There are several documents that are needed in order to get car title loans. There is a long process of documentation when it comes to getting a loan from banks and other money lending institutions. But with a loan from Canada Car Cash, you have to meet minimal requirements in order to get the loan. There is a certain list of documents that a borrower is required to present in order to get the loan. Let us have a look at the list of documents.
List Of Documents Required In Order To Get The Loan:
- A lien-free vehicle.
- Registration and insurance of your vehicle under your name.
- The title papers of your car.
- Proof of your permanent residency in Canada.
- Proof of your legal age according to your province
- A valid Canadian driving license.
- The vehicle should not be older than ten years.
- The second set of keys to your car.
These are the documents that you will be required to present in order to get car title loans. Getting this loan is no big deal. You must be wondering what exactly this loan is. Well, a car title loan is a kind of secured loan that one gets from the bank and other money lending institutions in return for keeping the vehicle as collateral with the money lending institution. Let us now have a look at the process of applying for this loan.
How To Apply For Title Loans?
To apply for this loan, you will be required to fill out an online application form. The application form for the loan will be available on the website. You will be required to fill out the asked details with accuracy. After filling out the online application form you will have to submit the list of documents in order to get the loan. The list of documents is mentioned above. You will be required to submit the documents in order to get the loan approval. After completing the above process, you will get a call from our experts to decide the loan amount. The amount of the loan will depend on the condition of the car and also the market value of the car will be kept in mind. This will all happen once your loan application gets approved. This was all about how can one apply for car title loans and get them approved by the lenders.
Just like the question, “what are the documents needed for a title loan?” There are several frequently asked questions about this loan by the borrowers.
Let us have a look at the most FAQs asked by the people about the loan:
How much does it take to get the loan approved?
Getting the loan approval for a car title loan is the easiest thing. You can get the approval for the loan the same day you apply for the loan. Loan approval for this loan does not take long. So, you don’t have to worry about the loan approval with this loan.
What is the loan tenure period for car title loans?
The loan tenure period for car title loans is four years. The borrower has a time span of four years to collect the funds for the loan and pay back the loan amount with ease.
Can I get a loan with a bad credit score?
Yes, you can absolutely get the loan even if you have a bad credit score. Your credit score has nothing to do with the loan. Several banks and money lending institutions perform a credit check before approving the loan. But with us, you do not have to worry about the same. You can meet your financial issues with ease without having to worry about a low credit score.
Is there any prepayment penalty for the loan?
No, there is no pre-penalty for the loan. If the borrower wants to pay the loan amount before the maturity date he can, and he will not be charged any penalty for the same.
Can I apply for the loan even if I am unemployed?
Yes, you can apply for the loan even if you are in between jobs or if you are looking for better opportunities for yourself. The borrower will have nothing to do with your job profile and will not look for your job status while lending you the loan or approving or loan application.
Will I get my title back?
If you want your title of the car back then you will be required to pay the full loan amount to the lender. In case you happen to fail to make the full payment then you might be putting yourself at risk of getting the title papers of the car back.
Can I apply for the loan even if I’m retired?
Yes, you can apply for the loan even if you are retired. As long as you have a source of income i.e. be it from retirement funds or social security you can apply for the loan.
These are the most frequently asked questions by people when it comes to car title loans.
This is all that you are required to know and learn about in order to get this loan for yourself. Make sure that you do diligent research before applying for the loan and select the appropriate lender for yourself who provides you with appropriate interest rates on the loan.