Life is full of conditions that bring ups and downs in our lives. But what makes a person strong is their will to fight against such situations. Are you also facing a financial crisis? Or do you need additional money to pay utility bills or medical bills? Don’t worry. If you own a fully paid vehicle (car, truck, etc.), you have the solution for the money. Canada Loan Shop is there to help you and provide you with the required money.
Most people doubt whether the loans associated with the vehicle is a decent way to get cash in need. A vehicle collateral loan is a loan that offers you money for using your vehicle as collateral. Most people have a query about getting these loans even with a bad credit score. Well, yes, these agents will not look at your credit score. They will provide you with a loan even if you are in between jobs.
A car title loan is the best and instant way of getting cash in need. Moreover, their loan process is quite easy, quick, and convenient. You’ll not be asked to complete a pile of paperwork. Let’s have a look at how this process works.
How Does This Process Work?
Challenging conditions can hit anyone’s back at any time. This puts people in a financial dilemma where they don’t understand how to handle such situations and how to manage funds at that time. But connecting with the best loan providing institutions can help them a lot. Many financial institutions such as Canada Loan Shop offer loans without wasting time on loads of paperwork. The process of getting money with a car equity loan happens in just four steps. And these steps are mentioned below:
Step 1: Apply for the loan
If you own a fully paid vehicle that is no older than ten years, you can apply for a vehicle title loan without any restrictions. To apply for the loan you can visit the website and fill the application form there, or you can contact one of their agents.
Step 2: Submit the documents
After applying, you will be asked to submit a few documents related to the vehicle. And these are:
- Proof for your legal age as per your respective province
- Registration and insurance papers of the vehicle in your name
- Spare keys to your vehicle
- Your valid Canadian’s driver license
- A lien-free title to your vehicle
- Proof of your permanent residence
Step 3: Vehicle inspection
Just after submitting the documents, you will be asked to bring your vehicle to our store nearest to your location. Well, the agents will inspect your car for its market value and its working condition. These factors will be considered to calculate the equity value of the car. You are eligible to take the loan up to this equity value. That is why this phase is very important.
Step 4: Get the cash you need
Now you can decide the amount that you want to take as a loan. Then you take the cash you need along with your vehicle. You will not be asked to surrender your vehicle to them, unlike other loan institutions. You are free to use your vehicle even during the loan period.
Advantages Of Taking A Loan From Canada Loan Shop
There are several benefits of taking a car title loan from this institution. Some of them are listed below:
- You can get a loan up to $65,000 according to the equity value of the vehicle.
- They offer low monthly payments, so you can pay it back easily.
- You’ll not have to complete a lot of paperwork.
- Their loan application process is simple, quick, and convenient.
- You’ll get a long term of four years to pay back the loan.
- You’ll not be charged for prepayments.
- They offer the lowest and most competitive interest rates.
- No need to surrender your vehicle.
These are some benefits mentioned, but you’ll enjoy many more. So, if you are in urgent need of money and looking to get a car title loan, then get in touch with a Canada Loan Shop and solve all your problems.