Collateral vehicle title loans are secured loans that use a car and car title as collateral. The lender holds on to the car title and places a lien on it until the loan is fully repaid. The borrower is allowed to continue using the car.
On the other hand, with car pawning, you are required to leave your car with the pawnbroker until the loan is fully repaid. Your car is stored away until your loan is paid back in full.
Credit rating has no bearing on the loan approval
Whatever your credit rating, this has no bearing with collateral car title loans. This is because the loan is already secured by the collateral. This might be the same case with car pawns, but leaving your car behind with the car pawnbroker doesn’t sound beneficial at all.
The many other benefits of collateral car title loans
While car pawns have interest rates that can go up to 100 percent interest, no credit check title loans have the lowest interest rates in the lending industry. Much lower interest rate can be offered. Payments can be as low as $97 per month. Repayment terms for car pawning only runs from 30 days to 60 days. Collateral auto title loans have repayment terms that is the longest and the most flexible offered.
Very little requirements
Aside from the car and car title that is brought in for inspection and appraisal, you only need to show your valid driver’s license and proof of permanent residence. Make sure the car title is lien free.
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.