Know the Difference Between Title Loans and Registration Loans


When life puts you in a critical situation, you have to find some solution to relieve your stress. Only if you have enough credit, then you can use credit card otherwise it will add some burden on your shoulders. But what if you have no credit or it is below average? When you don’t have any other options, Equity Loans Canada might just be your solution. You may have heard of auto title loans or registration loans in Canada. We provide short-term secured loans- car title loans in Nanaimo. There are some differences between car title loans and registration loans. You must be aware of these differences so that you can make a better choice.

What are Title Loans?

 A car title loans are a secured type loan where you can use your vehicle title as collateral. You must allow the lender to place a lien on your car title, and temporarily surrender the hard copy of your vehicle’s title, in exchange for a loan money.
You need to fill a form and you can get the loan within an hour. You can go to our website to fill the form or visit the nearest store. If your vehicle is in good condition then you can get a good amount of loan. 
Once the online part is done you will get a call from our loan representatives and you can ask your doubts. You can tell us when you will come to collect the cash from our office.
You need to bring your vehicle for inspection and submit a few items to get access to the cash:

  • The copy of the vehicle’s title.
  • A duplicate set of keys 
  • Driver’s license
  • Copy of vehicle’s insurance and registration.
These are the simple requirements which anyone can fulfill easily. With Equity Loans Canada you can get a loan amount up to $60,000 against your car title in Nanaimo that too on the same day.

 What are registration Loans?

Registration loans are somewhat same as car title loans. The difference is that you can get a loan even if you don’t have your own vehicle. If you have taken a car on lease or still making payments for the vehicle you can apply for this type of loan but make sure you have valid documents for the vehicle registration. These loans come under the category of short-term loans. 

Requirements for the registration loans: 

  1. Leasing or financing a vehicle is a must.
  2. A driver’s license in their current state of residence.
  3. Current vehicle registration of borrower.
  4. Information and basic knowledge of vehicle such as mileage, year of manufacturing and purchasing etc.
  5. Borrowers must agree that fair debt collection act practices will be enforced in case of nonpayment of the loan balance.

The borrower also needs to submit income and employment information. You receive low loan amount as compared to car title loans.

Why Should You Choose an Auto Title Loan?

Car title loans and registration loans are both great options when you need money in an emergency. Both types of loans can be repaid in short-term, as compared to bank loans.

Although in case of registration loans you can easily get a loan on the vehicle which is not fully paid. A further loan on a vehicle for which you are already paying can be risky. If in case you fail to make payments on time you can be in a huge trouble. Also, the interest rates might be higher which in turns affect your credit rating.
You can get the loan within an hour with some simple steps and you can keep your car with yourself while repaying the loan amount. If your car is in good condition, then you can get the good and decent amount of loan. So, keep your car in good condition.
So, if you make your mind for a quick loan, go for car title loans rather than registration loans. You can contact Equity Loans Canada at 1-844-567-7002 (toll-free) to get a car title loan in Nanaimo. You can also visit our website to fill the loan application. Hurry up! Get your car title loans in Nanaimo today.

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