How To Get A Car Title Loan In The Best Deal? - Instant Loans Canada

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How To Get A Car Title Loan In The Best Deal?

Mar 22, 2016

Your car is a versatile asset that is more than just a convenient mode of transportation. For example, if you completely own a car without any pending monthly payments to a bank, then you can use the car as collateral for any online car title loans.

This type of car title loan gives you access to instant cash, as long as you make all the payments on time. In short, your vehicle is a much-needed financial safety net that keeps you afloat through any rough patches you might encounter.

The application process varies from lender to lender, but here are the general steps.

1. A Reputed Lender

Definitely this is going to take a lot of time but it is said to be the most important one, so don’t even try cutting corners. Come up with a list of potential lenders and then run additional searches to verify that the companies are authorized, fair, and reputable.

2. Compare Loans Online

Online car title loan lenders do not provide the same terms, conditions or interest rates. Therefore, it requires a little comparison. Make sure to carefully go through the lender’s policy about early repayment. Paying off the loan early could save you a good amount of money in interest fees, but there are some companies that have penalties for early repayment. Try to find ones that don’t charge any such penalties.

3. Review The Basic Requirements

Make sure that there are no liens against your automobile. Is the vehicle new or it is less than 10 years old? You have to be least 18 years old. Are you currently employed? Will you be able to provide verifying documents? These are the basic requirements necessary for car title loans.

4. Application Process

The application is usually online. Once your initial application is passed through, it will be the lender’s decision, whether or not to proceed with the next step. The secondary application process for car title loans involve sending in copies of driver’s license, Social Security card, proof of insurance and the like.

5. Receive Your Money

You will get the final approval within one or two days. After this, the loan amount will be transferred to your bank account. You can immediately access the money and pay off all your debts.

This is why car title loans are so popular. The easy application process makes it a convenient way of getting fast cash in case of emergency. These loans are available to people who have bad credit and also the ones who has no credits at all. As long as you can make the payments on time, this loan is the best instant cash option you can ever get.