In need of cash? Sometimes, we find ourselves in tough monetary situations which require quick cash to help us overcome them. We either use our emergency funds or opt for loans. Credit unions and banks are a great source of getting some funds through a loan but there are disadvantages to a loan that you take from these lenders It is usually a long and complex process to get your bank loan approved quickly especially when you need the funds. However, at Loan Center Canada, getting a loan could be any simpler. We provide an auto equity loan, which is also known as a low monthly car collateral loan, that can be taken against the equity value stored in one’s car.
What are Auto Equity Loans?
Auto Equity Loans, also known as Car Title Loans, are the loans that are provided against the title papers of the vehicles. People may use them in times of distress to get money in a day’s time. Every vehicle carries some equity value and it can be used to get a car title loan. So, now in exchange for the title of your car you can get the money needed within 24 hours of filing minimal paperwork. The documents required are the basic ones that you usually already have in your possession. So the vehicle you use everyday to make your life comfortable and independent can get you out of the financial troubles as well. In this loan, the equity value of your car is calculated and determines the loan amount you are are eligible for.
How is a Car Collateral Loan better than a bank loan?
With the ever increasing loan applications, the banks in Canada have made it a little difficult and tedious for Canadians to apply. You are required to go through complex paperwork as well as credit checks. The risk of your loan taking longer than usual to get approved is high since it takes several stages of review. If you have bad credit , there are low chances that you’ll get the loan approval from the bank. There is also a possibility that your loan doesn’t get approved at all even though you submitted all the documents asked by the bank. Whereas in an auto title loan, the loan is secured by your car title and hence gets quick approval, making it possible for you to receive funding on the same day.. Minimal loan requirements and documents should be met in order to ensure a quick loan process.
A vehicle title loan is a perfect solution for urgent funding needs. You don’t have to worry about your poor credit history or credit score. All those who are in the initial stages of building their credit can apply and get a title loan against their vehicle. To get back on your feet, nothing could be better than a no credit check car loan.
It is super easy to pay off the loan with affordable low monthly car collateral loan installments. Even if you want to pay off your loan early, we won’t stop you! We do not charge any prepayment penalties. You also don’t have to bother about producing proof of income as we don’t require your employment details in order to approve your loan. With such benefits in our loan system, there’s no point in being at your bank’s mercy for a loan, especially with a complicated loan process and wait time..
- Proof of legal age as per your province
- Valid Canadian driver’s license
- A fully paid for vehicle that’s no older than 10 years
- A clear lien-free title to your vehicle
- Your vehicle’s registration papers in your name
- Your vehicle’s insurance papers in your name(collision and comprehensive)
- Proof of permanent residence
- Second set of keys to your vehicle
These basic set of requirements are all that is needed for you to drive off in your car with the required money within hours of applying. Use the money for urgent requirements like overdue credit card bills, huge medical bills, house repairs etc. Auto equity loans are the best and easiest way for you to get money in just hours with easy paperwork. Call (toll free) 1(844) 604-4143 to talk to one of our loan agents or you can also apply online too.
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