Collateral vehicle title loans are secured by collateral such as a fully owned car. This type of loan offers a lower interest rate as repayment of the loan is guaranteed. This loan can greatly help those in dire need of emergency cash during times of financial troubles without the hassles of credit checks and long waiting periods for loan approval.
The practicality of this loan
Collateral car title loans simply puts up the car title as collateral for the loan since the car title is left with the lender and a lien is placed on it. The lien is removed when the loan is fully repaid. This loan is a low interest rate loan with flexible payment terms that are the longest that can be offered. Lenders do not need to do credit checks. So even if the borrower has bad credit or no credit the loan is still approved in one hour after the car and car title are inspected and appraised for the car’s true market value.
Do vehicle title loans have high interest?
No credit check title loans have the lowest interest rates in the whole lending industry. The interest rate is always less compared to unsecured bank loans or short term loans. Payments can be as low as $97 per month.
It will not matter what your particular credit situation is. Legitimate lenders such as Car Title Loans Canada will help you complete the paperwork and get your loan approved in one hour. You only get the best rate and the longest terms. At Car Title Loans Canada, we loan you money based on the value of your vehicle, not your credit score. Call Car Title Loans Canada Toll Free at 1-866-973-5214 and apply now. You can even apply online.