Have you ever considered getting a car collateral loans? You may find yourself confused between choosing a traditional source or a private lender? Let us help you make the right decision! Canadian Title Store is the right option for you! Applying for a car collateral loan without credit check seems impossible. Most lenders perform a credit check first before approving the loan application. They want to check the payment history of the borrower before lending money.
What is a Car Collateral Loans?
It is a loan where the borrower uses his car to secure the loan. The loan amount will depend upon the market value of the vehicle. Canadian Title Store is here to provide you with some tips on how to get approved. Keep these points in mind when borrowing money through collateral loans.
? Know the Available Payment Options
Before proceeding, ask your lender how he wants you to pay back the loan? A longer repayment period translates into lower payments each month. So, don’t forget to ask the duration of your title loan including the terms.
? Check if there are any penalties
Early payments can help you save cash. But for lenders, paying off the loan before the term ends is a bad thing. They charge an extra fee as a penalty for this. So, you must be aware of the terms. Ask your lender about the penalties and restrictions.
? Check the application procedures
A hassle-free application procedure makes the process easy. Make sure the lender you chose has provided you with an online application. It will save you time. Ask for the approval time and further process before applying.
? Find out what kind of collateral the lender accepts
The collateral can be any valuable asset. It can be a car, house, jewelry etc. If you are applying for a car collateral loan, ask your lender what type of cars they accept.
? Ensure that the lender has the license to work in your province
For a collateral loan, there are different rules in various states. Find out if the lender is registered and has a license to lend in your state. If a lender is not registered in your state, then they can not offer you an online title loan – unless of course, you want to present it yourself.
? Ask if you can keep your collateral
Some lenders don’t allow the borrowers to keep their collateral during the loan term. However, some lenders will let you keep your vehicle. But you have to keep it safe against environmental or other harmful conditions. You can borrow some money again if your car still has some remaining equity.
Call us for more details over car collateral loans with no credit check at 1-844-512-5840 (toll-free).