Auto title loans are not as prestigious as bank loans, nor can they provide a substantial loan. But there’s no denying how useful specialized car equity loans Scarborough Ontario are and how it has helped countless people. Here’s what you should know about these loans.
Interesting Facts about Title Loans
- Loan Value: These loans can range in value from hundreds to tens of thousands of dollars. It basically depends on your vehicle’s value, as lenders will usually offer a percentage. However, the amount of title lending companies offers is of lower value than a bank loan.
- Interest Rates: These loans usually have higher interest rates compared to traditional loans. The average rate for a month-long contract is about 25 percent.
- Speed: Applying for bank loans is an elaborate and sometimes tedious, process that takes weeks or months. The whole application process for challenged credit auto loans can be done in one day. Your money can even be released in as little as an hour.
- Type of Vehicles: You don’t actually have to own a car to avail of this loan. ATVs, RVs, trucks, vans, motorbikes, and even boats can be used as collateral for this loan.
- Credit Checks: Title lending companies don’t require credit checks or good credit history. This is due to the collateral involved. It’s what made this loan popular among people who are underemployed or have poor credit.
Same Day Cash
Are you in a hurry to get extra cash? Apply at Canadian Equity Loans and enjoy the company’s quick and painless application process. You can even receive the money you need within the hour. Borrowers can even get as much as $50,000 in loans, enjoy low-interest rates, and pay early without fear of penalties. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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