Car Title Loans Beaumont Alberta are Secured Loans You Can Depend On

A secured loan is a loan wherein the borrower pledges an asset as collateral for the loan. It is secured because only the collateral matters and not the borrower’s credit rating.

The collateral for vehicle title loans is simply a fully owned and paid for vehicle and its corresponding vehicle title. This is the collateral that secures the loan. The vehicle title is normally left with the lender because the lender needs to put a lien on it for the duration of the loan term, or until the loan is fully paid, in which the lien is removed and the vehicle title promptly returned to the borrower

A secured collateral vehicle title loan versus any unsecured bank loan

The opposite of a secured loan is the unsecured loan, usually a bank loan. It is not connected to any specific piece of property and instead the lender may only approve the loan if the borrower’s credit history is impeccably good. Interest rates of unsecured loans are also very high. However, with no credit check title loans, no credit checks are needed to be done by the lender because credit ratings have no bearing on the loan approval.

Lowest interest rates

Car title loans have the lowest interest rates than any unsecured loan. In fact, interest rates are 70 percent lower than other competitors and this makes it the lowest in the lending industry.

General aspects of collateral vehicle title loans

Aside from credit scores not mattering with the loan approval and attractive lowest interest rates, repayment periods or loan terms usually begin at 2 years and can run up to 5 years. The borrower can adjust the payment terms that will suit the monthly payments.

What to submit for loan approval

• Bring in the vehicle and vehicle title for inspection and appraisal for loan amount based on the vehicle’s true market value.
• Show a valid driver’s license.
• Any proof of permanent residence.

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.