The Questions Usually Asked When Applying for Bad Credit Loans Delta British Columbia - Instant Loans Canada

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The Questions Usually Asked When Applying for Bad Credit Loans Delta British Columbia

Jun 19, 2015

These are usually the commonly asked questions when applying for collateral vehicle title loans.

How does a collateral vehicle title loan work?

A collateral vehicle title loan is a secured loan that uses a car and its car title as collateral for the loan. The borrower puts up their car and car title as collateral so long as the car is fully paid for and owned and the car title is lien free. The car title is left with the lender because a lien is placed on it until the loan is paid in full and the lien is removed and the car title is returned to the borrower.

Do collateral vehicle title loans really have the lowest interest?

Vehicle title loans offer up to 70 percent lower interest rates than anything that the closest competitor can offer. This makes collateral vehicle title loans the lowest interest rates in the lending industry.

Will credit checks be done?

No credit checks need to be done by the lender because no credit check title loans are secured by the collateral. So whether a borrower has no credit or very bad credit, the credit rating won’t matter with the loan approval.

How do you apply for a vehicle title loan?

  1. Bring your car for inspection and appraisal for its true market value to determine loan amount.
  2. Bring the lien free car title so the lender can place a lien on it.
  3. Show your valid driver’s license.
  4. Show proof of permanent residence.

When all this is done, the loan is approved in one hour.

How long are the terms and will there be penalties if the loan is paid off early?

Loan payment terms for car title loans start out at 2 years and can be adjusted up to 5 years. Should the loan be paid off early, no early payment penalties will be charged.

How much loan amount can be borrowed?

As little as $1,000 and as high as $35,000.

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.