit auto loans also allows you to use the vehicle and does not require you to surrender it during the loan tenure. Many lenders out there keep the vehicle for the loan term but we don’t do that. We will also promptly return your auto title papers once the loan has been repaid in full. Another benefit with our loans is that you can repay the loan at any time before the expiry of the loan term. We don’t charge any prepayment penalties or fees for doing so.
Our loans are spread over a long and convenient tenure of 4 years. We won’t ask for your job details or verify your income details. You can make easy low monthly payments with ease.
There are some supporting documents that are required by the borrower during the loan process:.
Documents:
- A valid Canadian driver’s license
- Proof of permanent residency
- A fully paid off vehicle for inspection (not older than 10 years)
- Registration and insurance papers in your name(collision and comprehensive)
- Lien-free title to your vehicle
- Second set of keys
Get in touch with one of our agents to know more about bad credit auto loans by calling (toll-free) 1-877-804-2742 today or by applying online.
You can follow us on social media:
Face book: https://www.facebook.com/Canada-Car-Title-Loans-482149178844933/
Twitter: https://twitter.com/CNcartitleloans