The amount of loan that you can get your vehicle title completely depends on your vehicle. The loan amount is decided by looking at the condition of the vehicle and also by keeping in mind the market value of the vehicle. The loan amount can be between $100- $5500. Also, there are several lenders who can lend you a loan amount up to $10,000 too depending on your collateral and other aspects like your credit history, your job profile, and so on. There is a term for such loans where one gets a loan in return for keeping the vehicle as collateral with the borrower and such loan is defined or known by the name car title loan.
You can get this loan from Instant Loans Canada and make use of your assets by using them as collateral to get instant loans. You must be wondering about the ways to get this loan. Well, let us have a look at the same.
How can one get this loan?
To get a vehicle title loan you will be required to fill out an online application form. After filling the application form you will be required to submit a list of documents. The list of documents is minimal and it is mandatory for you to submit the documents in order to get the loan approval. The list of documents includes the following.
List of requirements for the loan
- A lien-free vehicle.
- The vehicle should not be older than 10 years.
- The second set of keys to your car.
- Title of your vehicle.
- Registration and insurance of your vehicle under your name.
- A valid Canadian driving license.
- Proof of your legal age according to your province.
- Proof of your permanent residency in Canada.
These are the documents that you will be required to submit in order to get a car title loan. After submitting the list of documents you will get a call from our experts to discuss the loan amount. The amount of the loan will depend on the condition of your vehicle and the market value of the vehicle. Depending on these two aspects the loan amount will be decided for you.
It is observed that the borrower usually gets 25% to 50% of the value of the car. As mentioned above the average amount of loan given to the borrowers is $100 to $5500 but there are several lenders that lend the loan amount of $10,000 to the borrowers. Other than the condition and market value of the vehicle there are other things that convince the lender to lend more amount to the borrowers.
For instance, if you have a good credit score you will put a positive impact on the lender and the lender impressed by the same can lend you without thinking much. Vehicle title loans have several advantages that people enjoy after getting this loan. You must be wondering what are the advantages of this loan. Let us have a look at the same.
Advantages of a vehicle title loan
- The process to apply for the loan and getting it approved is simple and quick. Unlike banks and other money lending institutions, you do not require to fill up several application forms or submit a list of documents and deal with paperwork. With this loan, you will be required to fill out an online application form and submit a list of minimal documents and get the loan approval.
2. The loan tenure period of this loan is four years. This gives the borrower enough time to collect the funds for the loan and pay back the loan amount with ease.
3. You get low interest rates on this loan. This is one of the foremost reasons why people apply for this loan. The loan comes with better interest rates in comparison to other loans given by banks and other money lending institutions.
4. You do not require a good credit score in order to get this loan. So, even if you have a bad credit score, you can still apply for the loan and get approved for the same.
5. There is no prepayment penalty for the loan. If the borrower wants to pay back the loan amount before the maturity date he can and he will not be charged any prepayment penalty for the same.
These are the benefits of getting a vehicle title loan. If you are looking for ways to make use of your car as an asset or collateral to get instant cash, you can get this loan. With this loan, you will be able to get a good amount of money i.e. loan amount in return for collateral with minimum interest rates.
There are times when the borrower doubts or happens to deny a loan application form. The reason behind the same can be a low credit score. Though while getting a vehicle title loan this can’t be the issue because credit score does not matter for this loan. But if you are looking for a way to get this loan with a good loan amount and a low credit score then you can consider improving your credit score.
By making changes and by improving your credit score there are chances that you can get your loan application approved easily as the lenders will not take you as a threat rather they will easily approve the loan with low-interest rates by getting impressed by your credit score. Not only you will be at ease of getting the loan approved easily but also there are chances of getting a better loan amount while making use of the collateral.
If you are certain of getting this loan then you should get it and with the help of this loan get rid of the financial issues that you might be facing. Car title loan Vancouver is the best looking at the benefits that the loan provides, so you can opt for it and solve your monetary issues.