Click here to be taken to a quick, 2 minute application. Your driver’s license 3. Things are a bit more complicated when a private seller still owes money on a car. There are other reasons, apart from a vehicle loan, that a car can have a lien on it. At lamna, we take pride in the trust we’ve built with our clients. Vehicle Title Loans are Available For Ontario Residents. A car title loan — also known as a pink-slip loan, title pledge or title pawn — is a small, short-term, high-rate loan that uses the clear title on your vehicle as collateral. Yes, you need not to give us your car but pledge it and borrow a loan. According to a May 2016 study from the Consumer Financial Protection Bureau, one in five borrowers has their vehicle repossessed. If you’re unable to keep up with payments, the lender can take possession of the car, sell it, and keep its share of the money. You typically get the cash you need in a day or two after applying. We received your application for a Title Loan using your debt-free vehicle as collateral. In some cases, you can extend repayment by “rolling over” the loan. Loan approval can take as little as 15 minutes. Navy Federal Credit Union. Since the lender will have placed a lien on your car, they have the right to repossess your vehicle if you default on your loan. HOW MUCH DO YOU NEED? Are There Any Disadvantages to Taking Out a Vehicle Title Loan? Car title loans refer to loans where borrowers use the title to their car as collateral on the loan. There are several benefits to this type of financing if the borrower doesn’t abuse the option. Eliminating that debt should become your primary financial goal. How Car Title Loans Work: Short-Term Borrowing, at a Cost, Before You Get a Title Loan, Check Out Alternative Ways to Get Funds, These Are the Fastest Ways to Borrow Money (With Pros and Cons). In order to qualify your vehicle needs to be free and clear of any liens on the title, meaning you do not have any open loans against your title. Only get a title loan if you can pay it back in a month or two at most to avoid paying the rollover interest rate. Being listed as a lien holder protects the lender from having the car sold and transferred to another owner before the balance due on the loan is paid in full. You should carefully compare the costs associated with an auto equity loan with any potential benefits for your situation. Being approved for a car title loan is, generally speaking, easier than being approved for an unsecured loan, but like any other type of loan, there are a few requirements that need to be met. If you have a title loan from Speedy Cash and you won’t be able to make a payment, let us know as soon as possible by stopping by a store or calling us at 1-888-333-1360. A title loan is a fast and easy way to get cash using your car title instead of your credit score. To get a car title loan, you’ll often have to have a free and clear title — meaning there are no liens or other encumbrances on the title. Car or vehicle title loans are just what the name implies: A loan taken out against the value of your vehicle. On average, these loans can range from $100 to $5,500. Your weak financial profile is offset by the fact that the loan is secured, and as such, your application will appear far less risky to the lending officer who is reviewing your file. Car title loans are often easier to be approved for because they are secured, this makes it a great option for all credit-constrained individuals. You can choose from attractive options from 30 to 60 days. If you’re having trouble building your credit score or have no credit history at all, getting a loan from the bank can seem impossible. One of largest benefits of Car title loan is the simple, speedy process. If you want to borrow cash against your car, there can’t be any debt outstanding on the vehicle. Accessed Dec. 17, 2019. When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. If you can't pay off the lien beforehand, you'll do so at the same time as the sale takes place and arrange for the delivery of a clean title to the buyer. State welfare offices, also called general relief offices, offer emergency … These loans are simple and easy which helps the user get instant cash against their car title. Auto equity loans can get expensive. The loan amount we lend can range anywhere from around $500 to $5000! Best Rates. In this case, the vehicle’s title cannot be directly transferred to the buyer; the loan first has to be paid off. Car or vehicle title loans are just what the name implies: A loan taken out against the value of your vehicle. Loans against vehicle title arranged by our company are the type of loans that you borrow after pledging the title of your vehicle. The convenience of a car title loan will allow you to deal with whatever emergency or financial needs you might have right away. Call 010-880-0790 or Apply Online. Lenders want to make it easy on themselves to get their money back, so they only lend what they can quickly and easily receive if they have to repossess and sell the vehicle. Some provinces have placed a cap on the amount of interest a title loan company can charge. Instead of paying the loan off, you can get a brand new 30-day loan. Don’t stress about COVID-19. London Service Location. Quick Loans Against Car Title Lake Forest CA can now assist you to raise cash money against the title of your cars and truck. A title loan can usually be obtained in a day or two and they can be a viable short-term solution if you need cash for an emergency. Ottawa Service Location.