Applying for a loan is not an easy task. There are many choices for car title loans and then you have chosen one. You have to continuously monitor the performance of the loan as to whether you’ve made the right choice or have not. The next step is how to finish the loan term without losing your car.
Different lenders use different payment schedules and payment terms & conditions. It is imperative to know the specific details and payment requirements of your loan and plan accordingly. When it comes to repayment or prepayment formalities, the main goal is to pay-off the loan as soon as possible.
How Repayment Of Title Loan Works?
Although different lenders follow different approaches, the majority of car title loans in Canada give at least 4 years for paying back the loan in full and the process is easy. Another area of interest is the options of repayment. There are many options that are available for a car title loan.
- Pay it in full through online transfer from your account to the lender’s account.
- Issue a cheque of the loaned amount under the lender’s name and send it to the lender’s office.
- You can also coordinate with your bank to pay the loan through installments to the lender using a debit facility.
Prepayment Option Available
In the case of car title loans, you are given the option to pay-off your loan prior to the expiry date. You can pay the loan in full without paying any prepayment charges which are usually incurred in other types of loans. It is because of this that these loans are more preferred for instant cash instead of other loan types.
Get Your Car Back Without Any Hassle
Once you decide to pay back your loan on time or just before the due date, the process of receiving your car title afterwards is hassle-free and easy. Here are some steps that you need to follow for this process:
- Initiate the vehicle retrieval process after you have paid the loan by informing the lender about your personal details and of the vehicle.
- Once the lender processes the release of your car title, you will receive a formal letter stating the details of the same.
- The letter has to be produced to the DMV along with a valid ID proof with your photo, proof of repayment of loan and car insurance policy so that the lien on your vehicle is resolved.
- Once all the details are recorded and the verification is complete, the ownership of the car is returned to you and it will be lien-free again.
Car Title Loans Canada
If you are looking for the most convenient car title loans or are looking to get out of your current loan for another, we at Car Title Loan Canada are here to serve you. The loan process as well as the repayment is fast & smooth so you don’t have to face any difficulties. Contact our toll-free number at 1-855-653-5451 or fill up the form on our website today.
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