Getting Vehicle Title Loans Medicine Hat Alberta is a Much Better Option than Going for Car Pawning

Collateral vehicle title loans use a fully paid and owned car as collateral for the loan. The lender holds on to the car title while the loan is being paid in the given repayment term, a lien being placed on the car title and removed when the loan is fully repaid. The borrower is allowed to continue using the car while repaying the loan.

The big disadvantages of car pawning

With car pawning, you are required to bring your car to the pawnbroker and leave it there for the entire time you are paying back your loan. Although a car pawn is almost immediately approved even if the borrower has bad credit, the interest rate for car pawning can be enormously high, sometimes in three figures.

Credit ratings have no bearing on this loan

Collateral car title loans will never take your credit rating into consideration because no credit checks are ever done for the loan approval. Any person holding a current car title is eligible to apply for the loan so long as it is lien free.

Loan processing is fast

No credit check title loans only require the borrower to bring in the car for inspection and appraisal for its true market value to determine the loan amount. Up to $50,000 can be borrowed. The borrower then should show a valid driver’s license and proof of permanent residence. Loan approval comes in just one hour.

Much lower interest with 5-year terms

Much lower interest rate can be offered against the closest competitor. Payments can be as low as $97 per month. Repayment terms are the longest up to 5 years.

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.