Should I Get A Car Title Loan To Deal With Financial Crisis?

 

Do you need fast money? There are times when you might need some quick cash, and these days, that's not always easy to find. People struggle to get approval for loans due to various factors, and if you're one of those people, then car title loans might be the answer for you.

 

A car title loan is a secured loan against your vehicle. In this loan, you will be using your vehicle as collateral for the loan. This loan is very popular and useful for mainly two reasons. One of them is that the borrower's credit score is not considered and the second one is easy approval. This means that if you have a bad credit rating or poor financial history you still have a chance to get money through this loan. Also, if the borrower keeps everything in place, he/she will get approval on the same day without issues.

What Is Required To Get Approval For A Car Title Loan?

To get approved for a car title loan, you will have to meet certain requirements. First off, you will need to own the vehicle that you are borrowing money against. This is done only in the event when you have a clear title for the vehicle. Like other loan options, car title loans also have a procedure that one has to follow to get approval.

 

Step 1: Apply for the loan - You can apply for title loans in three ways. First, visit the lending institution's office and apply from there. Second, visit their website online and submit the application form. Third, contact them and let them know your needs. 

 

Step 2: After you apply, you'll get a call from the representative to let you know if you pre-qualify or not. If the response is positive, you can proceed with further loan steps. The next step is to submit the necessary documents required for the loan. 

• A vehicle that is not more than ten years old
• The vehicle must be registered and insured in your name
• A clear title to your vehicle
• A second set of keys to your car 
• Proof of permanent residency
• Proof of legal age as per your respected province
• A valid Canadian driver’s license

 

Step 3: Vehicle inspection: The vehicle inspection will be done by a professional of the lending institution. He will check the working condition of your vehicle and present market value to calculate the equity value in your vehicle. This is necessary as this step will consider the loan amount that you can borrow using this loan. 

 

Step 4: Collect cash: After the inspection is done, you will get approval for the loan. You can request for money disbursal on the same day and collect your cash within a few minutes.

Benefits Of Taking A Car Title Loan

Here are some of the benefits of getting a car title loan:

 

1. Easy approval - Unlike other loans, you do not have to do a lot of paperwork, and also this financial product does not demand a number of documents. Almost everyone that fulfills the minimum requirements of this loan, gets easy approval.

2. No credit check - It is a secured loan and you'll be using your vehicle as collateral. This is why lenders do not bother about your credit history. You do not have to worry about your bad financial history as this would not affect your chances of approval.

3. Fast approval - You can get money in 24 hours or less than that. There is no long process involved in this type of loan; it is an easy, straightforward, and simple process without any complexities.

4. Low monthly payments: The monthly payments will be very low so that you can easily manage to pay back your loan within the defined timeline. 

5. No prepayment penalties - If you have money and you want to close your loan account earlier than the due date, you will not be charged with any prepayment penalties. 

6. No restrictions on the usage of money: You can use your money any way you like even if it is for buying toys, booking a vacation trip, or making investments. This loan gives you complete freedom.

 

The best part of this financial product is that you do not have to surrender your vehicle to the lending institution. Some lenders such as Ace Loans Canada keep only the title of your vehicle with them. We allow you to use your vehicle even in the loan period. 

Well, which loan option is better for you mainly depends on your needs and condition. A car title loan is best for one who needs instant money and cannot wait for days to get approval and have a bad or average credit score. This is a secured loan and thus the interest rates are competitive and industry-best. If you’re also looking for a car title loan, you can visit our website online or call our toll-free number 1-855-997-0157.