With collateral car title loans, the lender inspects and appraises the true market value of your car to determine the loan amount. The lender then holds on to your car title since a lien has to be placed on it until the loan is fully repaid, after which the lien is lifted and the car title is returned to the borrower.
Bad credit loans Niagara Falls Ontario are simply based on collateral that should be your fully owned car and its car title. The car title must be lien free to qualify as collateral. So long as anyone with a valid driver’s license, proof of permanent residence, has the vehicle registration, fully owns a car, with a lien free car title, and has car or collision insurance, they can apply for a collateral auto title loan. Even borrowers with bad credit or no credit qualify because these have no bearing on the loan approval.
Unlike unsecured bank loans or short term loans with high interest rates at very short payment terms, no credit check title loans have very low interest rates with repayment terms that are the longest up to 7 years.
While paying off the loan the borrower continues to use the car since only the car title is left with the lender as collateral. No early payment penalties will be charged if the loan is paid off early.
When in need of immediate or emergency fast cash that offers no penalties for early payments and low interest, a collateral car title loan from Quick Cash Canada may be the best option for you. Call Quick Cash Canada Loans toll free at 1-888-517-1625 and apply now for a car title loan. You’ll speak with a member of our dedicated team and see how Quick Cash Canada can help.