Curious about how car title Loans work? Wondering if this type of loan is the right choice for you? Here’s a breakdown of what this type of entails. Rates associated with these types of loans are typically high and their terms span up to four years. Also, unlike payday loans, these loans generally don’t come with a lot of hidden fees or requirements that can really pinch your wallet. So, these can be helpful to satisfy your quick cash or emergency fund requirements.
What Are Car Title Loans And How Do They Work?
Car title loans are an extension of your regular personal lines of credit that allow you to get quick cash when all other avenues have been exhausted. They’re perfect for anyone who has lost their job or No Job or who needs a little extra help making monthly payments.
The process is simple. The borrower applies for a loan using the title (which is already in their name) of the vehicle they wish to secure the loan with. This vehicle can be a car/SUV/Van/Truck/Motorcycle, etc. The amount they receive will be based on the value of their car and how much it’s worth in the market. Depending on your circumstances, we may ask for an appraisal and documentation plus a few other small things before the lender will issue you with the funds you need.
What Can You Do With The Funds?
The funds are available for you to use for anything you wish. Simply choose the amount of money you need and you can get it from the lender. You may use it towards a down payment on another vehicle or for any general loan purposes. If you can’t pay the lender back, they will use the title of your car to recover the loan amount.
Apex Loans Canada offers title loans of the borrower’s preference in British Columbia, Canada. They have a few minimal formalities that are necessary to be fulfill to get a loan. You can fix the monthly payments and can get the loan depending on the condition of your car.
How Long Will You Have To Repay The Loan?
Much like conventional bank loans, car title loans in BC Canada are designed so that you can pay back your loan in instalments. The lenders work with you to create a repayment plan that’s easy for you to adhere to and offer for you will be this loan at industry’s most competitive rates. Generally, the loans are given for a period of at least 4 years, which is sufficient to pay back the loan. In addition, there are no prepayment charges concerned with the loan.
Are There Any Penalties Associate With Getting A Car Title Loan?
The benefits of borrowing against your vehicle are numerous because there are few penalties or fees associated with doing so. The penalty that is prevalent in other loans, that is, the prepayment penalty is not existent in this type of loan. The only problem would be when you fail to pay the loan in full, the car you have used as collateral can be seized by the lender to recover the amount.
How Do You Get A Car Title Loan?
To be Eligible, you need to have a vehicle that’s not worth less than $20,000. There are no additional credit checks done for a car title loan. Also, the lenders are not concerned with your job history as well as long as your car has a value. This is why this type of loan is so easy to avail. Plus, it is very approachable as it does not limit the group of people that can avail it.
What Happens If You Decide To Close The Account Early?
You’ll not be charge a fee for closing early, unlike other forms of conventional loans. This is one of the most subtle attractions of such a loan. The prepayment can be done as and when you like without being charged for it. You can receive your car title back instantly.
What Documents Are Need For Car Title Loans?
The lender will require that the Car title must be in your name, and you must be a current resident in Canada. The loan amount you are looking for will vary, but it is usually around $300 to $25000.
-Proof of permanent residency in Canada.
-Proof of registration in the borrower’s own name.
-A valid Canadian Driver’s License.
-Collision Deductible insurance in your own name.
-Vehicle ownership papers or clear certificate of title as collateral for the loan.
Apex Loans Canada is one of the most competent lenders of car title loans. With loan terms convenient for each borrower and requirement to fulfill the least of formalities. You can avail loan without credit and job history checks. The simple application process is to be follow,
- Realize the need you want to satisfy with a car title loan.
- Reach out to them through their online website and fill the short and simple application form.
- Fill in the details of your car’s specifications and model. Take care that the car must not be more than 10 years old.
- Get the verification of the documents done and the inspection of your car.
- Receive the loan money within 24 hours of applying with them.
You can get the loan for the maximum period of 4 years and at industry competitive rates. In addition, there is no charges for prepayment penalty if you opt to pay off the loan in full before the expiry date.
A lot of consumers in British Columbia Canada are turning to title loans as a source of credit to get the cash they need while staying within their budget. It undoubtedly does have the desired advantages and is extremely easy to get. All things considered, this is an option that people should be seriously considering if they’re in a bind and need some fast cash for an emergency situation ticket home, or just want to avoid being stuck with huge debt after they purchase a vehicle without a car title loan.