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 it all. And at Cash Loans Alberta, we offer auto title loans to everyone across Alberta. Keep reading to learn more.
What is a Vehicle Title Loan?
Simply put, a vehicle title loan (also known as an auto title loan or car title loan) is a short term loan that involves the borrower offering their vehicle as a form of collateral. This loan can only be approved if the owner of said vehicle retains full ownership. Moreover, if the borrower does not or cannot repay the loan, then the lender becomes the new owner of the vehicle in question.
From there, the lender has the authority to keep, sell, or do whatever they please with the vehicle since they are now the principle owner.
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 for approval due to them being secured, 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 title 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 approval process to take place. And once you are approved, you’ll receive your loan inside of a few hours.
Final Thoughts
Vehicle title 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 loan to anyone within Alberta, regardless of their financial circumstances. As such, if you need an auto title loan, be sure to fill out our application today.
