Are you in a financial dilemma? Most people are not ready to face any unexpected financial emergencies such as; credit card dues, grocery bills, utility bills, rent, or other unexpected medical emergencies. You can solve all these if you have sufficient savings. 

Dealing with a financial crisis without sufficient savings is almost an impossible task. The only option left is getting a loan. And yes it is a good option since all your financial problems can be solved in an instant. You will probably choose a traditional lender like a bank for the loan but have you considered other lenders?

There are several private lenders that provide loans at better terms than a bank. This means you can get a loan with lower interest rates than the bank. Sounds untrue, but it is. Advance loans are the solution to all your financial worries. They are similar to home equity loans but with these types of loans, your car is used as collateral. Plus, you don’t have to surrender your car to the lender. 

What Is A Car Equity Loan Vancouver BC?

A car equity loan Vancouver BC is a loan where the borrower uses his car as collateral to get cash. There is no need for credit history checks since the loan is secured against the car. The loan amount depends on the condition of the car. For an auto equity loan, the client must have 100% ownership of the car and the title should be lien-free. 

It is one of the important things before the borrower considers choosing a title loan. If the borrower can fulfill this condition, then he is just a few steps away from getting funds and solving his financial emergency. The loan amount is calculated through an inspection process, where the loan representative inspects the car and provides you the estimated loan amount. 

Why Choose A Car Equity Loan Over A Bank?

Although banks are the first priority for every individual for a loan, there are other lenders that offer better options and benefits. When people consider getting a loan, there are few things they want like:

• No lengthy paperwork
• Fast approval of the loan
• They must get the loan amount at low interest rates
• Flexible and long term payment plans

But if you choose a bank, you may not get all these benefits. These and several other benefits are only available if you choose a car title loan. Equity Loans Canada is a trusted and reliable lending institution which provides loans at a lower interest rates than any other lender in the industry. Let’s understand what are the benefits of choosing the title loan over banks.

1. Borrowers must have a good credit score to get approved for a loan. But car title loans don’t work this way. There is no need for a credit score check since you can get a loan with a low credit score as well.
2. There is a long waiting period to get approved for a loan in a bank but with a car equity loan, you can get the funds on the same day.
3. There is no ‘job or verified source of income’ requirement to get approved for a car title loan.
4. If a borrower closes the loan account before the maturity date, he doesn’t have to pay additional fees with a car collateral loan, which is the case with a bank loan.
5. The major benefit of this loan is that the borrower does not need to surrender his vehicle to the lender. Borrowers can keep driving their car during the entire loan term. 
6. Getting a loan from a bank requires submitting several papers and is a very lengthy process that can take weeks. But with car collateral loans, only car titles need to be submitted.

If you’re interested in taking advance loans, you can visit our website online or call us at our toll free number which is 1-844-567-7002. Apply today!

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