Car Title Loans Wabamun Alberta Will Always be Approved Even with Bad Credit - Instant Loans Canada

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Car Title Loans Wabamun Alberta Will Always be Approved Even with Bad Credit

Jun 16, 2015

Even with a bad credit history you can still get a collateral vehicle title loan.

A collateral vehicle title loan is for people who have bad credit scores and so can’t apply for traditional unsecured bank loans because they won’t be approved. A bad credit score usually identifies a subprime borrower. Subprime borrowers with a credit score of less than 650 are normally denied by banks and some short term loan lenders because they are considered as high risk borrowers. Fortunately, car title loans specialize in serving subprime borrowers.

Your credit history will not matter

No matter what your credit history is, or even if you don’t have any credit at all, it will not matter when applying for a collateral vehicle title loan. For one, car title loans are secures since what will matter is the collateral that covers the loan. This collateral is a fully owned vehicle and a lien free vehicle title. The vehicle title needs to be lien free because a lien will be placed on the title by the lender.

Make sure that the lender inspects the collateral

Before the lender approves no credit check title loans, the vehicle must undergo a detailed inspection and appraisal to determine the true market value for the loan amount. Likewise, brand and year of make will also matter. The lender also needs to make sure that the vehicle is covered by collision and comprehensive insurance. The borrower then only needs to show a valid driver’s license and any proof of permanent residence, and the loan is approved in one hour. The loan amount is released in that same hour.

Low interest with high payment terms

Surprisingly, interest rates for subprime borrowers are the lowest in the industry and significantly less than those paid by prime borrowers. In fact, lenders can offer up to 70 percent lower interest rates than any competitor out there.

Instant Loans Canada is a leading collateral title lending company. This locally-owned and managed company has been helping individuals with their finances offering collateral title loans for vehicles. They give borrowers a chance to get quick cash easily, with the lowest interest rates and loan payment terms from 2 years to 5 years. For more information about the company, its title loans and other services, call Instant Loans Canada toll free at 1-866-973-5214 and apply now or apply online.