People are facing finance issues and need instant help with these. In this kind of case they think of seeking help from family or friends. But expenses are increasing day by day for everyone and they also need money to meet their needs. Car title loans are the easiest and the quickest ways to get instant cash in return for keeping the vehicle as collateral. So, it is always advised not to seek help from family and friends, rather one can think of getting a car title loan from Pit Stop Loans and get help with monetary issues. You must be wondering ways to apply for this loan and get instant help with cash. Well, to apply for this loan all you need to do is follow certain steps and get the loan approval.
How to apply for car title loan?
To apply for this loan you have to fill an online application form. After that you have to submit a list of certain documents. The list of documents includes the following-
- The lien-free vehicle,
- A valid Canadian license,
- Proof of permanent residency in Canada,
- Insurance of the vehicle under your name,
- A second set of the keys to your car,
- Registration of your vehicle under your name.
This is the minimal list of documents that you will need to present to apply for the loan with us. After submitting the above list you will get a call from our experts for further procedure. Discuss the loan amount depending on the condition of your vehicle keeping in mind the market value of your vehicle. This is the way and the steps that you need to follow in order to get the loan. Now let us move on to analyze how this loan works?
How does a car title loan work?
This loan works by letting you borrow instead of keeping your vehicle as collateral. For this loan, the borrower will need equity in the car to fund the loan. This means that if you financed your car when you bought it, you would need to owe less on the car than its current worth or you will be required to pay off the loan on your car completely. Most of the car title loans are of less amount ranging from $100 to $5500 so in order to get this much amount you will be required to have this much equity in your car in order to let your car qualify for the loan.
When you get approved for the loan after completing the process of applying for the loan. Most of the lenders credit the loan amount directly to your account or provide you with a cheque. Then with the help of this money, you start to make your payments. Start paying off your pending bills and payments to clear all your debt. During this time i.e. while you make use of the money to clear your debts and due payments, you can make use of your car as usual. All that you have to do is make your loan payments from time to time but if you fail to do so your lender will take your asset away from you i.e. he will seize off your car and sell it away in order to cover the loan amount. He will also place a lien on your vehicle when you take out your car title loan, so it is legal for them to take your car for non-payment.
These are the ways by which you can make use of this loan but also you have to take care of paying back the loan amount to the lender so that you do not lose your vehicle in the process of applying for the loan.
You can make use of this car title loan from Pit Stop Loans and get the best financial help in emergency situations.