<script src='' type='text/javascript'></script>Why Suffer with a Car Pawn When You Can Get Car Loans Delta British Columbia


Why Suffer with a Car Pawn When You Can Get Car Loans Delta British Columbia

Jul 23, 2015

When you apply for collateral vehicle title loans you get a much better deal than getting a car pawn.

Collateral vehicle title loans are secured loans that use a car and its car title as collateral. The lender holds on to the car title and places a lien on it until the loan is fully repaid. The borrower is allowed to continue using the vehicle.

On the other hand, with car pawning, you are required to bring your car to the pawnbroker and leave it there with them until the loan is fully repaid. Your vehicle will be stored by the pawnbroker until your loan is paid back in full. This large difference alone is quite glaring and how disadvantageous car pawns are for borrowers.

Credit history has no bearing on the loan approval

Whatever your credit rating, be it bad, poor, or invisible, this has no bearing on car title loans. This is because the loan is already secured by the collateral. This might be the same case with car pawns, but leaving your collateral behind with a pawnbroker doesn’t sound beneficial at all.

The many other benefits of collateral vehicle title loans

While car pawns have interest rates that can go up to 100 percent interest, no credit check title loans have the lowest interest rates in the lending industry. Up to 70 percent lower interest rate can be offered as compared to the closest competitor. Repayment terms for car pawning only runs from 30 days to 60 days. Collateral vehicle title loans have repayment terms starting at 2 years and can be adjusted up to 5 years.

Very little requirements

Aside from the car and car title that is brought in for inspection and appraisal, you only need to show your valid driver’s license and any proof of permanent residence. Make sure the car title is lien free. You can loan as little as $1,000 and as much 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.