3 Key Differences between Traditional Loans and Car Collateral Loans Toronto Ontario
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May 16, 2019The right loan can help see you through financial difficulties, like a car accident or an unexpected sudden layoff. However, choosing which loan to apply for can be tricky. Most will try conventional lenders like banks or government institutions. But a rising number of people are now opting for car collateral loans Toronto Ontario. You should know the difference between the two in order to make a sound decision.
3 Key Differences Between Vehicle Title Loans and Traditional Loans
These two loans are vastly different from one another. Here’s why:
- Need for collateral. Both loans will require you to put up collateral. However, traditional lenders will consider investments like a house, land deeds, cars, boats, and other objects of value. Title lenders only deal with vehicles.
- Proof of Employment/ Income. Banks and government agencies will demand proof of income before they consider granting you a fast loan as a way of checking your ability to pay back the loan. Some title lenders will ask for employment papers although the majority will not. While you might be asked to provide proof of monthly income, you can just show your bank statements or pension or disability slips.
- Your debt-to-income ratio and credit score are a deciding factors for traditional lenders. Title lenders don’t really check a borrower’s credit rating or credit history. Since the borrower has put up collateral, they consider their investment as secure.
The Best in the Industry
You’re guaranteed a good deal with Canadian Equity Loans. Considered one of the best lenders in the industry, the company offers low-interest rates and high loan amounts. Borrowers can avail of loans as high as $100,000 without the hassle of credit checks. Log on to their website to apply or call their toll-free number 1-844-586-6311.
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