<script src='' type='text/javascript'></script>Applying for Car Loans West Vancouver British Columbia

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Applying for Car Loans West Vancouver British Columbia

Jul 13, 2015

What is a collateral vehicle title loan or sometimes called a car title loan?

A collateral vehicle title loan is a loan for a specified payment term, and the collateral is a fully owned car and its corresponding car title that the lender places a lien on during the loan term. The lender will appraise how much is the true market value of the car based on usage devaluation, year and make of model, and engine performance.

Contrary to popular belief, collateral vehicle title loans are not expensive

People normally take out car title loans for unexpected emergencies or urgent payments. There may be other options like short term loans or unsecured loans, but these only offer very high interest rates and these loans may not be approved if the borrower happens to have a bad credit history or no credit at all. Vehicle title loans aren’t expensive because they offer up to 70 percent lower interest than the closest competition out there.

It’s easy to apply because aside from your application all you need to show and submit is:

  • Your car for a detailed inspection and appraisal for its true market value.
  • The car title that should be lien free because the lender needs to place a lien on it during the duration of the loan term or until the loan is fully paid.
  • A valid driver’s license.
  • Any proof of permanent residence.

Other great benefits from collateral vehicle title loans

The borrower is allowed to continue driving the vehicle while repaying the loan. After the loan approval in just one hour, the lender gives you the money and places a lien on the car title. Loan payment terms usually start from 2 years and can be adjusted up to 5 years. No early payment penalty will be charged if the loan is paid earlier than expected.

How much is the interest rate?

Interest rates for no credit check title loans are the lowest in the industry. They can go as low as 70 percent lower than anything the competition can offer.

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.