Uncertainty is a part of life and emergency situations happen to all of us at some point in life out of the blues. People get stressed and feel anxious while facing such situations. Well, one should be well prepared and can think of getting a loan in such situations to meet the financial issues with ease. People think of seeking help from family and friends, you can seek help from them but you can also consider taking Car Title Loan Toronto from Instant Loans Canada. This is considered one of the best options for people in case of emergency or financial situations. You must be wondering why is this loan considered to be the best option by people? Well, there are several reasons behind the same. The loan provides and comes with several benefits which people cannot overlook. Let us have a look at the same. 

Benefits of car title loans

  1. Simple application process

The process to apply for the loan and getting it approved is simple and quick. Several banks and other money lending institutions take a while to process the loan application for instance they take days, weeks, or even months to approve the loan but you can apply for this loan with minimal documents and get the loan approval the same day you apply for the loan. So with a simple loan application process, you can get yourself a loan and get out of your financial crisis in no time.

2. Low-interest rates

One gets low-interest rates with this loan. Banks and other money lending institutions charge standard interest rates or might charge high interest on the loan. But with this loan, you will get comparatively low-interest rates and for this reason, people prefer this loan over any other kind of loan. 

         3. No credit requirement

There is no credit check required for car title loan. Even if you have a bad credit score or if you are unable to get approved for the loan for the same reason then you should consider this loan for yourself. Your credit score will have nothing to do with the loan and you will be able to get the loan in no time. 

         4. No job profile requirement

If you are in between jobs or if you are looking for better opportunities for yourself then you might consider getting this loan. Your job profile will not be checked for the loan and also you will get the loan approval the day you apply for the loan. 

         5. No pre penalty payment

If the borrower wants to pay back the loan amount before the maturity date, he can. He will not be charged any prepayment penalty for the same. 

          6. Loan tenure period

The loan tenure period for this loan is four years. The borrower gets the time span of four years to collect the funds for the loan and pay back the loan amount easily while taking care of other day-to-day expenses. 

           7. The borrower gets to keep the car for the tenure period

This is one of the best benefits of getting this loan, i.e. the borrower gets to keep the collateral with himself so that he can make use of the collateral to do his daily chores and tasks easily. 

These are the reasons why people opt for this loan instead of getting any other kind of loan. The benefits of the loan are so intriguing that you must be wondering about the ways by which you can get this loan. Let us have a look at the same.

How to get car title loans

To get this loan, all that you will be required to do is fill out an online application form available on the online portals or the websites in order to get the loan. After filling out the online application form you will then be required to submit a list of documents. The list of documents includes the following. 

List of documents needed for this loan

  1. A lien-free vehicle.
  2. The vehicle should not be older than 10 years.
  3. Registration and insurance of the vehicle under your name.
  4. Proof of your legal age according to your province.
  5. A valid Canadian’s driving license.
  6. Title of your car.
  7. The second set of keys to your car.

These are the documents that you will be required to present i.e. submit online in order to get the loan. After submitting the list of documents you will get a call from the experts to discuss the loan amount with you. The amount of the loan will depend on the value of the collateral i.e. the condition of the car, and also keeping in mind the market value of the car. 

Once you are done with the procedure of the application form then you will get the loan approval the same day and thus you can make use of the loan money to get rid of the financial crisis. These are the documents required in order to get this loan. You must be wondering if these are the only requirements that need to be fulfilled in order to get the loan. The answer to the same is, yes! This is the only paperwork needed to get the loan approval. But, there are several loan lenders who check the credit score and other aspects like job requirements before approving the loan. So, to be on the better side make sure that you have a good credit score so as to put a good impression on the lender for the loan. Though, no doubt you can get a loan with a low credit score but, having a good score will never put you in a condition where your loan application gets denied. So this is another requirement that you can work for in order to get the loan approval easily from banks and other money lending institutions.