You are required to find the best source of money to fulfill your emergency needs when you are strapped for cash or facing a financial emergency. There can be any problem like overdue bills, repair work for your vehicle or house, medical or marriage expenses, etc. In such situations, car title loans can be a source of relief! But before going for them, you need to find out what they are. Here is a complete guide to car title loans!
What Exactly Are Car Title Loans?
Car Title Loans are perfect for people who need money instantly for any financial problem in their life. These loans are secured where you get a quick loan amount by submitting the title of your vehicle as collateral, and other title loans requirement to the lender or the car title loan company. The collateral is used as a security by the lending organization. This is why these loans are also known as car collateral loans, auto title loans, or vehicle title loans.
To qualify for these loans, there are minimum requirements that are needed to be fulfilled. These include:
- You should be the age of maturity, that is 18 years
- You should own a car that is no more than 10 years old
- Your car’s title should be free if any liens and clear.
- Your car must be registered and insured in your name.
- You should have a valid government-issued ID
- A valid Car’s driver’s license should be there with you
- You should be having your vehicle for inspection.
- A residential proof and a spare set of keys to your vehicle is required
After submitting the requirements, the lenders will inspect your vehicle to determine the loan amount you qualify for. Quick cash is provided based on the age, make mileage, market value, and condition of your lien-free vehicle. The higher the value, the more cash you will get. So, if you have a fully-owned car with a clear title, you can easily apply for a fast and easy car title loan to get rid of your financial problems. Also, with these loans, you can continue driving your vehicle while you repay the loan. In case you fail to repay the loan, the lender can possess your vehicle to get the loan amount back.
What If Your Credit Score Is Poor?
Sometimes car title loans can only prove to be the only solution to your financial problems. This is specially in the case when your credit score is poor or If your income is limited. A traditional loan or a bank loan may not be possible in such cases. But with car title loans there are no checks on credit and no requirement for a job. If you own a lien-free car, you are good to go!
What are the Benefits Of Getting Car Title Loans?
After talking about what exactly they are, you need to know the benefits if you get these loans on your car’s title. There are some advantages to getting car title loans. One of the main reasons that people opt for these loans is the ease with which one can get these loans.
Some of the other benefits are:
- The loan process is quite simple, quick and straightforward. You need to call the lender or fill their application form.
- Approval is provided within minutes
- You will have your money within the same day and can easily solve any financial problem.
- No employment requirements are there
- No credit checks are applied
- Interest rates are lower
The Loan Terms and Penalties!
The loan terms associated with these loans are quite long as compared to other loans. This will help people give ample time to pay back their loans with ease without putting any financial burden on them. People can also pay back their loan early if they want as there are no penalties on early payouts on these loans.
No Need To Give Up On Your Vehicle!
People are allowed to use their vehicles as usual during the entire loan process. This is because only the title of the vehicle is required for the loan instead of the vehicle itself. This is also one of the greatest advantages of getting car title loans as people can use their vehicles for their daily routines.
Quick Financial Relief!
When financial setbacks and emergencies happen in life, you can easily opt for a car title loan. Getting these loans can help individuals to get short term financial help immediately.
Many Lending Organizations provide car title loans at the best interest rates and good loan terms. Some of them are:
- Fast Canada Cash
- Canadian Equity Loans
- Car Title Loans Canada
- Equity Loans Canada
- Premier Loans Canada