A secured loan or collateral car title loans uses a fully owned car and its car title must be lien free since the car title is left with the lender and a lien placed on it until the loan is fully repaid.
Collateral car title loans in contrast to unsecured loans
The opposite of a secured loan is the unsecured bank loan. It is not connected to any specific piece of property. However, an unsecured bank loan is dependent on the borrower’s credit rating for the loan approval. Thus, if the borrower has bad credit or even no credit then the loan will not approved.
In the case of collateral vehicle title loans the borrower may have bad credit or no credit but the loan is still approved because the loan is secured by the collateral. Loan approval is given in one hour and the loan amount is determined by the true market value of the car after inspection and appraisal.
Benefits and terms normal for collateral vehicle title loans
- No credit check title loans can offer much lower interest rates versus any competitor out there and the lowest in the lending industry.
- Loan payment terms are the longest and most flexible that can be offered.
- The loan amount can be as much as $30,000. No early payment penalty will be charged if the loan is paid off early.
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.