In the past, your only choice when you need a large amount of money is to apply for a bank loan. Times have changed though, and now you have another option – a car pawn loan Regina Saskatchewan. But what’s the difference between the two?
Traditional Loan vs Vehicle Title Loan
Traditional loans and specialized car equity loans essentially provide the same service. But there are some key differences between the two, like:
- Application process: This is one area where the two loans diverge. Traditional loans require you to file an application at a financial institution, like a bank or credit union. You’ll be asked to submit various documents and provide details about your employment history and status, credit history and rating, and other background information. With a title loan, you can fill up an application online or at various branches and asked to provide an ID, proof of residence, and your vehicle’s title.
- Approval time: Traditional loans are notorious for the amount of time a borrower has to wait before he gets approved (or rejected). With a title loan, you can secure approval in just a matter of hours.
- Loan amount: Bank loans typically offer a higher loan amount while you can borrow anywhere from $5,000 to $7,500 for a title loan. However, there are title lenders that can offer more.
The Best in the Industry
You’ll be working with the best with Canada Car Cash. The company is one of the most trusted lenders in the country. They offer low-interest rates, affordable monthly payments, and flexible payment plans. They pride themselves in offering borrowers with loans that are higher than their competitors. You don’t even have to undergo the usual credit or employment checks. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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