Vehicle title loans have become as mainstream as bank loans. Thanks to this secured loan, people from all walks of life were able to survive different kinds of financial emergencies. Despite its popularity and large following, there are still a lot of misconceptions about car collateral loans Toronto Ontario. Let’s debunk the three most popular myths about these loans.
The Truth behind the Myths
- Myth 1: You can’t apply if you have a bad credit score.
Anyone with a vehicle can apply for a title loan. This means even those who are currently unemployed or those with poor credit scores. Since this is a secured loan, the lending company doesn’t need to check the borrower’s credit standing or credit history.
- Myth 2: You have to surrender your vehicle.
Unlike a pawn shop, a title lending company has no need (or space) to take your vehicle. The only thing the lender requires you to surrender is your car’s title of ownership. This means you retain possession of your car and can still use it during the duration of the auto loan. The only time the lender will take your car is if you default on your payments.
- Myth 3: You will be penalized for early loan payment.
It will depend on the lending company. The majority of title lenders are amenable to borrowers paying off their loans early. They understand that in situations where their client receives a windfall (ex. tax returns), they would want to clear their debts.
The Best in the Industry
If you only want the best, then Canadian Equity Loans is the lender to talk to. The company offers loans as high as $50,000, with no credit or employment checks. They also offer low-interest rates, flexible payment plans, and affordable monthly payments. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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When people are in need of extra cash, they can either opt for pawn shop loans or apply for car collateral loans Gloucester Ontario. However, a lot of people do confuse the two. This is probably because, in some regions, title loans and title pawns are interchanged. The two are basically the same. However, title loans and title pawns are different from pawnshop loans.
What’s the Difference?
When you pawn something, you take the value to your local pawn shop. You will then be offered a cash loan based on the item’s value. The pawn shop will hold onto the item until you pay back the broker plus interest. The best thing about a pawn shop loan is you don’t need to procure papers proving the item is yours. You won’t get a large loan from the shop though. There’s a limit to how much the broker can offer, even if you are pawning a high-value item.
Meanwhile, an easy bad credit loan requires the borrower to put up their car’s ownership papers as collateral for the loan. Unlike a pawn shop, title lenders can offer substantial loans. However, this will be based on the vehicle’s value. Loans can be several hundred dollars to ten thousand dollars. Ownership of the collateral remains with the borrower, which means you can still use your car to drive to work or for your business.
Lowest Interest Rates You Can Find
Get great deals with Canadian Equity Loans. You can borrow up to $50,000 and not worry about your credit score or employment history. The company also offers low-interest rates and affordable monthly payments. You can even receive the cash you need within the hour. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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Car collateral loans Edmonton Alberta have steadily gained popularity over the years, especially among people who have poor credit scores or those who are currently unemployed. This secured loan’s streamlined application process and quick approvals have helped countless people get a fast loan. But with a vehicle’s ownership title required as collateral, a lot of borrowers are wondering if they can still avail of this loan if their car isn’t fully paid.
Do Lenders Accept Vehicles that are Not 100% Paid?
It will depend on the lending company. There are admittedly lenders that accept collaterals that aren’t fully paid. However, these are few and far between.
Remember that every lender has its own distinct requirements. Most will demand a lien-free title that is in the borrower’s name. But there are some companies that accept vehicles that still have an outstanding balance. However, the equity on the car should be enough to cover the loan. It’s the equity that’s vital in a poor credit car loan, not the remaining balance. The lender will also take into account how much the remaining balance is when evaluating the vehicle’s value and how much the company will offer.
Faster than the Competition
For the best deals in vehicle title loans, go to Canadian Equity Loans. Rated as one of the country’s top lenders, they accept all types of vehicles as collateral. The company also provides loans up to $50,000, with low-interest rates. You don’t even have to worry about your credit score. What’s more, their quick approvals mean you can get the money you need in a few hours. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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The 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 is a deciding factor 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 as 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 $50,000 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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Vehicle title loans are increasingly becoming an option for a lot of people. It’s a convenient choice for busy employees and those with a hectic lifestyle who barely have time to go to the bank. You can apply for car collateral loans Windsor Ontario online and be done in a few minutes.
3 Step Guide to Title Loan Application for First Timers
If you want to forego going to the bank to apply for a loan, a title loan might be a better option. Don’t worry if it’s your first time to apply. The process is simple and painless. It typically requires only three steps:
- Fill out a form. Go to the lender’s official website and look for the loan application form. Most would have a CLICK HERE or APPLY HERE button. Click on it and enter the required information about yourself, the loan, and other details. Make sure you provide complete and correct information.
- Prepare and send the proper documents. Take clear photos or scan the documents the lender requires, like the vehicle title, government IDs, proof of income and photos of your vehicle. You can either attach the files on the loan application form or send it through email.
- Wait for your bank’s confirmation. The waiting begins once you have sent your complete loan application. Lenders will either send confirmation of special financing auto loan approval and amount via SMS or email. While banks typically take five to seven days to process loan applications, title lenders only take minutes. There’s a good chance the money you need will be deposited in your account within the day.
Trusted Car Loan Expert
First timers will find applying for a loan easy with Canadian Equity Loans. The company offers loans as high as $50,000. You don’t even have to deal with credit checks or credit history. What’s more, the company’s interest rates are the lowest around. You can apply online by logging on to the company website. You can also call their toll-free number at 1-844-586-6311.
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Applying for a loan isn’t easy. The process can be long and tedious and there’s no guarantee that you will get approved. And those reasons are why title loans have surged forward in popularity. These loans have a more relaxed application process and as long as the collateral you provided has good value, you’re almost always guaranteed approval. The trick now is getting a great deal on car collateral loans Markham Ontario.
3 Strategies for Getting a Good Auto Title Loan
- Find out what vehicle the lender is willing to accept. Your loan amount will depend on your car’s value. However, some lenders only accept models that came out from 2000 onwards while others will accept vehicles that are 10 years old. Knowing what collateral will be accepted will help give you an idea of how much you can borrow.
- Understand what payment options are available to you. You should have a clear idea of the lending company’s procedure with regards to payment. Will it be taken out of your paycheck or will you deposit it directly? It’s vital that you know so you can prepare your budget accordingly.
- Double check that you can use your car freely. One of the best things about specialized car equity loans is that you can still use your vehicle since the lender is only keen on keeping the title. However, there are companies that will insist on having your car impounded. You should also clarify if the lender will be placing a monitoring device on your vehicle.
The Best in the Industry
Get the best deals from the best lender in the industry – Canadian Equity Loans. The company lets you borrow as much as $50,000 without worrying about mandatory credit checks or demands of proof of income. You can also enjoy low-interest rates and a flexible payment structure. Send in your application through their website or call their toll-free number 1-844-586-6311.
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No matter how much you prepare, life will send you a curve ball every now and then. If you’re lucky, you might have enough savings to meet these surprises. If not, you might find yourselves looking somewhere else for funds. Car Collateral Loans Calgary Alberta can be a logical solution in this situation.
3 Pros and Cons of Auto Loans
Auto title loans are popular because you only need to have a clean car title and you’re virtually guaranteed of approval. But as with any financial transactions, it’s best to consider the pros and cons.
One clear benefit of specialized car equity loans is that anyone can take out a loan. You can be unemployed or have a poor credit score and you can still avail of this loan. The application, verification, and approval process for this loan is typically streamlined and quick. In a lot of cases, borrowers can even get the money in a day. More importantly, you get to keep your car. All you will be handing over is the car’s ownership title.
On the downside, there’s a big chance you’ll lose your car if you miss payments or default on your loan. Lenders have the right to repossess and sell your car to cover the money they lent you. Unfortunately, you will still be held liable for the balance in case the car’s value isn’t enough to pay off the loan.
The Best in the Industry
Apply for a loan today at Canadian Equity Loans and get as much as $50,000. You can also enjoy low-interest rates and affordable monthly payments. What’s more, you won’t have to deal with the obligatory credit checks. You can apply by logging on to their website or calling their toll-free number at 1-844-586-6311.
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Saving money for a rainy day is easier said than done. A lot of people find filling up a nest egg while meeting all their financial obligations challenging and stressful. Luckily, options like car collateral loans Calgary Alberta are available to people who find themselves with a cash flow problem. The question now is whether this type of loan has an impact on your credit score.
Do Car Loans Affect Your Credit Score?
No, it doesn’t. Vehicle title loans do not affect your credit score. In the first place, this type of loan does not require any kind of credit check. Most lending companies do not look into the borrower’s credit rating or credit history because there’s collateral on the table. This is the main reason why challenged credit auto loans have become very popular. However, it also means that successfully paying off your title loan will not improve your credit standing either.
It’s a different situation if your vehicle ends up repossessed. In this case, the lending company will inform the credit bureaus about this action. This could cause your rating to go down. If this happens, it will take you a long time to get your score back up. There’s also the fact that having your car repossessed will inconvenience you and cause you more stress.
Borrow More Money than Any Competitor Has to Offer
You don’t have to worry about proof of income or credit checks with Canadian Equity Loans. As one of the country’s most trusted lending companies, they can provide loans as high as $50,000. They also offer the lowest interest rates around as well as flexible payment plans. Applying is very easy. Just log on to their website or call their toll-free number 1-844-586-6311.
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Title or collateral loans are some of the most popular products offered by lending companies. After all, the requirements are easy to fulfill and in a lot of cases, car collateral loans Markham Ontario are approved quickly. You can even get the money you need in one hour. But with your car’s title being used as collateral, there are questions on whether a vehicle that’s not fully paid can be used for the loan.
Can I Get a Title Loan if My Car Isn’t Paid Off?
One question that a lot of borrowers ask is whether they can still avail of low monthly car collateral loans even if they’re still paying for their car. The answer will depend on the lending company you’re working with.
There are lenders that require a clean title that’s in your name before they consider your application. But there are also companies that are willing to provide financial assistance even if there are still pending payments to your vehicle. These companies are working on the premise that you already have substantial equity on your car, and loans are based on the equity, not on the remaining payments. Plus, any outstanding payments on the car will be taken into consideration when determining the amount you can loan.
Lowest Interest Rates in the Industry
There’s no need to worry about your credit standing or whether your car is paid off or not with Canadian Equity Loans. Known as one of the best auto loan companies in the country, they offer loans as high as $50,000. Their low-interest rates and flexible payment plans are reasons why they’re a favorite among consumers. Call them at their toll-free number 1-844-586-6311 or log on to their website to apply for a loan from the comfort of your home.
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Desperate times can force people to consider desperate measures. While vehicle title loans can be a good solution for those with bad credit, there are dubious lenders who will take advantage of a person’s need. You can protect yourself by learning what scams target car collateral loans Saint John New Brunswick.
How to Avoid Title Loan Scams
Vehicle loans are legal in most states, but they’re not free from scams like:
- Add-ons to rollovers: The low payment schemes lending companies offer can be like catnip to consumers, making them irresistible. Some lenders allow rollover extensions then tack on exorbitant fees. This causes payments to balloon quickly until you can’t keep up with the payments anymore.
- Up selling: Some states place a cap on the maximum interest rates that can be levied on specific loan amounts. Unfortunately, some consumers don’t take the time to really understand the consequences of this cap in favor of getting the highest possible car equity amount that they can. This will lock them into a loan with even higher interest rates.
- Reselling repossessed vehicles: Borrowers who default on their payments might find their vehicles repossessed. However, this doesn’t guarantee that their loans are forgiven. You might not even get your car back even if you can come up with the money you need to pay off your loan because the lender has already sold it.
Trusted Car Loan Expert
You don’t have to worry about scams or being taken advantage of if you borrow from Canadian Equity Loans. Borrow as much as $50,000 and avail of the lowest interest rates around. No credit checks, no demands for proof of income, no fuss. You even get to keep your vehicle. Applying is simple; just log on to their website or call their toll-free number at 1-844-586-6311.
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