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Can You Rely on Car Title Loans?

May 27, 2022

Car title loans Red Deer seem like they’re so easy to get, with no credit check and approvals in minutes. They seem like the perfect answer for people in a bind or perhaps to make quick cash in a pinch. 

Firstly, it is important to note that this type of loan is often the last resort for people who need quick funding. They need to provide the title of their vehicle as collateral, which is the document that shows that they own the car. There’s also no credit check required, which is a huge plus if you’re someone who has bad or nonexistent credit.

How Beneficial Are Car Title Loans For You?

  1. No Credit Check: Yes, that’s right, you can get car title loans with bad credit. You don’t need to worry about your credit score or history. Instead, we will be looking at your car’s year, make, model, and car’s registration.
  1. Fast Approval: Another benefit of getting a title loan is that we won’t need to request more information, which means you can get the money much faster than your credit card processing time.
  1. Low Monthly Payments: Unlike other loans, you won’t be required to pay the payment in full when you get a title loan. Instead, it’s broken down into smaller amounts, so payments are more manageable and affordable.
  1. No Prepayment Penalty: Yet another benefit of getting car title loans Hamilton is that you will not have to pay any fees if you want to pay in the middle of your term.
  1. Faster Repayment: When you take a traditional loan, and your credit is bad, it could take up to 2 weeks to approve your loan. There is no credit check with a title loan, so you will have the funds deposited in your account right after the check clears.

So as we can see, car title loans Chilliwack sounds like a tremendous option for people looking for quick funding and who have bad credit. Plus, they don’t need to provide additional information or documentation other than the vehicle’s registration and car title.

If you need money quickly, then new car title loans are what you need!

Things You Have to Keep in Mind

  1. Interest: With every loan, interest needs to be paid. Sometimes it’s as high as many times the amount you borrowed. You must read the fine print to see how much your interest rate is and what your monthly payments will look like. If you apply with us at Canadian Title Store, our interest rates are as low as possible in the industry.
  1. Fees: Car title loans usually don’t come with fees or other charges. However, the fees can vary depending on the lender and the state.
  1. Repayment Plan: This is just like a regular loan because you must pay back the loan in full and interest with your monthly payments.
  1. Late Fees: Some lenders will have late fees that can get very expensive if you miss your payments without being notified by the lender beforehand. As a reminder, always be sure to send out reminders so you can make your payments on time, so you don’t incur these fees. 

What’s the Bottom Line?

Before getting car title loans in Kitchener, make sure you know exactly what’s going on. We at Canadian Title Store only provide the best title loans out there, and we will make sure that you are getting all of your money back. If you need quick cash in a pinch or just want to pay off your credit card debt quickly, get a car title loan with us! You’ll be glad you did! Contact us today at 1-844-512-5840.