Some Frequently Asked Questions about Car Title Loans Peel Ontario

What is a collateral car title loan?

A collateral car title loan is a secured loan using a fully owned car and its car title as the collateral. The car must be fully paid for and the car title must be lien free. The car title is left with the lender as collateral and the lender places a lien on it while the borrower is repaying the loan. The lien is removed and the car title is returned when the loan is fully repaid. Payment terms are the longest up to 4 years.

Is it hard to apply for a collateral vehicle title loan?

Collateral car title loans are approved in one hour after the car is inspected and appraised for its true market value. This determines the loan amount. All the borrower then needs to show is a valid driver’s license and proof of permanent residence. The emergency cash is usually released on the same day the loan is approved.

Do collateral vehicle title loans really have low interest rates?

Since collateral vehicle title loans are loans that require collateral, the interest rate is much lower than unsecured bank loans or short term loans. These loans have the lowest interest rates in the whole lending industry. Payments can be as low as $97 per month.

Will the loan be approved even if I have bad credit?

Whether the borrower has bad credit or no credit, these have no bearing on the loan approval of no credit check title loans. No credit checks are carried out on borrowers.

Car Title Loans Canada is a leading collateral title lending company. This locally-owned and managed company has been helping in individuals with their finances offering collateral title loans for vehicles. They give borrowers a chance to get quick cash easily, with the lowest interest rates and loan payment terms that are flexible and the longest. For more information about the company, its title loans and other services, call Car Title Loans toll free at 1-877-804-2742 and apply now or apply online.