If you are looking to get a loan for a second-hand car that you might be purchasing from a dealership or even privately, getting a loan from typical lenders requires you to have good credit.
If you are struggling with getting a loan for a second-hand car, you might want to think about going with a quick car title loan in Alberta.
In Alberta, these are also known as car collateral loans. It is becoming more normal to obtain this kind of loan than you would think. There are some very reputable car title loan businesses out there that ensure a few things to make sure you get to keep your vehicle during and after your loan has been given. They also make sure it is really easy to pay back your loan payments.
How can you get a loan secured for purchasing your second-hand car?
- If you are looking to buy a second-hand car and you own your car and have nothing left owing on the loan, you can easily secure a second-hand loan with a car title loan. All you need to do is prove you own your current vehicle or camper, trailer, RV, ATV… There are several options for you to look at when you are securing your auto title loan.
- With the above said, you simply must own the title of the vehicle you are putting up for collateral. If the bank is owing anything on your vehicle, you do not have the ability to use that vehicle for collateral with a cash loan lender.
Contact your car title, loan specialist.
- Getting in touch with a car title loan specialist is easy. All you need to do is go to the location physically in person or you can apply online. Fill out the application for a title loan and you can often be approved within 24 hours. Filling out this application only takes 20 minutes.
You don’t need a credit or a credit check to get a vehicle title loan.
- To get a loan with a bank you generally need a credit score of 660 or higher. If you have had issues building your credit due to extenuating life circumstances or even have too much credit and cannot qualify for more, a car title loan can help. There is no credit score needed or even a credit check.
Car collateral loan payments are easy.
- The last thing your quick cash lender wants to do is take your title. Because of this, they ensure you have the ability to pay back your loan and make the payments very affordable over a longer period of time. What is great about these loans with smaller payments is that you do not need to stress about making your payments and there is no penalty for you if you decide to pay the loan off early.
You get to keep your car while you pay off your car title loan.
- Once approved for your title, you need to hand over your vehicle’s title for collateral until you pay your loan off, but the great thing is that you get to keep your vehicle while you are paying on the loan.
Using your current vehicle for a quick cash loan for other things in life is something that everyone should be doing. You can regain the equity you lost in your vehicle when you drove off the lot with your car. Taking advantage of these types of loans is risk-free when you have guaranteed income and a backup plan in the event that you might not be able to make a payment.
Good luck in getting that new second-hand car!