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How To Get Car Title Loans With Low Interest Rates?

Are you suffering from an unseen cash crunch? Do you wish to borrow from such sources that provide instant cash? Are you tired of the unyielding lengthy loan procedures? You are not alone. Every person you know in Canada must feel the same. The expenses are always over and above what are estimated, which leads to failed financial planning. If you want to master the cash management, you need to focus on two things primarily,

  • Estimate your expenses better and make provisions for emergencies as well, and
  • Keep the back-up financial support handy.

As far as the back-up financial support is concerned, you may resort to borrowing. Your main focus, while choosing a loan, is the costs related to it. The most favorable out of all loaning options is the Car Title Loans which can be taken at 10%-29% interest rates. Let’s understand more about such loans. 

About Car Title Loans

It is described as a type of loan which is given against the title of a vehicle like car, SUV, Van, Truck, Motorcycle, etc. This type of loan is unique because no credit checks are conducted for its approval. The title of a car, which has a clear title and is marketable, is a sufficient security for the loan.

Salient Features

  • Cash Receipt On The Same Day

The cash receipt, in case of such a loan, is no later than 24 hours. The inspection of the vehicle and verification of details & documents is done diligently to approve the loans at the earliest. The borrower is allowed to take the cash away with him the same day, which is why this loan is quite fit for serving emergency situations.

  • Borrower Retains Possession Of The Vehicle

Another notable feature of such a loan is that the borrower is free to keep the possession of his car and use it for his own facility. Only the title of the fully paid-for car is used for the fulfillment of loan requirements along with its spare keys. Whereas, the asset of the borrower stays with him for the duration of the loan. This saves them from facing inconvenience.

  • Repayment Period

The repayment period or the duration of loan that is available in a car title loan is of at least 4 years. This gives the borrower ample time to pay-off his obligations and arrange for funds to settle the loan. Which means, this loan works best from the borrower’s point of view. The cash is received instantly while it can be repaid in installments.

  • Prepayment Penalties-Nil

In case the borrower is interested to pay-off the loan in full prior to the expiry date, he can do so without worrying about the prepayment penalties. Because such loans do not invite additional costs in the form of prepayment penalties. It is another feature that makes such loans suitable to the borrower’s needs.

  • Dependent On Car’s Value

The amount of the loan is primarily dependent on the value of the car whose title is being used. The model and other specifications of the car are looked into and the value of the car is inspected. On the basis of this valuation, the estimated amount of the loan is perceived. 

About Approve Loan Now

If you are looking for car title loans in Canada, Approve Loan Now is one of the best providers. While being the best in what they do, they keep the borrower’s convenience and satisfaction of principal concern. The various advantages one is subjected to when dealing with the are:

  • They provide industry’s most competitive interest rates, that is, 10%-29% APR. This means that the loans availed are not only helpful but also cost-efficient.
  • Their main objective is to stand shoulder-to-shoulder with the borrower in the time of need and help them face their financial issues without difficulties.
  • They have a team of trained professionals, who ensure that all loan related formalities are taken out accurately and in the least time possible so cash can be transferred quickly.
  • You are not required to present your job history when you avail a cash loan from them.
  • The application form is very easy and the interface of the online portal is equally user-friendly. 
  • They offer borrowers a variety of payment options and the loan schedule is also decided keeping the borrower’s preferences in mind.
  • The title loan can be availed upto the amount of $50,000.

How To Apply For Car Title Loans?

As far as the application for such a loan is concerned, you have to focus on two crucial aspects:

  1. The documents required, and
  2. The steps in the application and approval process.

Documents Required:

For availing this loan, the following documents are required.

Please note that these documents are required only for the verification purpose and these are not kept by the lender. Only the title of the car and the spare keys are kept at all times during the loan period by the lender.

  1. A clear title of the vehicle which is fully paid-for and must be less than 10 years old.
  2. The proof of registration of the car under the borrower’s own name.
  3. The collision and comprehensive insurance policy of the vehicle under the borrower’s own name.
  4. The proof of borrower’s age and permanent residency in Canada.
  5. A valid Canadian driver’s license.

Steps in Application And Approval Process:

  1. Identify your quick cash requirements.
  2. Apply online by filling in the application form or book an appointment.
  3. Proceed to get the verification of the documents and the inspection of the vehicle done.
  4. Deposit the title papers and spare keys that work on all doors, to the lender.
  5. Receive your cash loan within 24 hours.

It is to say that a car title loan, while being the best option to avail loan at lowest interest rates, is also time and cost saving. It is desirable for meeting the immediate cash requirements and fulfilling emergency obligations also. So, whenever you find yourself stuck in an unwanted financial situation, you can always look around for such loan options as your savior.

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