People who need additional funding or financial assistance now have more options to choose from. Banking institutions are offering more diverse loans while bad credit auto loans Hamilton Ontario are steadily gaining popularity. However, a lot of people remain confused as to what sets title loans apart from bank loans.
Differences Between Traditional Loans and Title Loans
- Application and Verification Procedures: One aspect that sets title loans apart is how borrowers apply for them. You’d usually go to the bank to get or submit application forms for traditional loans. You’ll also be required to submit numerous documents and attend interviews. Title lending companies have a more streamlined process. You can apply online and send the requirements through email.
- Pace of Approvals: It usually takes several weeks or months before you get confirmation that your bank loan has been approved. In contrast, title lending companies will only take several hours to process, verify, and approve a car equity loan. You can even get the cash you need within the hour.
- Loan Amount: One main difference between conventional loans and title loans is the amount you can borrow. You can get more substantial loans with the former while the latter can only offer about $5,000 to $10,000. But you can get as much as $50,000 with the right lender. What you should remember is that how much the company is willing to invest depends on your car’s equity.
Lowest Interest Rates You Can Find
Sign up with Canada Car Cash and get the best loan for you. The company specializes in title loans and can lend you a percentage of your car’s equity. They also offer low-interest rates and affordable monthly payments. Applying is fast and easy. Just log on to their website or call their toll-free number 1-844-598-7631.
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