“I don’t have a good credit score, so I don’t think the banks will lend me a loan” is what most people say when they have a bad credit score. Thus, you can apply for a loan even if you have a bad credit score with us. Car title loans are a kind of secured loans where people get instant cash in return for keeping their vehicle as collateral. Let us understand how can one get this loan.
How to get a car title loan?
To get this loan, all that you will be required to do is apply or fill an online application form. Once you will be done with filling the application form available on the website then, you will be required to submit a list of few documents so that the procedure of the loan can be taken further. Unlike banks and other money lending institutions the list of documents that you will be required to submit is very minimal.
The list of documents includes the following.
- Lien free vehicle
- Proof of permanent residency in Canada
- Proof of legal age
- Valid Canadian driving license
- Proof of registration and insurance of the vehicle under your name
- The second set of keys to your car required at the time of inspection
- A fully paid vehicle, not older than 10 years.
With this list of documents, you will be able to apply for the loan and get approved for the same. Now let us see and analyze why people prefer this loan instead of applying for any other loan out there.
There are several reasons why people prefer this loan instead of any other loan. The foremost reason is the advantages that this loan provides with it.
Advantages of applying for this loan
No prepayment penalty
If the borrower plans to pay back the loan amount before the maturity date, he can because there is no prepayment penalty for the same. Several banks and money lending institutions charge some fines for the same, but with us, you do not have to worry about it.
2. The quick and simple loan process
The process to apply for the loan and getting it approved is simple and quick. With the minimal paperwork and least documents you will be able to apply for the loan and also you will get the approval the same day within a few hours of applying for the loan.
3. The loan tenure period is up to 4 years
The borrowers get four years to pay back the loan amount i.e. they get four years to collect the funds and pay back the amount. This gives the borrowers enough time to collect the funds without any haste and thus return the money to the lender with interest rates.
People prefer this loan because of the low-interest rates. Several banks and money lending institutions charge comparatively a high-interest rate, therefore, people choose this loan because of the interest rates that this loan offers. Our interest rates are what draw our customers back to us no matter what.
5. No credit check
With us, you do not have to worry about the credit score or history. If you have a low credit score or history, don’t worry you can still apply for the loan and get approved. Your credit score has nothing to do with the loan. Several people assume that they will not get the loan because of the bad credit, but you can kick away this assumption and apply for the loan with us.
6. Another perk of getting this loan is that the borrower gets to keep the vehicle for the loan tenure period. The borrower can keep the loan money as well as the vehicle for the loan tenure period.
These are the perks of applying for this loan and with the help of a car title loans the borrower can get rid of the financial crises he has been facing and he can make use of the amount to solve and get rid of all the monetary issues. Not only the borrower can get rid of financial issues but also he can make use of this money and collect the funds of the loan amount easily as the loan tenure period is enough for him to do the same with ease.