Do you need cash for some emergency? Finding hard to manage some money? You can use your car title as collateral for a personal loan, and the best part is you don't have to sell your car or car title to get a car title loan. I know most of you might not feel comfortable with this arrangement but it is the best alternative if you do not want to sell your car and you need money. If you are asking Who Gives You The Best Car Title Loan Rates in Barrie, Canada? Then let me first tell you a little more about Car Title Loan.
Mainly, there are two types of available Car Title Loans Barrie. The first option is very similar to a payday loan. No credit score checks required in this. As long as you have a vehicle, you can apply for this car title loan.
The other alternative is when you use your car title as collateral to get the loan. This is undoubtedly more secured personal loan you can get from a bank, credit union you are a part of or any other finance business which you find trustworthy.
To help you find the best car loan rates in Canada below are five tips to consider when you want to use your car title as collateral for car title loans.
1. Go to your neighborhood bank and inquire if they offer a secured loan using your car title as the deposit. Using your car title as security does not imply you cannot drive the car anymore. Though, it does mean that for a temporary period you do not own the right of the car anymore and that if you are unable to repay the loan the lender will take the ownership of your vehicle.
2. If the credit union firms give such loans, then apply for their car title loan. The application process would typically require your full name, employment records, address, proof of income in the form of bank statements.
3. On getting your loan approved, go ahead and confirm the paperwork. Mail the approved papers to the lender as well as the title of the car. If it is a local bank or credit union is near you go to the branch and hand them the papers and title yourself. The loan will be provided to you in a check or given electronically to your bank account. You will get your title back after you have completed paid the loan.
4. What if your loan request gets rejected by the bank or credit union? The next choice if this happens, with my experience, is to go to Canadian Equity Loans that concentrates on bad credit financing. Their agent will contact you to arrange the signing of the necessary paper and will pick up the car title from you and give you your check.
5. In case any of these do not work out. Search the google for the auto title loan. You'll come across some websites offering car title loans. Find the one you are comfortable with, make your application. Lend them the title of your car and get your loan.
