Are Car Title Loans Worth It?
Updated: Mar 14, 2018
What Is A Car Equity Loan?
If you own your car and looking for a loan you can use your car to borrow money – this type of loan is called A Car Title Loan. Most companies would allow you to keep driving your vehicle during the loan period so you can continue your daily life style as usual. No Matter the reason you are looking for cash, no matter your credit score or employment status, the only thing considered is the Equity in your Car.
Car equity loans are perfect for those who are in between jobs, self-employed, new to Canada or have made some bad financial decisions in the past and have bad credit or no credit.
Are Car Title Loans Worth It?
There are several loan products which fall under the category of car title loans; each title loan company has its own requirements, terms and conditions. Some companies restrict your vehicle to stay within your province, some within the country and other companies do not have restrictions at all. It is important to shop around for the best title loan company that would serve your financial needs.
At Title Loans Online we offer fair and affordable loan product with no restrictions;
Loans are amortized for a longer period of time to utilize a lower monthly payment, at the same time, we offer open loans that could be paid out at any time with no penalties. On top of that, you may contribute a lump sum payment at anytime towards the principle balance which will enable a borrower to finish paying the loan sooner and save on interest.
Considering you are looking for fast cash, it is important to have access to funds quickly and easily; Using your vehicle’s equity to get a loan is a fast and easy way to borrow money. Most title loan companies offer loans with no credit check and no employment requirement since they rely on the vehicle to secure the loan. For the same reason, the paperwork required for this type of loan is very minimal and handy.
Can I Get A Title Loan With A Financed/Leased Vehicle?
If you are still making payments on your car it would not qualify for a car title loan. You may apply only when it is fully owned and paid for with no existing loans or encumbrances.
Are There Any Modifications To The Ownership Under A Car Title Loan?
No, the ownership remains the way it was prior to the loan and you keep holding it along with your vehicle while making monthly payments to your lender.
How do I take out a car title loan?
There are a few companies who offer car title loans to vehicle and motor home owners in Canada. You can find a lender in your area by searching online, and browsing through websites. Most lenders these days have websites detailing their requirements, and how much one could expect to receive, repayment schedule and general qualifications. You can often try to get a loan online through contact form, and you should also be able to find a great deal of information about the loan that you will be taking out. If you are ready to go APPLY HERE.