What is a collateral car title loan?
Collateral car loans are secured loans that are offered for the longest repayment terms that can ever be offered. It also carries the lowest interest rates in the lending industry. Since it is a secured loan, borrowers need only to put their car and car title as collateral against the loan.
Qualifying for the loan
All the borrower needs as collateral is a fully owned car and the car title should be lien free. The car is inspected and appraised by the lender for its true market value. This determines the loan amount .
Interest rate and repayment terms
The rate of interest charged on collateral car title loans is the lowest compared to unsecured bank loans and short term loans. This is normal considering that the loan is secured. This is the lowest interest rate in the whole lending industry. Payments can be as low as $97 per month.
No credit checks
No credit check title loans do not need to conduct credit checks. Credit ratings have no bearing on the loan approval and this approval is given in just one hour. The borrower even gets to keep using the car while paying off the loan.
It will not matter what your particular credit situation is. Legitimate lenders such as Car Title Loans Canada will help you complete the paperwork and get your loan approved in one hour. You only get the best rate and the longest terms. At Car Title Loans Canada, we loan you money based on the value of your vehicle, not your credit score. Call Car Title Loans Canada Toll Free at 1-866-973-5214 and apply now. You can even apply online.