Sometimes, you end up in a tight spot where you will need money for unexpected expenses but your savings is low, you can’t opt for a bank loan due to poor credit. Friends or family may refuse to lend you money and this may stress you out.
Money is an important factor in life and everything is controlled by money, may it be resolving household expenses, unexpected medical bills, house repair or mortgage expenses, etc.
So, when it comes to getting instant funds, you can opt for auto title loans which only require a fully-paid car to be used as collateral. Many people have queries regarding the application process of this type of loan. They have also come to us asking about other aspects related to this loan. So, here’s all the top questions answered for you to make it easy to get money in minutes.
What is the interest rate of the loan?
We charge just over 2% of the principal amount per month. With the most competitive interest rates available in the industry, we provide our clients with the best interest rates. We want to help the borrowers and stress them out with high monthly payments.
Will my car be surrendered as collateral with you?
Generally, when people take collateral loans from banks or other lenders, they have to surrender their collateral with the lender for security purposes. However, we understand how important a vehicle is to the borrower. That’s why we won’t keep it with us. We will only hold on to the title papers of the vehicle for the duration of the loan.
How long is the loan term?
The loan term is 48 months. This allows the borrower to repay the loan by making manageable and budget-friendly payments. Our car collateral loan is a financial tool available for borrowers to reduce their financial burden.
Will there be penalty charges if I finish paying the loan early?
No, there are no prepayment penalties upon the early payout of the loan. If you have money already to repay the loan, go ahead and close the loan even if it’s still far from the due date.
What paperworks are needed for the loan?
There is only minimal paperwork for the loan for easy and hassle-free applications. We only require basic documents such as:
- A valid Canadian driver’s license
- Proof of permanent residency
- Registration and insurance papers of your car under your name
- Second set of keys to your car
- A lien-free car that is not older than 10 years
- Proof of legal age
The best part of our loan is that anybody and everybody can apply for it. We don’t run credit checks on our borrowers nor do we ask for employment details. So if you want to get money in minutes using a car, call us at our toll-free number, 1-855-251-3556. Apply online at our website today.