Auto title loans have become more essential this past year because of the pandemic. People who never thought they would take out a short-term loan found themselves doing just that. After all, an easy bad credit loan Toronto Ontario can provide you with the money you need within 24 hours. But there are other reasons why getting a title loan is an excellent idea.
Best Reasons to Get a Vehicle Title Loan
As the name implies, your car’s title of ownership plays a big part. A title loan requires the borrower to put up their car as collateral. The value of the loan will determine how much money you can borrow. You can get a higher loan amount with a newer model car than one that’s about eight years old. There are ways to improve your chances though, like making sure the car is clean when it’s inspected. It also helps if your collateral is well-maintained and has low mileage.
The presence of collateral means there’s less risk for both parties. The car equity will cover the loan and the lender is guaranteed that they’ll get their money back. It also means that your credit score isn’t a big factor in determining approval. Most lenders don’t even do credit checks nor look at employment records.
The Number One in the Industry
You know you’ve made the right choice with Canada Car Cash. The company specializes in title loans and can give more money than other lenders. Their interest rates are 70% lower than others and they offer affordable monthly payments. You even get to keep your car while the loan is active. Call their toll-free number at 1-81-844-598-7631 or sign up on their website.
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