Collateral vehicle title loans are loans that use your vehicle and vehicle title as collateral. This loan is not expensive and is less risky when compared to unsecured loans or short term loans.
How do collateral vehicle title loans work?
With collateral car title loans all you need is to bring in your vehicle for a detailed inspection and appraisal based on the car’s true market value. Of course, for the vehicle title to qualify as collateral, the title must be lien free or have no outstanding loans on it. The loan amount can be as much as $50,000.
Paying off the loan
Although no credit check title loans are considered as emergency loans, they aren’t short term loans since the repayment terms are the longest and most adjustable that can be offered. Interest rates for this loan is the lowest in the lending industry and the lowest when compared to unsecured loans and short term loans. No credit checks are ever done and needed for the loan approval. Your loan is approved in one hour and you get the loan amount on the same day.
You keep your car while paying the loan
Because the loan is already secured by the collateral, you can keep driving and using your car while paying off the loan during the course of the loan payment term. Only the car title is left with the lender to serve as collateral.
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.