We’ve all been wary about applying for short-term loans. This distrust is usually due to what we’ve heard about them. Many people assume no credit check car loans Victoria British Columbia have high interest rates or are difficult to apply for. That couldn’t be further from the truth. This article will decode some of the top myths about auto title loans.
The Truth Behind the Misconceptions
- Applying for a title loan takes a long time. Bank loans take weeks for an application to be processed. But car collateral loans only take hours. Filling in a form is the work of minutes. The loan also has fewer requirements. And since there’s a collateral, there’s no need for extensive credit checks. You can get approved in less than an hour.
- You need a high credit score. A title loan is considered as a secured loan. This means the borrower has to put up a collateral. In this case, your collateral is your car. The equity you’ve built will be used to cover the loan, not your credit score. Anyone with a car can borrow.
- You can only get one loan at a time. This will depend on the number of cars you own. You can only use one collateral per title loan. You can technically apply for a second (or third) loan as long as the collateral is different in each one.
The Best in the Industry
Canada Car Cash makes applying for a loan look so easy. We offer more money than other lenders. Our interest rates are 70% lower and we have affordable monthly payments. You can get approved in minutes, and the funds you require will be released within the day. Sign up on our website or call our toll-free number at 1-844-598-7631.
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