How Can I Borrow With My Car Title?
Updated: Jul 13, 2018
Borrowing money is never easy, and many struggle to find the money that they need for basic things, such as fixing a leaking roof, bill payment or replacing a household appliance. These requirements for your cash can appear at any time, and if you are stuck between monthly paydays, or require an urgent cash injection when you are looking for work, then you have a few options to allow you to get fast cash. If you don't want to risk taking out a payday loan, and would prefer something with a longer loan term and lower interest rate, then you might consider securing a loan with your car title.
Get Cash, and Keep Driving Your Car
Car title loans are a way to access fast cash without having to apply at the bank and risk being refused. If you are looking for a faster process, then taking your car into the car title lenders can be the perfect solution. Lenders use your car title as collateral for offering you a loan, but you can still drive it around, and use it to get to work, or to drive the family around, so you won't lose anything by seeking out a lender for this type of loan. You can also pay back the loan over a reasonable period, rather than having to pay it back in a single month, giving you more time to breathe. Beyond the fact car title loans are executed within hours, another great benefit is a lower interest rate due to finance being secured with collateral.
How Much Can I Borrow Using My Car as Collateral?
If you want to borrow money on your car title, then the amount that you can be loaned will depend very much upon the value of the car. The lender takes into consideration how old the car is, how much mileage it has, and its general condition. On a Car Title Loan your financial background would not matter, weather you got good or bad credit or no credit at all, Lenders consider the equity in your car rather than your credit score. You may be able to get a loan amount between $1500 and $25,000 that can be re-paid over 2-5 years. All loans offered can be paid out anytime with no pre-payment penalties.
What do I have to do to borrow with my car?
If you think this is a good arrangement, then you should contact your nearest car title loan company, and ask them for their specific requirements. They may ask you for full coverage insurance policy, your driver's license and ownership registration papers to show you are the owner of the car. To find out how much you can get please follow this link: https://www.titleloansonline.ca/eligibility-form