Car Collateral Loans – Use your Vehicle as an Asset!

Car Collateral Loans

When unexpected emergencies knock on your door, then you get frustrated and find a way to obtain the cash as soon as possible. In the end, you will prefer a loan to get the money in a short time. But in this situation, the biggest question that arises that “which type of loan you will choose for your problems?”. But your difficulties are not ended here; your bad credit score creates trouble for you because it’s very tough for you to get approved for a loan with poor credit history.

Many banks are not ready to give loan approval with a low credit score. At the time of loan documentation, they need to check your history. In this state, only one solution is in front of you that are to borrow some funds from your family and friends, but in reality, it’s a very shameful situation for you. Now, you don’t need to go on this path.

Yes, here is a solution to all your circumstances even if you suffer from your low credit.  With car collateral loans you will be able to get the cash quickly and won’t have to worry about your credit score, you still apply for a loan without any hesitation.

The best way to secure the money you need!

Car collateral loans are the best way to secure the money when you need it. You will have the peace of mind that you’re getting a great, safe, efficient, and quick loan for your financial problems”

Use your vehicle as an asset with Car Collateral Loans

It is a type of loan that requires an asset as collateral and when you take an auto collateral loan you use the title for your car as a guarantee. The lender will allow you to borrow the loan amount based on the market value of the vehicle. When you get a car collateral loan, you can still operate your vehicle in your daily life as normal. Once you have settled your loan payments, then the lender will return your title.

What if you have bad credit?

Don’t worry about your existing debt because for a collateral loan, your credit history doesn’t matter.  It is the easiest way to obtain cash in a short period of time. Your weak financial profile is balanced by the fact that the loan is secured by your title.

How much can I borrow with an auto collateral loan?

The amount of money you will be able to access using a title loan will depend on the market value of your car. The condition of your car will also play an important role in the loan amount. If the condition of the vehicle is good, then you will get a high amount of loan. So make sure that the loan provider will give you the exact amount of cash that you deserve.

Can I get a title loan without a job?

The good news is, yes, you can get auto title loans without a job. There is no job required because for the loan security, your assets are used as collateral which is enough for your loan approval. Even some lenders don’t need your income proof. So relax, don’t hesitate to think that you are jobless or unemployed. Apply for the loan with free of mind.

For approval – only the vehicle is needed

Nothing matter for the loan, not even your bad credit and your job. If you have a car, it’s sufficient for the loan application. For loan approval, only your vehicle title is a must. Your vehicle must have a clear title that helps you to get a better loan amount easily.

Is your vehicle stored by a loan provider?

This is the best benefit offered by car title loans that during the loan payments, your vehicle is not stored by the loan provider. After accessing the loan amount you can drive your vehicle with your regular basic. But the title of your vehicle is secured by the provider until you don’t pay your amount.

In how much time you will get the loan amount?

The process of getting cash with auto title loans is fast and easy. You don’t need to wait for days to borrow the money from this type of loan. After the documentation, you will get the loan amount within a few hours on the same day of approval.

There are some questions that arise before availing the loans:

  • Can you get approved for a loan if you have bad credit?
  • What details do you need to provide to get a loan?
  • Can you apply for an auto title loan with another vehicle?
  • Is that important that the car title has to be in your name to get a loan?
  • Are there are any penalties applied for early payments?

With the help of a title loan, you can repair your poor Credit?

You just follow some easy steps to repair your bad credit:

  • Pay Off Anything That’s Sitting in Collections
  • Consolidate All Your Debts into a Single Loan
  • Avoid Making Any Additional Credit Card Purchases.

Tips to select the right collateral Loan Company?

Before choosing the title loan company, you must know about some points of that service provider.

Legal and Licensed

Whenever you have to deal with a competitive company make sure the lending company is legally licensed and following all the laws properly.  You should visit their website to verify relevant information.

Interest Rates and Fees

Choose that collateral loan company that offers you a reasonable interest rate or fees and is offering you the choice of multiple payment plans.

Borrowing the appropriate amount

The amount you borrow is based on your vehicle’s market value. Flexible payment options and affordable interest rates can be easily availed.

Avoid some common mistakes while availing the loans

  • You should be properly informed about the loan service.
  • Your car must be under your name. It is one of the most important requirements for collateral loans.
  • You should be careful about your loan amount which must be equal to your car’s market value and its condition.

Reasons for considering the loans when you need cash

  • When you have a bad credit score and need the cash urgently for your emergencies.
  • When you have medical bills to pay.
  • If you want to renovate your home or need to repair your vehicle.
  • When to pay your education fee a want to clear all your dues
  • You want some extra money for your family vacation.

Are There Any Requirements?

  • You must be the legal age (above 18).
  • You must have a vehicle that is not much older.
  • You should own a vehicle and have a clear title to it.
  • You must have both collision and comprehensive insurance on your vehicle.
  • A valid Canadian driver’s license.
  • The second set of keys to your vehicle.
  • Proof of residency: any piece of computer-generated mail
  • There cannot be any debt attached to your vehicle
  • Duplicate keys to your car

Enjoy some benefits of car collateral loans

Here are some advantages of collateral loans with best deals

#1 Anyone can qualify:

In this loan, your bad credit doesn’t matter or there are no credit checks. You can get loan approval even if you have a bad credit history and also there is no job required for the loan application

#2 Minimum Paperwork:

Car collateral loans provide quick approval with minimum paperwork requirements and the process of loan is very simple and easy.

#3 Same Day Cash:

Collateral loans provide same day cash facility.  You can get your cash in your hand on the same day of approval even just in few minutes.

#4 Keep Driving Your Vehicle:

In this type of loan, you can keep your vehicle during the loan session and enjoy driving your car.

#5 No Prepayment Penalties:

Some lenders don’t charge any prepayment penalties in car title loans. Without any penalty, you can make your early payments.

#6 Flexible Payment Options and longest loan term:

Sometimes title loan providers offer affordable and flexible payment plans with the longest loan terms to people.

You can easily be approved for a car title loan with these steps:

Step 1- Visit the website and fill out the application

To get the collateral loan, you can just call us or fill out the online application form.

Step 2- Submit all your related documents

There is an easy and simple documentation process that helps you to get approved for a loan
Some documents those are required:

  • Fully paid Vehicle with a clear title
  • A valid Canadian driver’s license
  • Vehicle registration and insurance in your name

Step 3- Book an appointment and get quick cash within minutes

After all the paperwork, you can receive the cash in your hand within a few hours without any hassle.

Step 4- Drive your vehicle

During paying your loan amount, you can drive your vehicle as normal in your daily life. The provider doesn’t store your vehicle at any cost.

Some reasons your auto collateral loan was not approved

  • Sometimes you have bad timing because some lenders need to require full-time employee who can easily pay their loan amount on time.
  • There are errors in your credit report, not all lenders can accept your loan application with your bad credit score.
  • A number of documents is required for an application. Your loan application will not be processed if you eliminate any of these documents from your application
  • An auto loan is denied, if you do not spend much time to carefully check your documents. Simple things such as spelling mistakes or wrong addresses can result against you.