Loans have helped many people in tough financial situations. People opt for personal loans, mortgages etc. to deal with monetary troubles. Auto equity loans are yet to be explored and exploited to their full potential by Canadians. These loans are still to be used in the same manner as house equity loans are being used. People have many doubts and myths regarding these loans and still hesitate to apply for these loans from private lenders. Whenever some financial emergency comes their way, they usually go to banks for personal loans or prefer other options. In this article, you’ll understand the concept of an auto equity loan. By the end you’ll be all set to take your first low monthly car collateral loan and come out of your financial stress.
Let’s begin by describing car collateral loans in detail to help you decide and perhaps ease your mind about these loans. Obviously, you’ll need a car in order to get this loan. The car must be fully paid for and must have a clear title The car should be registered in your name and be no older than ten years. The present market value and condition of the car decides the amount of the loan you’ll be eligible for. Aside from that there are a few more things that are required.
Having read about the basic requirements for a car title loan, the next step would be knowing about the process to apply for it. This loan is also known as auto equity loan or car collateral loan. There are different car title loan lenders out there providing technically the same service. But what makes Fast Canada Cash a better option for the borrower is the convenience we offer.. Simply fill out an application form on our website which asks for basic car information like the year, make, model and kilometers. This information is required to prequalify you and give you a rough estimate of the loan amount you can get against your car.
A good credit score is a mandatory requirement for other lenders because they don’t want to risk their money by lending it to those with a poor track record. Our payment system is flexible and works in favour of the borrower. We have faith in our borrowers and hence a reputable credit score is not what we need. This makes us the best choice in the market for people who have a bad or poor credit score but are in need of a bad credit car loan.
On approval of a low monthly car collateral loan, you’ll have to surrender the title of your vehicle, and not the physical vehicle itself. This is yet another reason why our client base is increasing day by day. We just hold on to the tite papers and spare keys to your car. You are free to drive away with your vehicle and be on your merry way!
For more information, call (toll free) 1-(888)-511-6791 or you can apply online also.