Car title loans Canada are a type of high-cost, low-rate loan offered by the car title company when the borrower has defaulted on their auto loan. Car title loans are similar to payday loans in that you borrow against your car and pay back with interest over time, but because the cars have equity, you may be able to get a better rate than a conventional loan.
Auto Title Loans Canada is one of the most trusted vendors around when it comes to getting quick cash for your vehicle as they offer no interest and flat monthly payment options. Auto Title Loans Canada also offers many other services including vehicle funding with t now being able to get funds only in Canadian dollars.
What is a car title loan?
A car title loan is a type of high-cost, low-rate loan offered by a car title company when the borrower has defaulted on their auto loan. Car title loans are similar to payday loans in that you borrow against your car and pay back with interest over time, but because the cars have equity, you may be able to get a better rate than a conventional loan.
Because you are borrowing against your vehicle’s value, which is higher than its value as an operating vehicle, it makes these short-term loans very accessible to borrowers with less financially favorable credit situations. The car title loan is issue on the vehicle’s title in the borrower’s name, which allows for ease of access and security. With no credit check and no collateral, car title loans with Car Title Loans Canada are paid off quickly at a modest monthly rate.
What is the benefit?
A car title loan benefits both you and your lender by providing easy access to quick cash without much fuss or money upfront. Pay-off your car with the funds from a car title loan over time instead of repaying it in full. At no risk to yourself, you can get quick cash to pay for unexpected expenses or add another vehicle to your driveway.
Because Car Title Loans Canada loans are secured by your vehicle’s title, you’ll know exactly how much money you’re borrowing and when the loan will come off the title.
How does it work?
You can get a car title loan in as little as one day. When applying for the loan, you need your car’s titles, the keys to it, and your insurance card. Car Title Loans Canada makes use of a GPS system to ensure that you are driving the vehicle we are borrowing. They will run a background check on you and any other driver who uses the vehicle during the time of the loan.
Loan amount:
The amount varies based on how much money you want to borrow but generally starting at $500 with weekly payment term options available.
Monthly payment:
Car Title Loans Canada will send out an invoice every three months and make payments directly to your bank account.
Interest payment:
Car Title Loans Canada will charge you a monthly interest fee.
Borrower responsibilities:
Satisfy your loan obligations and be prepare to drive responsibly. Car Title Loans Canada may cancel the loan when they find that the borrower is not fully in possession or as soon as 30 days after the due date if no payments have been made. Car Title Loans Canada will also take appropriate action if they receive any suspicious information.
Frequently Asked Questions on Car Title Loans Canada :
- What if the car breaks down while I am making payments?
If that happens, you will be responsible for paying us back, as well as any other fees that may have been incurred. - What if I default on my loan?
After 30 days of your loan becoming due, Car Title Loans Canada can repossess your car. If it has been less than 30 days since your loan became due, you can make a payment to Car Title Loan Canada and still get in contact with them to set up a loan extension. - What if I lose my job or need to move?
Car Title Loans Canada requires that you have a job and living in the same city where your permanent residence is located. If you lose your job, relocate or have any other similar issues, talk to Car Title Loan Canada about getting a loan extension.
- How can I get paid back early?
You will have the option to make small payments on your loan while it is still active. We also offer a five-year payback plan for borrowers who cannot make large payments right away. If you choose this option, the first payment of $50 will be due 30 days after signing the contract with Car Title Loans Canada and every three months after that.
- How long does the loan process take?
If you have your car titles, proof of insurance and a valid driver’s license, you should be able to get a loan within 1-2 days. The entire process usually takes up to three business days.
- What is a title loan?
Generally speaking, a car title loan is similar to other types of loans in that it is issued when the borrower (you) has default on their auto loan. However, the car title loan is different from other loans because it is issue on the vehicle’s title in the borrower’s name and secured by their automobile. - Should I use Car Title Loans Canada?
No matter what type of financing purpose you have for a loan, car title loans can be beneficial in many situations. Considered a short-term loan, it only lasts for about a year, when compared to traditional loans that last up to 30 years.
Conclusion-
Car Title Loans Canada make it fast and easy to get an amount that you need to buy something or pay bills. The amount that you can get varies on your situation, but generally begins at $500. You can choose a payment plan and negotiate with the car title loans service according to your situation.
Furthermore, if you have a high interest rate, or no credit score or high fees on your loan then you should consider Car Title Loans Canada services. But because of the fast payments and low interest rates, this makes it easy for borrowers with unfavorable credit situations in getting loans.
