You need a car but don’t want to spend $25,000 or more on one. You have a working vehicle that you can sell to an auto dealership in order to get the money you need. Car loans using the title without requirements for the title are available in many states and are quick and easy to get approved if your vehicle is clean. The loan will cover taxes, registration fees, insurance, DMV fees, all with no collateral required. Most people who have used this technique say they loved it because of the low down payment and tax-free status. If you’re looking to use your car as collateral currency for a title loan, without ever handing over the title, there are several qualifications you’ll need to meet.
How Can Acquire Funds Using Your Car As Collateral
This blog will walk you through the steps necessary to make this type of transaction possible.
Step 1: If you want to use your car as collateral for a loan, be sure that you have a job and work a regular schedule.
Step 2: Have good credit and no delinquent accounts.
Step 3: Be at least 18 years of age. Some companies may not offer these loans to people who are younger than this. Check the specifics when applying for your loan.
Step 4: Make sure you have a vehicle that is not used more than 10 years and in working order. It must also be worth as per your money demand. Even if your car isn’t worth that much, you can still use it as collateral for the loan, but you’ll need to pay closing fees and any other additional fees required by your lender. This will often make the loan amount considerably larger than what it would be if your vehicle was worth the loan amount or more. This may not be worth it if you want to get approved for a smaller amount of money.
Can I Get A Loan If My Car Title Isn’t Clear?
Yes, you can. In most cases, you will qualify. The loan amount will be much smaller than those offered to those that can supply a clear title. However, if you have a clean title and the car is worth it, there’s nothing to stop you from getting a loan that’s as large as the value of your car. You may also qualify for a loan with your trade-in vehicle. It just depends on what type of vehicle you have in tow when applying for the title loan.
Step 1: Contact An Auto Title Lender
There are several types of auto title lenders. Some may have their own branches, whereas others work for larger banks.
Step 2: Get The Loan
Once the lender gives you a quote, you may decide to take it. In most cases, there is no paperwork to fill out or faxes to send so you won’t find yourself waiting around for days on end before getting your money. The lender will send one of its representatives out with the cash once they feel that you are a safe bet.
Step 3: Sign Some Paperwork
You will need to sign some paperwork when getting the auto loan with free title. Paperwork such as your personal information and your car’s information. If you fail to provide this paperwork, you aren’t likely to receive the loan.
Step 4: Pay Your Loan Off On Time And In Full
You’ll have a set number of months in which you must make your payments. When these loans are repaid, they are paid off in full and transfer ownership of the vehicle to the loan agency.
I Have No Job And Low Credit Score? Will I Qualify For A Title Loan?
Yes, you can definitely qualify for an auto loan with a clean title whether you have a job or fair credit score or none of these. However the loan amount and rates will be similar to someone with higher credit scores or regular income. Some of these lenders offer personal loans while others specialize in small business loans. There’s a good chance that you will find what you’re looking for with the phone book or by spending a little time browsing online and checking out review sites. In most cases, all you have to do is fill out an application and then discuss your creditworthiness over the phone or online. The lender will ask how much money you need and why you need it before giving you a quote on your loan amount. You’ll also be able to learn about closing costs and interest rates associated with the loan up front by asking questions at this time.
Best Auto Loans Using Its Title To Get Quick Funds
The best auto loan lenders offer great service and can help you save a lot of money while paying off your debt fast. You should read about them on review sites so that you know what to expect when dealing with one.
Loan For Title Of A Used Vehicle
Depending on where you live in Canada, there are many used auto loan lenders available. These loans can range from $1,000 to $60,000 and up for as long as 5 years. If you want an extended period loan with the option of extending it again then this is the type of loan that will fit what you are searching for.
Loans For Car With Free Title
Here you can get free auto loans and these are described as being online and instant. They are similar concepts to payday loans except they are available all over the country. Typically people will not have to get a checking account for these types of loans. Keep in mind the interest rates will be high and really high if you are going to be late on one of your payments.
Final Words
There are many title loan lenders in Canada available through the Canadian government. If you need cash fast then there is a good chance that you will get approved for one of these long term loans. These are easy loans to get approved for and fast money if your situation requires it. The approval process usually takes no longer than 15 minutes and then you can have the money sent directly to you in as little as 24 hours.
