|How it Works?|
What is a title loan?
A car-title loan is a loan on which your loan is secured through an asset i.e. car, truck, RV, boat, horse trailer, farm equipment or mobile home's. Applicants who apply for title loans are usually those who, due to poor credit, no credit or financial instability, are not able to obtain a loan through their financial institution. Since these loans involve a greater level of risk for the lender, their interest rates are usually higher than loans offered by regular financial institutions.
Do I get to keep my vehicle during the loan?
During the loan repayment period, the vehicle remains in the owner’s possession and in the owner’s name at all times, unless the loan cannot be repaid as agreed upon in the contract. In this case, the ownership of the car or truck would be assigned to the lender in repayment of the debt.
What are the benefits of a title loan?
One of the benefits of a title loan as opposed to other loans is that title loans have an amazing approval rate. Most applications submitted are approved and funded. You are usually approved because instead of being judged by your credit score you are judged by the value of your asset. Which, in most cases, are of great benefit to the consumer. Over 50% of Canadians are suffering from bad or no credit issues. That is why so many Canadians now opt for car title loans as opposed to unsecured loans.
A second reason why title loans are so popular is because of the payment plan. The monthly payments for title loans are generally small and affordable. The payments are adjusted according to your financial needs.
A third benefit about title loans is that you will be paying interest and capital in every monthly payment. After the maturity date of the loan, your loan is paid in full. You have paid back the capital during the loan period. Your car will then be free & clear and you will be eligible for refinancing. Car, truck, RV, or mobile home title loans are a solution for circumstances when you are in need of money, but cannot secure it by alternate means. With car, truck, RV, or mobile home title loans, as with any other loan agreement, you should carefully review the terms and conditions of the loan and be sure you understand them completely. If something is unclear to you, be sure to ask your loan officer, and be sure to keep your loan agreement in a safe place so that you can review the terms if ever you should need to do so.
What do I need to qualify for a title loan?
In order for you to qualify for a car title loan you must own one of the following:
The collateral must meet the following requirements
In addition to owning the collateral outright one must also be assured that the collateral holds enough value.
Financial institutions require the debtor to have a steady income in order to make the monthly payments and not get into complications. These institutions are aware that the client has a great need for his collateral as a dwelling, as a means for getting to work etc… and therefore want to prevent the pain that comes along when repossessing.
How much should I expect to get for a title loan?
Most institutions would finance a vehicle between 30% and 50 % of the wholesale value.
What documents are required?
Fast and Easy Loans up to $10,000. Funded in 24 hours.
98% Approval Rate
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