The loan amount
The amount that the lender allows you to borrow for collateral equity loans is based on the true market value of the car. Though the car and its car title serves as the collateral for the loan, it is only the car title that is left with the lender while the borrower continues using the vehicle while paying off the loan. The loan amount can be up to $50,000.
The loan process
With all the necessary documents at hand, you can get the loan approval in just one hour and the loan amount on the same day. Aside from the car title, all you need to prepare is your valid driver’s license and proof of permanent residence. Make sure too that the car title is lien free. As soon as the loan is fully repaid, you get the car title back.
Credit ratings will not matter
Bad credit or no credit has no bearing on the loan approval for no credit check title loans. No credit checks need to be carried out just for the loan approval.
Other considerations for applying for collateral vehicle title loans
Collateral car title loans have the lowest interest rates in the whole lending industry and the lowest when compared to unsecured loans or short term loans. Loan payment rates are reasonable and the longest that can ever be offered for such loans.
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.