Getting Cash Fast by Obtaining a Car Title Loan

Getting Cash Fast by Obtaining a Car Title Loan

No matter how much families plan ahead for unexpected emergencies, there are times when money is required instantly, to make monthly household payments, pay off an existing debt, or handle unexpected predicaments. The time it takes to acquire a home equity loan, or apply for an additional credit card, can sometimes take weeks or a month to obtain. In situations like these, it is important to consider other alternatives including getting a car title loan.

Car Title Loans in Oakville, Ontario

A car title loan is simply a loan made against the equity value of the car or truck you own. Most car title loan lenders do not perform a credit check or background check, but merely search public records for the ownership on the vehicle, along with information of any recorded lien placed against the vehicle’s title. Additional information that will be used as a determining factor in issuing a loan will be your ability to repay the debt, based on the amount of income you take in consistently every month. The vehicle serves as collateral against the loan to provide the surety of the debt.

The Details – Car Title Loan Oakville, Ontario

Because there is no credit check or background check involved, the amount of time it takes to verify any existing liens against the vehicle, along with its ownership, takes only a day or two. You can usually expect to receive a check for the loan amount within three days, which is far quicker than applying for a credit card or seeking to obtain funds through a home equity loan.

Because of the higher risk of loaning money without a background or credit check, the lender usually charges a higher than normal interest rate on the loan, which can be as much as 59% annually. However, there usually are no penalties for paying off the loan earlier than the final due date.

Determining the Vehicle’s Value

The lender of the car title loan will determine the worth of the vehicle, which can at times be less than the stated value of online sites including Kelly Blue Book and Edmunds. The car or truck’s condition will also help determine its value, and the amount of money that can be loaned against it. Actual value, as determined by the lender, will help ensure the profitability of the loan.

Maintaining Possession

The greatest advantage of using your car as a way to obtain much-needed cash quickly is the ability to maintain possession throughout the length of the loan. Although the lender has control of the title, you are free to drive the car or truck as you like, while the debt is being repaid. Once the loan has been repaid and completely satisfied, the lender of the car title loan will release their control over the title, turning it back over to you.

In the end, it can be a win-win situation for both the lender and you. They make a profit, and you receive desperately needed money quickly, with up to two years to repay the debt.

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