Car Loans Cranbrook British Columbia are Secured Loans for Those with Bad Credit

Secured loans versus unsecured Loans

An unsecured loan is not connected to any specific piece of property and instead the creditor may only satisfy the debt against the borrower’s credit rating rather than any collateral. Because of this, a secured loan such as car loans attracts lower interest rates than an unsecured loan due to the added security for the lender. The borrower’s credit rating doesn’t affect any loan approvals for secured loans because the loan is secured by the collateral.

Secured collateral vehicle title loans

Credit ratings for collateral vehicle title loans will not matter because the loan is secured with collateral of equal value or more to the loaned amount. The lender inspects and appraises the fully owned car for its true market value to determine the loan amount. Up to $50,000 in loan amount can be borrowed.

Advantages of getting a collateral vehicle title loan:

• No credit check title loans have the lowest interest rates in the lending industry and are much lower than unsecured bank loans and short term loans. Payments can be as low as $97 per month.
• Loan repayment terms are the most flexible and quite long at 5 years.
• No early payment penalty will be charged should the loan be paid off early.

People in need of fast emergency cash can always turn to Instant Loans Canada. We can get a car title loan fast and today for anyone in need of alleviating any financial headaches. All they need is to get in touch with Instant Loans Canada by calling the toll free number at 1-866-973-5214 and get approved in an hour. Get started today at the nearest Canada-wide network of convenient locations.