Collateral bad credit loans use a fully owned car and its car title as collateral. The lender holds on to the car title while the loan is being repaid. The borrower is allowed to continue using and driving the car. No credit checks are needed, interest rates are the lowest, and payment terms are the most flexible and the longest.
On the other hand, with unsecured bank loans, the borrower will never get approval if they have a bad credit rating. Interest rates are also beyond the roof.
Credit ratings will not matter at all
No credit check title loans are called thus because no credit checks are ever done for the loan approval. The borrower can have bad credit or no credit but the loan is still approved in one hour. The loan is already secured by the collateral so credit ratings will not matter.
The full benefits of collateral car title loans
Interest rates for collateral vehicle title loans are the lowest in the whole lending industry and the lowest when compared to unsecured loans. This is because much lower interest rate can be offered versus competitors. Payment terms are never short term because they are flexible and the longest. Once your loan is approved in one hour, you can continue using the car while paying off the loan during the loan term. All these benefits are missing unsecured bank loans.
Car title loans or sometimes called equity loans is the only service offered by Canada Car Cash. This means that Canada Car Cash can loan more money with less requirements. We can help you by calling us now or getting in touch online. We can give you an estimate of what you really qualify for. Call us at 1-844-598-7631.