Don’t confuse fast emergency cash with unsecured loans or short term loans because a collateral car title loan is much more beneficial.
A collateral vehicle title loan is a type of secured loan that uses a fully owned car and car title as collateral. Borrowers who get collateral car title loans have to allow the lender to place a lien on their car title because it is the title that is left with the lender as collateral. The lien is removed and the title is returned after the loan is fully repaid.
General characteristics of the loan
Typically, these loans have the longest repayment terms, and have the lowest interest rates than unsecured loans or short term loans. In fact, interest rates are the lowest in the whole lending industry. Lenders only consider the true market value and condition of the car and don’t do credit checks.
Fast cash with minimal requirements
No credit check title loans can be approved in just an hour. Lenders only need to verify the borrower’s collateral and its car title if these are lien free and also inspect and appraise the car for its loanable amount. You can borrow up to $50,000. All you then need to show is your valid driver’s license and proof of permanent residence.
Lenders don’t care about the borrower’s credit rating
Having no credit history or bad credit will have no bearing whatsoever on the loan approval. This is because the loan is already secured by the collateral. For this reason, no credit checks need to be done, ever, for all collateral car title loans.
Where did collateral vehicle title loans come from?
Collateral car title loans first started back in the 1990’s and opened a new market for borrowers with poor credit ratings. This type of loan has grown increasingly popular because they cater to financial emergencies and have lower interest with long terms.
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.