Bad Credit Car Loans Maple Ridge British Columbia is also Called Collateral Vehicle Title Loans

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Bad Credit Car Loans Maple Ridge British Columbia is also Called Collateral Vehicle Title Loans

Oct 19, 2015

A collateral vehicle title loan is the fastest way for credit-challenged borrowers to secure a bad credit car loan.

To apply and get approved for collateral vehicle title loans, the borrower must have a clear and lien free car title, a valid driver’s license, and proof of permanent residence. With these minimal requirements a borrower can obtain a loan up to $35,000 while still maintaining the use of their vehicle. The loan can be processed and approved in one hour.

A borrower’s car title is enough collateral

Since collateral car title loans are secured loans that uses a borrower’s fully owned car and car title, the lender simply puts a lien on the title until the loan is fully repaid and the lien is then removed. These loans involve very low interest rates, in fact, up to 70 percent lower interest rate offered against the closest competitors out there.

Read and understand the terms and conditions of the loan

Check the payback dates and find out how low the interest rates are and the repayment terms. Normally, aside from the lowest interest rates offered by no credit check title loans, loan repayment terms range starting at 2 years and up to 5 years.

Make sure you understand how the loan amount is determined

When you bring in your car for inspection and appraisal, the lender determines the loan amount through the car’s true market value. So even if the loan’s minimum amount is set at $1,000, up to $35,000 can be borrowed based on this true market value.

You will never feel uncomfortable with the terms and conditions

Just reading about the benefits above gives great comfort to borrowers in need of emergency cash. What’s more, even if the borrower has bad credit or no credit, the loan is still approved based on the collateral because credit ratings have no bearing on collateral vehicle title loans and their approval.

At Instant Loans Canada, we loan you money based on the value of your vehicle, not your credit score. That means that you have fast access to cash whether you have bad credit or no credit at all. Call Instant Loans Canada toll free at 1-866-973-5214 and apply now or apply online. You’ll speak with a member of our dedicated team and see how Instant Loans Canada can help.