What to Inquire When Applying for Car Loans Turner Valley Alberta

Vehicle title loans is a secured loan that uses a car and car title as collateral. The borrower’s car must be fully paid for and the car title must be lien free. The borrower leaves the car title with the lender and a lien is placed on the car title until the loan is fully repaid.

How does a collateral vehicle title loan work?

Collateral car title loans are easily approved in one hour after all minimal requirements are submitted, the car is inspected and appraised for its true market value, and the borrower can show a valid driver’s license and proof of permanent residence. The loan is approved even if the borrower has a poor credit history because the loan approval is not affected by credit scores.

Do collateral title loans have high interest rates?

Vehicle title loans have very low interest rates in the lending industry. Up to 70 percent lower interest rate can be offered against the closest competitor anywhere.

How long is the loan payment term?

Loan payment terms are the most adjustable with no credit check title loans. The loan term can start at 2 years and can be adjusted up to 5 years.

Will the lender conduct a credit check or employment check?

Lenders of collateral vehicle title loans will do neither. No credit checks are necessary with these loans because the loan is already secured by the collateral. So borrowers with bad credit or even no credit have nothing to worry about with the loan approval. Employment checks aren’t also necessary since the loan is already secured by collateral. Also, lenders understand that some borrowers aren’t employed so proof of income is not necessary.

How much can be loaned?

This will, of course, depend on the car’s true market value after the appraisal. As little as $1,000 can be loaned and as much as $50,000. No early payment penalties will be charged if the loan is paid off early.

At Instant Loans Canada, we loan you money based on the value of your vehicle, not your credit score. That means that you have fast access to cash whether you have bad credit or no credit at all. Call Instant Loans Canada toll free at 1-866-973-5214 and apply now or apply online. You’ll speak with a member of our dedicated team and see how Instant Loans Canada can help.