Title loans have been around for a while now. People use the title of their homes, vehicles etc. to get the money they need for various needs. Through this blog you’ll get to know car equity loans and everything about them. Getting easy finance is not a big deal as long as you know where to get it from. People go for unsecured personal loans and end up paying higher rates of interest.
Instead, if you apply for a car title loan from Canadian Title Store you can easily get up to $60,000 against your fully-paid vehicle. It can either be a car, truck, SUV, MUV, motorcycle or any other vehicle. Use the equity value of your car to get the loan that will help you overcome your financial struggles with ease. Keep reading to know more about our title loan process.
Before anything else, know about the requirements in order to apply for the loan.
- As the name suggests, for a car equity loan you need a vehicle. It should be free from all financial obligations, i.e. there shouldn’t be any liens, loans or finance on it. Also, it shouldn’t be older than 10 years. The model of the car has to be 2010 or newer than that.
- You should have proper registration papers of your vehicle under your name(borrower).
- The vehicle should be completely insured i.e. it should have both collision and comprehensive insurance.
- You need to have a proof of permanent residency of Canada. You also need to submit a computer-generated mail of any utility bill as a proof of address.
- A spare set of keys to the car will have to be submitted along with the title papers. There’s no need to surrender the car with us. We only hold on to the title papers of the car during the loan term. As soon as you complete your loan payments, we will release the title papers.
- A valid Canadian driver’s license of the borrower is also mandatory in order to apply for a car title loan.
Now that you know about the paperwork needed to apply for a vehicle collateral loan, let’s move on to knowing how to apply for this easy finance option.
- Log on to our website and fill out a basic application form. Fill up your details like your name, email address, car year, make and model. Hit the submit button.
- The form then reaches us and we start processing your loan request. We prequalify you on the basis of the car details you provide us with as long as they match the criteria.
- Bring your car for the inspection process to our store nearest to your location. Here along with the inspection of the vehicle we also verify your documents.
- As soon as we approve your loan, we disburse the loan funds as well. All of these happen within 24 hours of you applying for the loan.
You can call us at 1-844-512-5840 or apply online.