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What Is An Auto Title Loan?

by Loan Web Advice
Auto Title Loan

A auto title loan is a loan where you get instant cash by giving the title of your vehicle to the lender. It is a kind of secure loan where the borrower gets money in return for keeping his vehicle as collateral. To get this loan all that you will be required is a vehicle be it a truck, motorcycle, or car which you can use as collateral. 

A title loan can help you in borrowing money and meet your financial expenses in times of monetary issues. Life is unpredictable and uncertain, there are times when a person faces emergencies and want instant cash to handle the situation. In such times, the person thinks of seeking help from friends and family but most of the time they too are unable to help you with the monetary issues because of their own expenses. With a lavish lifestyle, it has become quite a thing to maintain financial stability in life as the expenditure is increasing day by day and people are finding it hard to cope up with the expenses. Well, with this loan one can not only fulfill the needs and demands but also can stay tension-free of paying back the loan amount because of the benefits this loan offers with itself. 

Benefits of auto title loans

1. No credit check

Several people have a notion that money lending institutions check the credit score or credit history of the client and if one has a low credit score than the money lending institute might not approve the loan. Well, yes this notion is true with several money lending institutions but with us, you don’t have to worry about the same. We do not check the credit history of our client. Your credit score has nothing to do with the loan. So, even if you have a bad credit score you can still apply for the loan and get approved. 

2. Low-interest rates

We have very low-interest rates. Our interest rates are something that attracts customers towards us. Our clients come back and forth to us because of the interest rates. Banks and other money lending institutions might charge you a heavy interest rate but with us, you do not have to worry about it. You will be able to pay back the loan amount easily as the interest rates are low in comparison to other money lending institutions. 

3. No prepayment penalty

There is no prepayment penalty for this loan. So, if you plan to pay the loan amount prior to the maturity date of the loan, you will not be charged any prepayment penalty for the same. Several money lending institutions charge a fine for prepayments but with us, you don’t have to worry about the same. 

4. No job profile check

If you are in between jobs or if you are finding better opportunities you can still apply for a loan. Your job profile has nothing to do with the loan. You can get title loans online and solve your financial issues even when you are looking for better opportunities for yourself. 

5. Quick process of the loan

When the word loan comes to mind, people think of the fuss it brings along with it. Banks and other money lending institutions have a long process of the loan. The list of documents and paperwork drives the person crazy about the loan and avoids getting one because of the process it involves around it. With us, you will be happy to see that the process involved in applying for the loan and getting it approved is all simple. All that you will be required for the loan is a list of minimal documents. The list of documents includes the following-

  • The title of your car must be clear.
  • You must have a Canadian license which should be valid.
  • You must have the registration of your vehicle and insurance papers in your name.
  • You should have proof of permanent residency in Canada.
  •  Proof of your legal age as per your province.
  • The second set of keys to your vehicle are required at the time of inspection.
  • The vehicle should be fully paid for and should not be older than 10 years.

With these documents, you will be able to apply for the loan and get approved easily. One of the key aspects of applying for this loan is that the borrower gets instant cash in return for keeping his vehicle as collateral the same day he applies for the loan. 

Another reason why one should apply for Collateral Loans is that one gets to keep the vehicle for the loan tenure period. So, the borrower gets instant cash to meet his financial issues and with that, he gets to keep the vehicle to fulfill his daily needs. 

6. Loan period up to 4 years

The loan period is up to four years which gives the borrower enough time to pay back the loan amount easily. Some money lending institutions give less loan tenure period due to which the person finds difficulty in collecting the funds to pay back the loan amount. 

These benefits are what define an auto title loan. You can make use of these benefits to get rid of all your financial crises and also pay back the loan amount easily with the help of this loan. 

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