Borrow Fast Money With Car Title Loans In Toronto

 






Meeting the financial requirements of a bank or traditional lender to get approval for a loan is not easy. You may have to face a lot such as long waiting hours to get approval, long paperwork to be filled, and the most annoying one is that you need to have a good credit score to get approved for a loan from them. If you fail to meet any of the above requirements, you may face rejection. This is where car title loans Toronto comes in to help you. This loan option is great for those who need fast money in emergencies, have a poor financial history, and cannot wait for hours to get approval. 

What Is A Car Title Loan Or An Auto Title Loan? 

As the name implies, a car title loan is a type of loan which you take by using your car title as collateral. When you agree to take out the loan, your lender will register the auto title in its name and then allow you to give him back the full ownership of it once the payment is made. You need not worry about incurring any penalties for taking this kind of loan because unlike banks and lenders, they do not keep track of your credit report or score.

How Does A Car Title Loan Work?

The process of applying for a car or auto title loan is pretty simple. You don't need to have a lot of documents when you apply. Just like any other loan, once your application is accepted, the funds will be transferred to your account and you can use it as you wish. However, you can only get this loan if your vehicle is not older than ten years and must be fully paid for. 


You can apply for the car title loan in Toronto by visiting the website of a lending institution that you want to work with and submitting the form. Or you can also visit the office at the brick-and-mortar location of the lender. If you apply for a loan with Equity Loans Canada, you'll get to know the pre-qualify status within a few minutes. This is helpful for borrowers as this saves your time and if you do not qualify, you can look out for other options. After getting pre-qualified for the loan, you can proceed further and submit the required documents. The documents’ list is as stated below:


  1. A lien-free vehicle title

  2. A fully-paid vehicle that’s not older than 10 years

  3. Vehicle registration papers in your name

  4. Vehicle insurance papers in your name

  5. A valid Canadian driver’s license

  6. Proof of permanent residence

  7. A spare set of vehicle keys


The next step of the loan process is vehicle’s inspection. It is a necessary step because only this step will decide your loan amount. The loan amount that you can borrow will depend on the equity value in your vehicle. Professionals will calculate the equity value depending on the present working condition and market value. After this, you can request the lender to disburse the loan amount as soon as possible and you’ll get the amount in your preferred mode. 

Can I Take A Car Title Loan If My Credit Score Is Bad?

A car collateral loan is a secured loan wherein the borrower secures the loan by using his or her car title. The loan amount will be based on how much value is in your car and the number of years you have to pay back a loan. You don't have to worry about your credit score at all because the lenders do not perform a credit check. There will be no hard inquiries held on your credit. If you have bad credit, a car title loan is the best way to get money using your vehicle. 

Benefits Of A Car Title Loan

We all go through tough times and it could be really hard to get by financially when you don't have much cash or any savings. You may need some cash in a hurry, but the idea of borrowing money from an online lender can be helpful if you can not meet banks' requirements.


A car title loan could be a great solution for anyone who needs fast money and has collateral to offer. The benefit of taking out this financial product includes:


1. No credit check: A car title loan in Toronto is a legitimate option for people with bad credit scores. It does not matter if you have been turned down by other financial institutions, as long as you own a vehicle and have enough equity to put up as collateral.


2. Quick cash: The application process for this loan is extremely fast, so you could get approved and receive your funds within one business day.


3. Can keep your vehicle with you: You do not have to surrender your vehicle to the lending institution. Some lending institutions such as Equity Loans Canada will just keep your vehicle's title with them and allow you to use your vehicle even during the loan period. 


4. Genuine interest rates: We only charge genuine and industry best interest rates that you can easily manage to pay back. 

You can visit our website online to know more about us and to get a car title loan in Toronto, you can contact us at our toll-free number 1-844-567-7002.
Location: 1015 Columbia St #810a, New Westminster, BC V3M 1C4, Canada

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