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Car Title Loans Burnaby British Columbia

May 27, 2015

When you decide to get a collateral vehicle title loan for your sudden financial emergency, it’s not hard to qualify for the loan.

What most people fear aside from high interest rates from loans is that they might get mired in the paperwork submission just to qualify. Borrowers also fear the waiting period that a lot of unsecured loans and short term loans put them through. With collateral vehicle title loans or car title loans, qualifying is just so easy and there is no long waiting period because the loan is approved in just one hour.

To qualify for a collateral car title loan:

  • You must be at least 19 years of age or older – take note that the age limit for car title loans is 19 and not 18. This is because most 18 year olds don’t yet own their own vehicle.
  • You must have a fully owned and fully paid for vehicle such as a car, truck, SUV, or even motorcycle that is no more than 8 years old – The vehicle serves as collateral for the car title loan. (Note: Some exceptions may apply so you need to have your vehicle thoroughly inspected and appraised by the lender)
  • Your title must be clear – the vehicle must be free of any outstanding loans and must be free of liens on it. The vehicle title must be fully in the borrower’s name.
  • The vehicle must have at least comprehensive insurance and collision insurance.
  • The vehicle must be fully registered and insured in the borrower’s name.

Very minimal requirements

Aside from the above, the borrower must also submit:

  • A valid driver’s license – this is proof that you are driving your own vehicle as well as fully owning it.
  • Any proof of permanent residency – any computer-generated mail or billing that has been sent to your home address.
  • Your vehicle’s registration and insurance.
  • A second set of keys to your vehicle.

The benefits from vehicle title loans

Interest rates are 70 percent lower compared to even the best that all competitors can offer. This means it is the lowest in the lending industry and far lower than unsecured loans and short term loans. You even get to keep driving your car while repaying the loan. No credit checks are done by the lender because the collateral secures the loan.

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.