Many Canadians live under pressure in managing their monthly budgets. Using one credit card to pay for the other, one personal loan to get rid of the previous one, and so on; a vicious cycle. Same day cash title loans are the answer to their problems. What could be better than using your car to pay off debts without having to sell it! It is more favorable for the car owner to hold on to the vehicle and take out a car title loan with an affordable payment system to deal with a financial bind. The vehicle remains with you and at the same time, you can pay off debts and manage monthly budgets. It doesn’t always have to be about your credit card bills or paying off your loans. These loans can also be taken out whenever you are faced with immediate money issues like medical bills, a divorce settlement, a heavy lawsuit or even a plumbing issue in the house.
In the first step, one needs to understand how much “equity” your vehicle has. The equity in the car is the difference in the market value of your car and the money you owe it. For example, if your vehicle is worth $20,000 and the outstanding balance on the auto loan is $4,000, then the equity of the car is $16,000. Once the owner of the car pays off the remaining loan, the equity worth is restored back to $20,000. It, basically, represents the present market value of the vehicle. So, if a person owns a fully paid car, he can use this equity value to borrow money for his urgent needs. At Equity Loans Canada, we provide title loans to people with all types of credit. Your credit score and credit history are something that won’t be an issue when you deal with us.
What is the importance of a title in title loans?
Auto title loans are a secured type of loan. We don’t keep your car with us in order to process your loan request. The title of the car is used as collateral in return for the loaned money. This title must be lien-free which means that no one except you should have a claim on the vehicle being used for the title loan. The vehicle should not be under any financing and be paid in full. The title of the car is a very important document as it declares the sole ownership. When we take the title of the document, we place a claim on it by placing a lien on it. For the whole duration of the loan, the title remains under our possession. We remove the lien when the borrower pays the entire loan in full.
What is a lien on a car title?
Marking a lien on the vehicle means that the original papers will remain with us and we shall have the legal rights of your vehicle in the event the debt is not paid. This is why it is called a secured loan as the vehicle title is used collateral.
What is the process to get same day cash title loans?
Same day cash title loans are useful when you have to deal with unseen cash emergencies. All you have to do is fill out our basic online application form. Provide us with simple paperwork and bring your car for inspection. Then drive off in your vehicle with the cash loan. The paperwork involved is minimal and not at all complex; simple for anyone to understand. We can also approve loans on the same day you apply. We don’t do any credit checks. So your credit does not make you ineligible for the loan if it happens to be the lower side. We also don’t ask for proof of income. Your job is not something that we consider while looking at your loan request but we will verify with you that you have the means to make regular payments.
Call (toll-free) 1-844-567-7002 or fill out the online application form to get your loan today.
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