Collateral vehicle title loans are secured with collateral, which is usually a fully owned car with the car title that should be lien free. However, only the car title is left with the lender while the loan is being repaid and the borrower can still continue using the car. This loan is very much tailor-made for borrowers with extreme cash emergencies or sudden financial troubles but who have bad credit or no credit which may get them disapproved by unsecured bank loans.
How does a collateral vehicle title loan work?
The borrower puts up their car and lien free car title as collateral for the loan. The interest rates are the lowest in the whole lending industry and the lowest when compared to short term and unsecured bank loans. No credit checks are done be the lender.
Lowest interest rates with the longest repayment terms
As mentioned earlier, collateral car title loans have the lowest interest rates in the whole lending industry. This loan has repayment terms that are the longest and most flexible. This means monthly loan payments plus interest will be the lowest you’ll ever experience.
Easy application and easy paperwork requirements at no hassle at all
All you need to do is to bring in the vehicle for inspection and appraisal for its true market value in determining loan amount. You can borrow up to $50,000 based on this. You also need to have the car title checked to make sure it is lien free. After this, you need to show a valid driver’s license and proof of permanent residence so that no credit check title loans are approved in one hour.
At Canadian Equity Loans, we loan you money based on the value of your fully owned car and not your credit history and score. That means that you have fast access to emergency cash whether you have bad credit or no credit at all. Call Canadian Equity Loans now at their toll-free number 1-844-586-6311 or apply online.