How do I use my car as collateral for a loan in Ontario, Canada?
if you need to get cash fast for an emergency a Car title loans could be just the solution. If banks and traditional lenders have turned you down don’t worry there are still options for you if you own your car and have a clean title. you could consider a car title loan to help. They come in handy in paying up unexpected bills and have lower fees because you use your car as collateral.
While you can apply for a car title loans from credit unions or banks nothing beats the convenience of getting an online lender especially if your credit isn’t ideal the speed at which online lenders can review applications and transfer the funds to
your account is much faster and with much less hassle.
If this caught your attention we’ll be answering the most common questions you might have liked.
- what do you need to get a car title loan?
- how soon do you have the money?
- how much you can borrow and much more?
What do you need to get a car title loan?
In Canada, most lenders require that applicants have
- An active checking account
- Proof of income
- Valid identification
- Most importantly must be 18 years and above
- you also need to be a citizen or a resident of Canada to qualify for any of the loans mentioned earlier
If you’re still worried about your credit score, don’t worry there is Eazycash that offers loans with no credit checks in Ottawa all you need to do is meet their loan requirements and you’re good to go.
How soon will you have your money?
While this varies from lender to lender if you provide all the required information the money can be in your account in as little as 24 hours.in some cases, if you’re already a loyal customer the lender can expedite the process even further.
How much money can you Borrow?
Car title loans are dependent on your source of income and the current value of your vehicle. However, you can use a calculator to have a rough estimate of how much you can expect to get.
What is the loan repayment process like?
In the case of lenders, they require you to put your car title as collateral before they transfer any funds way doing so allows the lender to give you better terms and a higher loan amount since they can offset some of the risks with the collateral. you can continue to use your vehicle as you usually would just make sure that you’re making timely payments on your loan. These come with payment installments that make them easier to fit into your budget.
If you fall behind on your payments the lender will repossess your vehicle to recoup their losses. That said online lending services make it as easy as can be to stay on top of your payments. you can use their website to make your payments or better yet you can use automatic payments to set it and forget it.
What are the benefits of car title loans?
They are fast easy to get and with some budgeting a no-brainer. In addition, a bad credit score does not hinder applications for vehicle loans.
As tempting as it might seem don’t rush into any loan make sure you read the fine print and do your own research. no one knows your financial situation more than you.so it’s crucial to arm yourself with the tools and knowledge to make the best choice for you and your loved ones.