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Are you in need of some quick cash? A personal loan from a bank isn’t always the quickest answer. There are several alternatives one can consider. A loan from a bank should be somebody’s last resort but before that, there are better options like car title loans. These loans offer a hassle-free borrowing experience.
If you want to get a loan against car title then you must be aware of some facts. For this loan, you have to own a vehicle with lien-free title . Canadians will be glad to know that this type of loan requires no credit checks and hence makes a quick loan option. Unlike banks, a lot of time goes into verifying the credit history or credit score of the borrower. This loan is secured by the title papers against which the money is given to the borrower. Before applying for this type of loan, one must know all the basic requirements.
In addition, the borrower must be aware of simple yet important points like the duration of the term, interest rate and other terms and conditions. It all starts with a simple application process that has to be filled out online. You can also call the loan agents at Car Title Loans Canada and get all the information and any of your concerns addressed.
What Are The Requirements?
If you want to get your title loan from Car Title Loans Canada, you need to bring in your vehicle for inspection. We will then verify the condition of the vehicle and review your vehicle documentation. If all is well, we keep the title to the vehicle in and provide you with the loan amount. A lien will be placed on the title which will be cleared after the loan amount is paid in full. The loan term will be spread over a period of 48 months but the borrower can payout the loan at anytime. There are no charges for prepayment. It means that there’ll be no penalty if the loan is paid back before the end of the loan tenure. The loan amount depends on the value plus condition of the car. If it is well maintained newer vehicle, it will likely get you more funds. The loan payment are convenient and can be as low as $97 a month. To get an auto title loan, there are a few things required that every borrower needs to have. The borrower must own the vehicle outright and there shouldn’t be any liens on the title. All the following documents will have to be submitted in order to get the loan approved on the same day, and the loan amount within few hours. Let’s have a look at the required documents for loan against a car title.
- Original vehicle title in the name of the borrower
- Valid Canadian Driver’s License
- Proof of permanent residency
- Vehicle registration in your name
- Proof of vehicle insurance that covers collision and comprehensive
- Spare set of car keys
One of the most amazing things about vehicle title loans is that one does not have to have a good credit score or or good credit history to be eligible for this kind of loan. Many lending services like banks or credit unions have made it mandatory to check credit scores of a borrower. This makes it a little difficult for people with low credit scores to get loans from banks. So, to meet their financial needs they can take a loan against their car title. Also, there’s no need to be employed when applying.. The resale value of your car determines the loan amount you can borrow. Canadians who are of legal age and own a lien-free car are eligible to apply. They must also have a driver’s license which is valid in Canada. Once your online loan form is reviewed, you’ll be asked to visit a nearby branch for the car inspection. Once everything has been reviewed, you will receive the loan money based on the value and condition of your vehicle. And since we base this loan on the vehicle title, you get to keep your car. Keep using the vehicle as you normally would for the entire loan period.
Once you submit all the papers and your car has gone through the verification process, you’ll be given the loan money within hours.
If you want to know more about getting a loan against your car title, , contact us (toll free) 1-877-804-2742 or apply online.
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