Car Equity Loans, also known as vehicle collateral loans, pink slip loans, and other various names are the best way for people with bad credit score to get cash quickly. The loan amount you get is a percentage of the equity in your vehicle. So basically, to get a car equity loan you will need to have a vehicle that qualifies. Whether a vehicle will qualify or not depends on how old the vehicle is. If it has an existing lien on it, and how much the vehicle is worth if it’s resold? Lenders simply want to protect themselves. By not making the payments on time you only increase your risk of losing your vehicle to the lender. Make sure you make your monthly payments on time.
You will need full coverage insurance on the vehicle along with a clear title to qualify for a loan. With Equity Loans Canada you can borrow up to $60,000 with long loan terms..