Complete Guide To Get Fast Cash With Car Title Loans
Car title loans are an easy way to obtain cash quickly when stuck in difficult situations. Getting a loan against your vehicle title as collateral is a good option if you are facing some challenges that require extra cash. The situation might be such that you need quick funds to start a new business, as extra support to settle some personal needs, a fund for your education, home repair, or for a medical emergency. One of the best options to receive instant cash during difficult times when you need some money in your pocket is through a title loan.
What Is A Car Title Loan?
A car title loan lets you borrow money even with a low credit score because you use your vehicle as collateral for the loan. When you apply for a car title loan you have to submit a few documents. After submitting the documents, the lender will ask you to bring your vehicle to the nearest store location for inspection.
You will be able to get the needed cash on the same day. Cars are commonly used for this type of loan, however, other vehicles can be used as well, such as motorcycles, boats, and ATVs, etc. Vehicle title loans have shorter repayment periods.
How Do Car Title Loans Work?
Car title loans work by letting you borrow against your car, so you’ll need quick funds you can use your vehicle as collateral. Most vehicle title loans are for small amounts, ranging from $1000 to $5,000, so you must have at least that much equity in your car to qualify. When you get a car title loan, most lenders will deposit the funds directly into your account, or provide you with a cheque. During that time, you can still use your car as you normally would, but if you stop making your payments you can incur high-interest rates on your remaining payments.
Who Qualifies For A Vehicle Title Loan?
Generally speaking, it is quite easy for any individual to obtain funds through a vehicle title loan. Of course, you must own a vehicle entirely, meaning that you should've paid off the full amount and there are no liens against your vehicle. In addition, the vehicle must be worth something, usually extremely old vehicles are not accepted for a title loan. The lender requires a vehicle in term to secure the loan.
In Summary, Here’s How Car Title Loans Work
Getting funds through a title loan is a very convenient and quick process. You can obtain a loan by filling out the application form. It just takes a few minutes to complete the application form, or you can directly call the lender. Here is the process to obtain a loan quickly
- You just fill the online application form or call the lender.
- You need to submit all your related documents for further process and paperwork.
- Present your car for inspection to the nearest store.
- After that, you can receive your funds the same day
- You can continue to drive your vehicle while repaying the loan.
Do not worry if you have a bad credit score. These types of loans are basically for individuals with bad credit scores. The lender will store the vehicle title as collateral. You can pay off your loan anytime, and you get your vehicle title back when you completely pay off the loan.
While some lenders may give you a loan longer repayment plan, others may not. Some lenders could even permit you to make larger payments each month so that you can complete repayment even before the closing date.
Documents To Be Submitted In Order To Apply For The Loan:
- A lien-free vehicle title
- Proof of permanent residence
- Vehicle registration papers in your name
- Vehicle insurance papers in your name
- A valid Canadian driver’s license
- The second set of keys to your vehicle
- Proof of legal age as per your province
Is It Possible To Get Vehicle Title Loans With No Credit Check?
Yes! You can get title loans without any credit checks. Usually, before your loan request is approved, the lender will do inspections, verification, and checks to ascertain the loan amount you can get.
What Is The Maximum Amount I Can Get?
The amount of the loan depends on the market value of the vehicle. The more the value of your vehicle, the higher the loan amount you can receive. Usually, you can get between $2000 and $60,000.