Collateral car title loans are secured loans tied to a collateral asset, in this case, a fully owned car and its lien free car title. The lender places a lien on the car title to secure the loan and this lien is removed after the loan is fully repaid.
Collateral car title loans are much better than unsecured bank loans
With unsecured bank loans, they won’t be approved unless your credit rating is good. You may be approved with some short term loans, but with both you face very high interest rates and very short payment terms.
With car loans Nanaimo British Columbia, no credit checks are needed for the loan approval. This is because the loan is already secured by the collateral. Also, you get to continue using your car while paying off the loan.
Collateral vehicle title loans have the lowest interest rates
Collateral vehicle title loans carry the lowest interest rates in the lending industry. Much lower interest rates can be offered against the closest competitors. Unsecured bank loans or short term loans are notorious for the highest loan interest rates. Loan payment terms are also the longest that can ever be offered.
Very little requirements to submit
With this loan, all you need to prepare is your car for a detailed inspection and appraisal for its true market value, the car title, your valid driver’s license, and proof of permanent residence. Loan approval comes in one hour and you can borrow as much as $30,000.
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 you more money with far 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 now toll free at 1-844-598-7631 or apply online.
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