BLOGS

10 Most FAQs For A Loan Against A Car Title

Mar 12, 2020

  1. What is a title loan?

A title loan is where you use a valuable asset like a car, house, motorcycle etc. as collateral and in return get a loan for your money needs. Canadian Title Store provides loans against a car title using the title papers of your  car as security to provide a loan to you.  

2. How can I apply for a title loan?

Log on to our Canadian Title Store website and fill out the application form. Here it will ask for your contact information and car details such as year, make, and kilometres.  Once received one of our loan agents will be in touch and guide you through the next steps. . They will advise of the documents and paperwork required but don’t worry, our paperwork is direct and easy. We won’t bother you with complex documentation. After the submission of the required paperwork, you’ll have to get your car to our facility for evaluation. Once that has been completed we will be able to provide the loan amount you are eligible for. 

3. Can I get a vehicle title loan If I have poor credit?

Canadian Title Store is best known for one main reason. We don’t ask for credit scores! . Our doors are open to  all credit types. Even if you have a credit score below 500 you are welcome to take a loan from us, *considering you meet all the minimum requirements.. Many people get rejected because of dented credit, especially with banks, but we understand that lack of financial assistance at a time when you need it  most can cause a lot of mental stress. We understand and are here to support you regardless of your credit score.  Your loan is simply secured by the title documents of your automobile therefore require no need to have a reputable credit score.  

4. How much can I get?

The car that you’ll use for getting the loan has to be in good condition. The year, make, model, and condition  will be evaluated and thoroughly reviewed. It will help in evaluating the vehicle and its current market price. We are  happy to help and lend upto $60,000 for your immediate cash needs.   

5. What are the requirements for a title loans?

Our requirements are minimal. Most documents required are documents you already possess. We only ask for information needed for the loan and nothing more. . Unlike other lending sources we don’t require a ton of paperwork to deal with. It makes it easy for both you and our company  to maintain the proper records or paperwork. The following documents are required for a loan:

  • Valid Canadian driver’s license of the borrower
  • Residence proof of the borrower
  • A lien-free and fully owned vehicle(SUV, MUV, sedan etc.)
  • Registration papers of the car in the name of the borrower
  • Insurance papers covering the collision and deductible 
  • Proof of legal age in your respected province
  • Second set of keys of the vehicle (to remain with us)

    6. Is there any pre-closure penalty?

Many lenders out there don’t like the idea of losing money.   Most traditional banks/lenders don’t accept early payments or early loan closures  without charging a heavy penalty. They charge to make up for the loss of the interest amount. But, that’s definitely not the case with us. We know that title loans are short term loans that people can repay before the expiration date of the loan term. Hence, we accept early payments if our clients wish to do so. The best part is we don’t charge a single penny for early payments or closure.

7. Can I get a loan If I am currently unemployed?

Yes! Why not! It is a secured loan using the title of your vehicle.  and we don’t need your job papers to qualify you for it. All we ask for is the vehicle title. Our monthly payments are very low and can be arranged by people with no job or a low income easily. 

8. How much time does it take to receive the title loan?

When you apply for a loan against a car title with us, rest assured that you’ll get your money within 24 hours. Once the verification of documents and car evaluation has been completed  your loan amount will be provided within a couple of hours.

9. Is there a local branch in my area?

We have offices all across Canada. You don’t have to worry about finding us in your area. We’ll provide you with full details of our location and where to bring  your vehicle in for evaluation. 

10. Do I have to surrender my vehicle for the loan term?

No, we only keep the title and the second set of keys to  your car. You are free to keep and use your car for the whole loan duration. 

Contact Canadian Title Store today! Apply online or you can call us toll-free 1-844-512-5840.

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