Collateral vehicle title loans are loans that use any fully owned car as collateral. The lender holds on to the car title while the loan is being repaid in a given term. The borrower is allowed to continue using and driving the car.
On the other hand, with car pawning, you are required to bring your car to the pawnbroker and leave it there for the entire time you are paying back your loan. Also, you’ll be facing really high interest rates.
Credit rating will not matter with collateral vehicle title loans
Collateral car title loans never takes into account your credit history. Any person holding a current car title is eligible to apply for the loan. Thus, no credit checks need to be done.
Low interest with long payment term
No credit check title loans have the lowest interest rates in the lending industry and certainly much lower than car pawning loans. Payment terms are very flexible and long so as to give the borrower enough time to properly budget and make monthly payments.
The vehicle’s true market value
The car is inspected and appraised for its true market value to determine the loan amount. Based on this, the borrower is allowed up to $50,000 in loan amount. The loan is approved in one hour and the cash is released on the same day. No early payment penalty will be charged if the loan is paid off early.
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.