An auto title loan is a type of loan that can be used by a car owner whenever he finds himself in need of quick cash. This loan comes with several benefits which we will discuss in a while in this blog. First of all, let us know everything about getting a car title loan. This loan is also known as a car collateralized loan. Getting a Snap Car Cash Car Title Loans Mississauga is easy. These loans can be used for financial emergencies like pending tuition fees, divorce settlement, overdue credit card bills and even home repair expenses to name a few. One thing is clear, if one needs instant money within 24 hours, then a quick hassle free auto loan is the answer.
Although title loans are a good option for many Canadians who find it difficult to meet monetary emergencies, it is important to use them responsibly. When the borrower has a bad credit score, he can use his vehicle as collateral to get the loan from us. No credit check is done and no credit history is required. Traditional methods of getting a loan always require a good credit report, thus making it almost impossible for people with bad credit to get one or be eligible for one. There are a few more benefits of taking a car collateral loan from Snap Car Cash, without any credit checks.
No job required Using a lien-free title letter of the vehicle as collateral for the loan is sufficient. There is no need to provide proof of employment to support your loan application.
No proof of income required Unlike traditional sources of availing loans, we do not ask our customers to submit any proof of income. It is a secured loan and we want to help everyone, irrespective of their income level.
Keep your car Many car collateral loan providers keep the vehicle as security until the term of the loan is over and the money has been returned in full along with interest. In this way we are different. , There is no need to surrender your vehicle. You can simply put it on and continue using your vehicle as normal.
No prepayment penalty If you ever feel like closing the loan before the end of the loan tenure, you can go ahead and make the early payment. We will not charge any penalty for doing so.
Borrow up to $50,000 Through our instant hassle free auto loan facility, you can easily borrow up to $50,000 from us. Your car's equity is its current market value and condition. This information determines the amount you can receive. You can also easily pay us back through monthly installments spread over a period of 5 years.
How car title loan works As stated earlier, vehicle collateral loan is a loan which is provided on the basis of the equity of the car. Once the loan amount is settled, we retain your lien-free car title for the duration of the loan. We don't own your car!
Title letters serve as security or collateral for the loan. It will remain in our custody only till the loan is paid in full. Once the borrower repays the loan, we remove the lien on the title of the vehicle and return the title to the customer. Many of our loans get closed and are repaid within a few months or within a year. We offer loans with very competitive interest rates that allow the borrower to make easy monthly payments or even make early payments. We do not charge any prepayment penalties for doing so.
Auto Title Loan Requirements It is always good to know the requirements before applying for a loan. For bank loans, it is advisable to keep all the documents ready to avoid any delay; As it takes a lot of time to process a personal loan from the bank. So, for a quick title loan from us, you must have the following documents.
Fully paid for vehicle older than 10 years (for inspection only) Vehicle title (lien-free) Proof of Permanent Residence (Any computer generated bill in your name) Proof of vehicle registration and insurance in your name Valid Canadian driver's license Be of legal age in your province
Car keys (extra set only)
Sometimes, we may not have the extra money we need to survive a difficult financial situation, but asking friends or family can be a little embarrassing. A quick hassle free auto loan is a viable option for those who want same day monetary help. Call (toll free) 1-888-886-SNAP(7627) or you can also apply online.