Collateral vehicle title loans allow you your car title as collateral in exchange for the loan. To be sure, there are no so-called pitfalls or drawbacks when you apply for this loan to solve those financial emergencies.
The basics of a collateral car title loan
To get this loan you only need a fully owned car and its car title as collateral. The car title as collateral is then left with the lender so a lien can be placed on it. Once the loan is fully repaid, the lien is removed and the car title is returned to the borrower.
Loan amount based on true market value
While loan amounts for quick cash Edmonton Alberta will also vary depending on the true market value of the car, year and make, and the engine condition.
The great benefits of collateral car title loans
Once the lender has determined that the collateral is good to go, the loan is approved in just one hour. Much lower interest rate can be offered against the closest competitors out there. Payments can be as low as $97 per month. Loan terms are the longest that can be offered. Collateral car title loans don’t need credit checks even if the borrower has bad credit. This is because the loan is already secured by the collateral. While the loan is being repaid, the borrower is allowed to continue using the car. No early payment penalty will be charged if the loan is repaid early.
It will not matter what your particular credit situation is. Legitimate lenders such as Car Title Loans Canada will help you complete the very minimal paperwork and get your loan approved in one hour. You only get the lowest 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.
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