Collateral vehicle title loans are simply secured loans that use a fully owned car and the car title as collateral. The lender holds on to the car title while the loan is being paid. The borrower is still allowed to continue using the car. On the other hand, with a car pawn, you are required to bring your car to the pawnbroker and leave it there with them for the entire time you are paying back your loan. Your car will be stored by the pawnbroker until your loan is paid back in full.
Employment Status and Credit Report are not checked at all
With collateral car title loans, credit history will never matter because the loan is secured by the collateral so no credit checks are made. Also, employment is of no concern to the lender, so again, no employment checks are necessary.
Other advantages of collateral vehicle title loans
No credit check title loans use your car as collateral for the loan and the lender becomes the lien holder on your car title while you are paying back the loan. Car pawns have interest rates that can go from 25% up to 156%. On the other hand, collateral auto title loans have the lowest interest rates when compared to car pawns or unsecured loans. In the lending industry, it is also the lowest. Repayment terms are also the longest and the most flexible. You can even borrow up to $50,000 as loanable amount.
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.