The collateral for collateral car title loans is the fully owned car and its lien free car title. This is the collateral that secures the loan. The car title is left with the lender because the lender needs to put a lien on it for the duration of the loan term and until the loan is fully paid. The lien is then removed and the car title promptly returned to the borrower
Secured collateral car title loan versus any unsecured bank loan
The opposite of a secured loan is the unsecured loan, usually a bank loan. It is not connected to any specific piece of property and instead the lender may only approve the loan if the borrower’s credit rating is impeccably good. Interest rates of unsecured loans are also very high. However, with collateral vehicle title loans, no credit checks are needed to be done by the lender because credit ratings have no bearing on the loan approval.
Lowest interest rates
No credit check title loans have the lowest interest rates than any unsecured bank loan, much lower than other competitors and this makes it the lowest in the lending industry.
General aspects of collateral vehicle title loans
Aside from bad credit not mattering with the loan approval and attractive lowest interest rates, repayment terms are the longest. The borrower can adjust the payment terms that will suit their monthly payments.
What to submit for loan approval
- The car for inspection and appraisal for loan amount based on the car’s true market value. You can borrow up to $30,000.
- A valid driver’s license.
- Proof of permanent residence.
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.