If you are new to credit or have had some misfortunes or issues maintaining your credit, getting a car loan is not an easy task. With all the things that you need to do to ensure good credit these days, living up to the bank’s standards for approving your car loan is not an easy task.
When you go to the banks to get approved for a car loan through the dealership or directly with your bank, you will get the same result. Just because you bank somewhere does not mean you will get better interest rates on a car loan. As much as we would think that banking somewhere would give us some type of special treatment versus going through a loan with the dealership’s banks. Usually, the dealerships are more likely to get you approved for a loan than your private bank as the banks that work with the dealerships are some of the more lenient banks so that dealerships can get higher approval rates for better revenue in car sales.
Typically, whether it is your bank or the loan you are looking to secure is going to require the same things such as a 10% – 20% down payment and a credit score of 660 or higher.
If you have a car already and need to get the value out of that car as so to pay for the new one, quick loans in Alberta might be a good alternative. When you get a quick loan in Alberta, you can use your car as collateral, get approved for your loan, and use that money towards the purchase of your next vehicle.
Sometimes you may not be even looking for the entire loan. If you are just looking for a downpayment, more and more people are turning to quick cash loans and it has become a regular and safe practice for people to use when they need it. Quick cash lenders will make sure you can pay them back so they make the loans more affordable to pay.
Instant loans Alberta
Here are the steps you can follow to obtain your quick cash car equity loan in Alberta.
1 – Make sure you have the title of your vehicle for your vehicle equity loan
- Before you apply for your loan with a quick cash lender, you need to ensure the vehicle you are putting up for collateral is owned by you and not by the bank.
2 – Apply for your car collateral loan
- When applying for your collateral loan, ensure you have ID, your car title, and your vehicle registration. Ensure that you have no loans to pay off with the bank.
- You could possibly be approved in 24 hours. You can always apply in person… or if you want, you can apply online and most applications are approved within 24 hours.
- You don’t need a credit or a credit check when you apply for a vehicle equity loan through a quick cash lender. This is the main reason why you are looking in this direction instead of applying with a bank. With a car collateral loan, the lender is not interested in your credit. All they are interested in is your vehicle for collateral and that is all.
3 – Understand your payments and interest rates
- When you get a loan, always take a good look at what you will be given for payment amount, your term length, and your interest rates. Typically, car collateral loans will make sure the payments are smaller over a longer period. This is to make sure that you’re given the ability to be able to make your payments. You can always pay the loan out early to avoid the interest rates that come along with the loan. There are no penalties for you to pay the loan out before the term ends.
Once you have paid your loan back, the title of your car will be returned to you. The great thing is, when you take out a car collateral loan, you will get to keep the vehicle you are using as collateral while you make your payments.
When you need it, you can use these types of loans for just about anything you want. Just make sure you have a steady income to make the payments on time and you can use your car, RV, truck, SUV, camper trailer, or even an ATV. There are other options you can ask about as well to see if what you want to put up for collateral will be accepted.
Be sure to use this as a guide next time you need a loan for the purchase of your new vehicle.
Happy car shopping!
