An auto title loan is a good alternative to people who have their own vehicles and need additional cash fast. Lending companies offering this type of secured loan typically have an easy application process and quick approvals. While having collateral with a lien-free title is one of the major requirements, borrowers will still need to satisfy certain conditions before they can qualify for a quick car loan Toronto Ontario.
3 Conditions Needed to Qualify for a Title Loan
- You must be of legal age. This is one factor that will automatically qualify you for a fast loan. Lenders will only accept applications from people who are legally an adult as the law demands that they are the only ones who can be held liable to pay for a loan.
- Your collateral should not be more than eight or ten years old. Most lenders will only accept newer models as this ensures they can get a good value for the car in the event they need to sell it. And while there are lenders still willing to accept older cars, don’t expect to get a substantial loan.
- Your car has collision and comprehensive insurance coverage. While basic insurance coverage is a must, some lenders will require something more comprehensive. Companies would naturally want to make sure that in case of an accident, the insurance is enough to cover the repairs and restore the car to a pristine condition.
The Best in the Industry
You’re working with the best with Canada Car Cash. The company specializes in title loans and can offer loans higher than what other lenders can provide. They also have low-interest rates and affordable monthly payments. You can even get the money you need within the hour, thanks to their fast approval process. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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