Planning your monthly budget is a great way to make sure you stay on the good side of your finances. As much as we try, it just happens that we have unexpected emergencies and need to spend more than we had planned. Weather it is a car repair, dentist visit, urgent bill payment, travel expense or any other cause, we need money now.
When it comes to finding the best loan without having the credit to back it up, there seems little point in asking a bank or large lending corporation. Refusals will only add to the black marks against the borrower’s name, and it can seem as there is no way to get urgent cash fast.
In such case, owning your vehicle out right can be a great cash resource – you can convert your vehicle’s equity into cash and keep driving it while making monthly payment to your Toronto & area car title loan company. This type of loan is called Car Title Loan because you are using your vehicle’s title as collateral to secure the loan. Being a vehicle equity loan there is no job requirement. If you have bad credit or no credit – no worries, car title loan is available for bad credit, no credit, self-employed, not employed & everyone living in Toronto and area.
How Much Can I Borrow?
The amount of money which can be borrowed from a bad credit title loan can vary, depending upon the type of car owned, and what its value is. Some companies in Toronto will offer a short term loan to be repaid within few months and others stretch it over years and the amount you can borrow is usually higher. Shopping around is a great way to find the best auto title loan for your needs.
How to Apply for A Car Title Loan in Toronto?
Borrowing money on the title of a car involves online research and negotiating with loan companies. In most cases, Canadian lenders will expect car owners to be at least 18 years old, and have full ownership of the car which is being used as security. In addition, lenders will often ask that the car have full insurance, including collision insurance, in order to protect the company in case the car is written off in a collusion, and comprehensive insurance to cover for fire and theft. Most auto title loan companies in Ontario require the vehicle used as collateral to be of a certain age and mileage, usually within the limit of 8-10 years old or a collectable/antique vehicle.
How Fast Can I Get The Cash?
Unlike traditional lenders taking forever requesting a huge amount of paperwork to get you approved, your vehicle title loan company in Ontario should be able to get you approved within an hour based on your car’s equity. Minimum paperwork is required and in most cases you can apply online for a title loan.