Easiest Ways To Get Car Title Loans In Canada
The financial stress that arises with emergencies can break a person mentally, physically, and emotionally. Applying for a loan with major banks and traditional lenders is a good option. But sometimes it is extremely difficult to meet the strict financial requirements of these sources. If you have no credit history or poor credit score, getting a loan from these institutions is next to impossible. But this is not the end of the world for you. There are several ways by which you can get emergency funds instantly and improve your credit score at the same time. Car Title Loans or collateral loans can be of great help. This loan type is best for those people who need quick money and are working hard to improve their credit history.
Car Title Loans In Canada
People in Canada take many types of loans for different reasons. The real estate market has stated that Canada is becoming a more popular place to live. This makes it difficult and competitive to obtain loan approval.
If you’ve faced difficulties in maintaining your financial history and finding it difficult to get approval for a loan from various sources, a car title loan is the best option. This loan option is very easy to get approved if you own a fully-paid vehicle and you are ready to use it as collateral.
If you find this loan option interesting, fortunately, you can now apply for it from the comfort of your home. You will also get to know the status of your loan application within a few seconds.
The tricky part is finding and connecting with a lending institution that suits your needs among others available in the market. One of the best and reliable lending institutions is Apex Loans Canada.
Their team of professional loan agents is available 24/7 hours and serves people with their needs. Several people find their loan terms favorable.
Private vehicles are some of the most common assets that most people own in today’s world. This is due to their usefulness as they facilitate quick and efficient transportation from one point to another.
However, beyond this basic function, the equity value of the vehicle can help you obtain short-term funds from the company that provides such services. In other words, vehicles are assets which own some value (just like a house) which can be used as collateral to obtain money.
Title loans are also known as:
- Car title loans
- Vehicle collateral loans
- Auto equity loans
To obtain this loan, you can use a vehicle such as:
- A motorbike
- A car
- A boat
- A truck
- An SUV
- A heavy-duty vehicle
What Is A Lien & Lien-Free Title?
A lien makes this loan secured and this is placed on the vehicle by the lender. This is a document which states that the borrower used his vehicle as collateral and also include:
- The name of the lending institution.
- The services or products provided by the lender.
- The last date of the loan term.
- How much does the borrower have to repay?
- The date the lender will file a lien if they do not receive payment.
- How will the borrower repay the loan?
Steps To Get Money Using A Title Loan
The procedure of getting money using this loan is easy and simple. As soon as you meet the requirements of the lending institution, you will be able to receive the funds at the same time. Let’s see how you can apply for this loan.
Ways To Apply For A Title Loan?
In order to apply for a car title loan, you can follow any of the convenient methods:
- You can visit the office of the lending institution, check everything, and apply from there.
- You can either contact the lenders directly or visit their online website (if any) and apply from there.
As soon as you submit the loan application, you’ll receive a call from the lending institution and they will brief you about your status. If you pre-qualify for the loan, you can proceed further and submit your documents.
Perks Of Car Title Loans
- A simple and easy way to get quick cash
One can obtain approval for this loan within a few minutes that makes it the fastest and convenient way to get quick cash.
- Keep driving your car
With a car equity loan, you need not give your vehicle to the lending institution for storage.
- Flexible payment plans
If in any case, you feel that you are not able to pay your loan on time, make sure you contact your lending institution and let them make some arrangements.
- No prepayment penalties
If you want to close your loan account before the due date of your loan term, you can do so without any problem.
- Competitive interest rates
Many lending institutions such as Apex Loans Canada offer title loans with genuine and competitive interest rates.
Like other loan types, you also have to submit a few basic documents that are necessary to get approval. These documents are as:
- A lien-free title paper of the vehicle.
- Registration papers of the vehicle under your name
- Insurance papers of the vehicle that include collision and comprehensive
- Proof of your permanent address
- Proof of your legal age as per your respected area
- An identity card issued by the government
- A spare set of working keys
On submitting these documents, you’ll be asked to bring the vehicle to the lender’s office. This is because the lenders will have to inspect your vehicle to calculate your loan amount. As your loan amount depends on the equity value in your vehicle. This is why it is said that one should always keep his /her vehicle in a good state.
The present market value of your vehicle and the current working situation will be considered while calculating the equity value. You can easily borrow the loan amount up to the equity value of your vehicle.
The most attractive part of this loan is that you do not have to keep your vehicle with the lending institution during the loan period. You are free to use your vehicle while making the monthly installments. Also, if you ever manage to repay your loan amount early, you can freely do so, as many lending institutions such as Apex Loans Canada do not charge any prepayment penalties.
Thus, if you find yourself in a financial crunch, get up, use title loans, and resolve your problems immediately. Therefore, a car title loan is an optimized loan option for bad credit borrowers and helps them in their bad times. So, stop waiting and take a step forward to eliminate your financial troubles and make your life better.
