Consumers who don’t qualify for conventional loans now have the option to use their cars to secure extra cash. Known as a title loan, this secured financing option uses your car’s title as collateral. It has gained popularity in the last decade because of its minimal requirements and easy application process.
To make sure you meet the requirements, lenders will ask for several documents before they process your application. While the papers you need to get cash for car Kamloops British Columbia vary between companies, here’s what you usually need to prepare:
5 Documents You Need to Prepare for a Title Loan
- Vehicle’s Title: This is the keystone of your fast loan. You should bring your car’s title when you apply for a loan. You can also send it via mail if you’re applying online.
- Car Registration: Some lending companies will also ask that you show your vehicle’s registration.
- Government-Mandated IDs: You will also be asked to verify your identity by showing your passport, driver’s license, or other photo IDs.
- Proof of Residency: You will also be required to show recent utility bills, lease agreements, or any other documents that show your current address.
- Proof of Income: Lending companies will also need concrete proof that you can repay the loan. You’ll be asked to submit recent payslips and even bank statements. You can still apply for this loan even if you’re unemployed as long as you can show proof of alternative income (ex. pension or disability slips).
The Best in the Industry
You can get the assistance you require with Canadian Equity Loans. This premiere company offers loans as high as $50,000. They also have the lowest interest rates around and accept early payouts without penalties. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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