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Car Equity Loan in Toronto

Unexpected Expenses

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.

Get Cash on your Car

Statistics suggest that more and more Canadian families do not have enough spare cash to fund any sudden emergency. From a burst water pipe to an unexpected baby, families who are already stretched to the limit often struggle to meet these crises, and may fall into serious debt. For those who are already in a financial hole, the extra pressure of finances can be a disaster. If your family need sudden help with a financial burden, then one solution may be to get cash on your car with a vehicle title loan. Just like home equity loans, these can provide instant cash and allow the family to get back on their feet.

 

There are several ways in which people can get a financial loan on their vehicle, but the most secure is to ask for a vehicle title loan. These loans allow the car owner to drive the car, while making monthly payments to the lender until the loan is paid out. In fact you basically convert your vehicle into cash by using its equity. These loans are suitable if you have bad credit, for example, or are self-employed, both cases where most banks will not allow you to borrow against a house, car or other property. With a car title loan company minimal amount of paperwork required, there is no credit check and the process is faster than banks & traditional financial institutions.

 

It is a good idea for anyone new to taking out a loan on their car to consider several different car title loan companies before calling one and asking for a deal. Rates for car title loans will vary, so the amount that you need to borrow should always be a consideration when talking to title loan companies. For example, some will only offer a loan of up to $10,000, while others will allow up to $30,000. Another element to consider is the repayment time. Some companies only allow a short period for repayment, between one and three months, and may be ideal for you if you only need a small loan for a short period. However, for those who need larger loans, it may make more sense to check out companies who offer 2 or even 5 years term on the loan repayment. Pre-Payment penalty is another important component on your check list, some companies will charge you early payment penalties while others will provide you an open car title loan which can be paid out anytime with no penalty.

 

Before you can get cash on your car, you will need to be certain that you are eligible. Most companies ask that the car being offered for loan is completely yours, and that it has no other loans currently on the title. They will also expect the car owner to be at least 18, and most often 19. The car must have full coverage insurance in order to protect the company in the event of a car accident or theft and the car must also be registered in your name, to prove that you are the owner.