Collateral car loans are secured by the value of your fully owned car. You only hand in the car title that will serve as collateral since you can’t leave your car behind with the lender while repaying the loan.
Collateral car title loans need no credit checks for loan approval. Your bad credit or non-existent credit has no bearing whatsoever when getting the loan. Since the loan is already secured by the collateral, no credit checks are needed. Compare this with unsecured bank loans that will only approve your loan if your credit standing is good.
No credit check title loans base the loan amount on the true market value of the car, as well as other factors like year of make and model, and engine performance. Once the inspection and appraisal is done, the loan is approved in one hour and you get your loan money on the same day.
Even if the loan is specially made for those with bad credit, the borrower is not subjected to short term payment terms. Rather, payment terms for collateral auto title loans are the longest and most flexible at 7 years. Also, the interest rate is the lowest in the whole lending industry.
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.