Car Title Loans Ontario Canada
Updated: May 15, 2022
Do you need a fast and easy loan which will allow you to pay money back over several months? The financial crisis has resulted in many people having a bad credit history - that means no bank will lend to them. While some manage to cope with these limitations, others struggle to find a resolution to fast cash. Payday loans have taken advantage of this gap in the market, but some may need larger amount cash loans, or longer period than 2 weeks to repay the loan. Knowing that payday loans are a bad idea, it might make more sense to get a loan using your vehicle – you can borrow with your car and keep using it. One of the best places to find a loan is through a car title lender in Ontario.
Get Approved Based on Your Car Equity
As you will be providing security for the loan in the form of your car, you can qualify for a vehicle title loan easily. If you can demonstrate to the lender that you are the sole owner of the car, it is fully paid for and that you will be able to pay back the loan, then you are almost certain to be granted the money you need. Unlike payday loans, auto title loans do not require employment or income in order to get approved, there are no credit checks or up-front fees and you can repay the loan over a longer period of time.
Unlike conventional forms of financing such as bank loans, the car title loan can be approved within an hour. Even if you have a very poor credit history, most car title loans companies in Ontario will allow you to borrow with your car the money you need.
How does A Car Title Loans Work?
If you are interested to borrow money using your vehicle as collateral then you will need to own a vehicle which is worth substantially more than the cost of the loan. You will usually be expected to offer a car which is only a few years old. You may have to answer questions about your finances, and will be expected to demonstrate that you have the necessary insurance, in your own name, to allow you to drive the vehicle.
If the company agree to lend you the money required for the auto title loan, then a lien will be placed on your vehicle. This lien showing that the lender has interest in the vehicle during the loan period. You pay this money back in monthly instalments while still driving the car, and at the end of the repayment term, you will get a release letter and the lien will be removed.