Do you have bad credit? Are you having difficulty attempting to get a loan from a bank due to their strict requirements? If so, alternatives are available. At Cash Loans Alberta, we provide auto equity title loans to help you get the money you need, fast – regardless of your credit score.
Auto title loans can be a great way to obtain a car loan if you have a bad credit history or no credit at all. At Cash Loans Alberta, we offer this type of loan to everyone across Alberta with flexible payment options at the lowest interest rates! Keep reading to learn more.
What is a Vehicle Equity Loan?
Simply put, a vehicle equity loan (also known as an auto title loan or car title loan) is a short-term loan in which the borrower offers their vehicle as collateral. A car title loan allows you to borrow funds (even if you have poor credit) if you own a car; you use your vehicle as collateral until you repay the loan.
Vehicle Title Loans: How Do They Work?
Vehicle title loans possess term lengths that will fluctuate anywhere between as little as 3 months to as long as 3 years. When the lender and borrow agree on a set of terms, the vehicle is placed with a lien that is only lifted when the loan is fully paid. Additionally, no omitted liens or pending loans on your vehicle are permitted.
One thing to keep in mind is that loans against a vehicle title are typically easier to approve due to their security, which means this is an excellent alternative for people with credit restrictions.
3 Easy Steps to Receive a Vehicle Title Loan
1. Assemble the Necessary Documents
Prior to filling out any applications, be sure to gather the necessary documentation for your vehicle title loan. Many auto loan candidates have been rejected due to unfinished or improper paperwork. Generally, you’ll require:
- Proof of car title
- Proof of income and employment
- Proof of identification
2. Search for a Lender
Vehicle equity loans are not offered by banks and credit unions. For this reason, you’ll need to locate an alternative auto title lender that offers the best contracts. This is where your due diligence should come in.
3. Fill Out the Application
Once you have gone over the offers, you can fill out the application with the lender you’ve selected. When you’ve completed that, all that’s left is to simply wait for the approval process to take place. And once you are approved, you’ll receive your loan within a few hours.
Why Cash Loans Alberta?
Vehicle equity loans are a perfect solution for those who are in a pinch and need money fast. And once the few requirements are met, you can have your loan both approved and ready for you on the same day.
At Cash Loans Alberta, we understand everyone goes through hard times. So we make it easy to get accepted for a vehicle equity loan. And the best part? You can continue using your vehicle even after you accept the loan!
Apply today!
