Everyone goes through tough times every now and then in their life. But in the end, what matters is how he manages to overcome them. If you’re also going through some sort of financial problem, you can take out a loan against car title and make money for yourself. It is one of the best and most preferred solutions by many residents of Canada. This is because of its terms and conditions, flexibility, and other several benefits. If you have a fully-paid for vehicle, you can easily apply for a loan. The lien-free title of your vehicle can help you make a great amount of money.
Getting a car title loan is a good way to get the money that you need, by using the equity that you have in your vehicle. It is important to shop around for the right title loan company, as different companies will charge different interest rates.
There are several situations in which you may need money to handle them and to keep yourself protected from more problems. Some of the issues are overdue credit card bills, medical bills, sudden asset repair, and many more. These conditions can either make or break you. If you manage to get money at the same time you can easily manage to resolve them.
How to Apply for a Loan against Car Title?
Lending institutions such as Canada Car Cash believe in helping people at the right time. They help you by providing money instantly after getting approval. You can use your vehicle as collateral and apply for a loan. All you have to do is follow one of the following options to apply for a loan against car title.
1. To apply by contacting the institution directly and brief them about your requirements.
2. To apply by visiting the office of the lending institution that you want to borrow from.
3. To apply for the loan by just visiting the website of the institution. You can check the services, procedure, and clear your doubts from there. You just have to fill the basic application form available there which just asks for a few details such as your name, contact number, year of the purchase, make, and model of vehicle, and your email address.
This simple process can help you get money in no time. The documentation of this loan is also simple as they do not indulge you in long and lengthy paperwork. You just have to submit a few necessary documents for the verification:
- Fully paid for vehicle
- A lien-free vehicle title
- Proof of permanent residence
- Government-issued ID
- Vehicle registration papers
- Vehicle insurance papers
- Valid driver’s license (Canadian)
- Second set of keys to your vehicle
Now take a look at the major benefits that you’ll get with this loan:
1. No Credit/Debit History Check
Since you are going to get a loan against the car title, you’ll be using a lien-free title as collateral. Thus, the lender has nothing to do with your financial history. So, even if you have a poor financial history, you can still apply and get the money you need.
2. No Job Requirements
Most institutions mention this as a mandatory option. They check if you have a permanent income source. This is because they want to know that lending money to you will not harm them in the future. But in vehicle title loans, you do not have to worry about it. If you are in between jobs or are looking for better opportunities and are in need of money, you can still apply for this loan.
3. Industry-best Interest Rates
The advantage of applying for this loan is that the interest rates offered by lending institutions such as Canada Car Cash are genuine. They have the industry’s best and the most competitive interest rate.
4. No Prepayment Penalties
If you manage to pay back the loan amount earlier and want to close the loan, you can do so. They will not charge you any prepayment penalties.
5. No need to Surrender your Vehicle
The reason why this loan is preferred by most people is that they do not have to surrender their assets to the lending source. You can keep your vehicle with you during the loan period.
Therefore, stop struggling with your problems and apply for a loan against the car title to get rid of all financial troubles.
