A collateral vehicle title loan uses a fully owned car and car title as collateral. When you get approved for this kind of loan you simply leave the car title with the lender in exchange for the loan amount. For people with no other options, collateral car loans can be the most reasonable choice. The risk for both borrower and lender is at a minimum because the loan is already secured by the collateral.
How do collateral vehicle title loans work?
When you need cash, you can use the car title of your fully owned car to get a loan against the true market value of your car. You go to the lender and settle for as much as $30,000 for the loan amount. The amount is usually based on the car’s true market value so long as the car’s engine performance is satisfactory and the car is not more than 8 years old. No credit checks are needed for the loan so even if a borrower has bad credit the loan is still approved in one hour.
Loan payment terms
Collateral vehicle title loans are emergency loans, but don’t have short term payment periods. Loan repayment terms are the most flexible and the longest that can be offered.
The lowest interest rates
High interest rates are one of the biggest drawbacks to unsecured bank loans or short term loans. However, no credit check title loans carry the lowest interest rates in the whole lending industry and even lower when compared to unsecured bank loans and short term loans. Much lower interest rate can be offered versus the closest competitors.
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.