Summary – A car title loan can be a boon for a person in need of immediate cash. This is the loan in which, the car of the borrower is used as collateral.
In these types of loans generally, the loan amount sanctioned against the car would be entirely by the market value of the car. The bank offers these loan for a short span of time that may vary from 2 weeks to a month, within which the borrower is expected to return the sum. This is a short-term loan and is easy to get sanctioned. Minimal paperwork is required for processing.
If you take car title loans from the bank, then you will get a high interest rate. As the repayment period is short, the borrower needs to have a backup plan ready, so that the amount is returned within the stipulated time. When the customer is unable to repay the amount with the given time, the bank takes possession of the car and resells it to get back the loan amount. Once the bank grants the loan, the borrower has to submit the car title loan agreement and a duplicate set of car keys. The borrower is expected to go through the terms and conditions, before signing the contract. Only when the borrower signs the agreement, the bank approves the loan.
If you have paid the purchasing amount for your car, then getting the car title loan approved would not be a difficult task. The car title loan can be approved, even if the borrower has a bad credit history. The borrower needs to submit an identity proof, income statements and age proof to avail this loan.
Canadian Title Store is one of the most reliable online sources of information. The website has all the information related to grants, be it the eligibility criteria or the document details; all you need to do is visit the website and fill up the grant application form that suits you the best. The loans provided by them is different from the bank because they provide car title loan with long-term with low-interest rates.
So, in any crisis, if there is the financial need, the car title loan can be extremely beneficial. In an emergency, a car title loan Surrey can be of great help.