Several people look for ways by which they can get instant cash in return for a car. Well, if you are wondering of a way by which you can get instant loans i.e. instant cash on a car then instant loans are the right option for you. Yes, you read that right you can get this loan in return for keeping your car as collateral and get instant cash for the same. You must be confused with what kind of loan this is and how this loan even works. Let us have a look at it briefly and understand more about this loan.
What is a car title loan?
It is a kind of secured loan that you get in return for keeping your vehicle as collateral with money lending institutions. After doing the same, i.e. applying for the loan and getting it approved you get instant money from the lender the same day you apply for the loan. Now, this must be intriguing to you, and also you must be wondering of the ways by which you can apply for this loan. Let us have a look at the same.
How to apply for this loan?
To apply for this loan all that you will be required to do is fill out an online application form for the loan. After filling the online application form you will be required to submit a list of documents in order to get the loan approval. The list of documents is minimal unlike banks and other money lending institutions. The list of documents includes the following-
List of documents to get the loan approval i.e to apply for the loan
- A lien-free vehicle.
- Insurance and registration of your vehicle under your name.
- A valid Canadian driving license.
- Proof of permanent residency in Canada.
- The vehicle should not be older than ten years.
- The second set of keys to your car.
- Title of your car.
These are the documents that you will be required to present in order to get a car title loan, i.e. instant money in return for keeping your car as collateral.
After submitting the list of documents you will receive a call from our experts who will discuss with you the amount of the loan. The amount of the loan will depend on the condition of the car and also on the market value of the vehicle. Once the loan amount is decided you will get it the same day you apply for the loan.
This loan is considered one of the best ways to apply for the loan and get approved for it the same day and get instant cash in return. If you are looking for a way to get immediate cash on a car then this loan is considered most appropriate and suitable. Car title loans are the best kind of instant loans that one can get in return for keeping the car as collateral. You must be wondering the reasons why this loan is considered the best and what are the reasons behind people opting for this loan. The reasons are the benefits that this loan offers. Let us have a look at the same.
Benefits of this loan
-
The process is simple and quick
The process to apply for a loan is simple and quick. When one thinks of the word “loan” people think of the struggle that it brings along with itself. Banks and other money lending institutions take days or even weeks to approve the loan and also you surely cannot forget the queues you wait in, to get the loan approval. But with this loan, you do not have to worry about the same. The process to apply for the loan and getting it approved is simple and quick.
2. Loan tenure period
One gets a loan tenure of up to 4 years with title loan. The loan repayment period gives the borrower enough time to collect the funds for the loan and pay back the loan amount without having any stress on the pocket. People usually get a loan when they are facing any sort of financial crisis in their life. So the lenders should make sure that they give enough time to the borrower to collect the funds for the loan while taking care of the other finances and pay back the loan amount without any trouble.
3. Low-interest rates
This is considered one of the important reasons why people opt for title loans over any other kind of loan. Lenders charge low interest rates with title loans. With banks and other financial institutions getting other loans can be an issue or problem. Because they charge standard or high-interest rates to the borrowers for the loan. But with a title loan, you will not face this issue. Also, you will be able to pay back the loan amount easily without any stress.
4. No pre penalty payment
If the borrower wants to pay back the loan amount before the maturity date. He can and he will not be charged any pre penalty payment for the same.
5. No credit check required
Many people are struggling with a low credit score and wonder if anyone could lend them some money. So that they can meet their financial crises with ease. But when one has bad credit history it becomes very hard for that individual to get a loan from banks or any financial lenders. Well, you can get a car title loan from Instant Loans Canada even if you are struggling with a low credit score and get rid of your financial issues with ease.
6. No job requirement
If you are juggling between jobs or if you are looking for better opportunities you can still apply for the loan and get approved for the same. Your job profile has nothing to do with the loan.
These are the benefits that one can get with this loan. You can make use of your car in order to get instant cash from the money lending institution. Thus, if you are looking forward to getting this loan you can get it from Instant Loans Canada and get rid of your financial issues.
