A secured loan is a loan wherein the borrower pledges a fully owned car and its lien free car title as collateral for the loan. The collateral becomes a secured debt owed to the lender. This is how simply collateral car title loans work.
Unsecured loans are not the answer
With unsecured bank loans, the creditor may only satisfy the debt against the borrower, so in the event that said borrower has bad credit, the loan will never be approved. Due to the added security of the collateral, collateral vehicle title loans attract lower interest rates than unsecured bank loans. Credit ratings never affect loan approvals for this loan nor will the borrower’s credit score affect rates. The loan amount is based on the car’s true market value after inspection and appraisal so as much as $30,000 can be borrowed.
The benefits of Secured Loans
Credit ratings will not matter because the loan is secured with collateral of equal value or more to the loaned amount. Interest rates for no credit check title loans are the lowest in the lending industry and surely lower than unsecured bank loans. Repayment terms are the longest and most flexible that can ever be offered. No credit checks will ever be done because the loan is secured by the collateral.
Car title loans or sometimes called equity loans is the only service offered by Canada Car Cash. This means that Canada Car Cash can loan you more money with far less requirements. We can help you by calling us now or getting in touch online. We can give you an estimate of what you really qualify for. Call us now toll free at 1-844-598-7631 or apply online.