Searching for an instant financial shield when the matter comes to reside in a fast-paced city like Toronto. For those who own cars and want quick access to money, Car Title Loans in Toronto may be a fast and secure option. Now, in Toronto, it is not an uphill task to arrange funds on the spot by using the equity in your car, which doesn't have any impact on their credit rating or long wait times to get the money they need.
Top Loans Canada is always there for Torontonians to access fast approval with funds in no time via the value of their vehicles, so it can cater to their need.. Whether someone's facing an emergency, managing bills, or requiring short-term funding, a car title loan can provide a much-needed reprieve.
A car title loan is a secured loan that enables borrowers to use their vehicle title as collateral. We will temporarily keep the title, but you will be able to continue driving the car while the title is held during the loan term. After the loan has been entirely met, we return the title.
There are many consumers who benefit from this type of loan, especially those who may not qualify for a financial institution loan because of poor credit, limited income history, or time constraints. When you are dealing with secured loans, the amount you can borrow is based on the value of your vehicle, as opposed to unsecured loans, which can take a longer process.
Vehicle equity is calculated as the market value of your car, subtracting any outstanding money owed to lenders. If you own your car outright, you probably have full equity available to apply towards a loan.
For example: If your vehicle is worth $18,000 and you have no money left to pay, the lender may approve up to 50% of the vehicle’s value, allowing you to access approximately $9,000 in cash.
The following additional elements will be taken into account when determining the authorized amount:
There are several reasons that Toronto residents are finding Title Loans to be an attractive solution to their financial needs:
Fast and Simple ApprovalThe process is simple and takes a matter of hours to complete. With Top Loans Canada, you may receive approval and funding on the same day you apply.
No Credit CheckYou can qualify without your credit score determining eligibility. If you have a vehicle with equity, you can qualify, despite your bad credit history.
Drive Away in Your VehicleYou do not have to give up your car. You can use it normally while paying off the title loan.
Flexible Loan TermsYou can choose the loan amounts and repayment terms that suit your budget.
To be considered for a car title loan, you must:
This includes:
You can complete a relatively short online application and/or call a loan expert to provide your vehicle and personal information over the phone.
Step 4: Vehicle AssessmentA loan expert will assess your car (in-person or online) to determine its resale value, and then lend you an amount based on that value.
Step 5: Get FundedOnce approved, there are multiple methods of receiving your funds (including e-Transfer or direct deposit), depending on circumstances, which can even be completed in an hour or less.
When you work with Top Loans Canada you can rest assured that you're dealing with a reputable lender that is committed to transparency, expediency and fulfilling your needs as a client. Here are the reasons why we are different from the other lenders you may be used to
Top Loans Canada is here to help you with professional and courteous service, whether it's to get through an emergency or unexpected expenses.
Depending on the condition and resale value of your vehicle, the amounts will vary. Generally, you could borrow from $1,000.00 to $50,000.00
2. Can I be approved for a title loan with bad or no credit?Yes! Because approval for a loan is based on your vehicle's value, your credit rating won't affect your approval.
3. Will I still be able to drive my vehicle?Yes! You can use your vehicle as you please while repaying your loan. The lender only gets your title temporarily.
4. How quickly can I receive my cash?Most borrowers receive their funds the same day. Some are even able to get their money within one hour after being approved.
5. What happens if I don't make a payment?You may incur late fees. But if you think it's going to be a concern, then you need to contact your lender right away and discuss how to keep your account in good standing.
6. What vehicles qualify for a title loan?Most cars and SUVs qualify for a title loan, provided they are in good condition and usually 2015 and newer.
7. Are there any hidden fees?No. Top Loans Canada is completely transparent with our clients. All fees, interest rates and terms are done upfront, before you even get a draft.
Being a native of Canada, you are in need of quick cash, a car title loan might be a great option for you. Car title loans are straightforward, give you quick access to cash, and you can still drive your car.
With Top Loans Canada, get instant relief from financial burden. Since it is common to face sudden massive instances by an individual, like debt consolidation, or to pay the tuition fee where the deadline is about to end, or even just looking for a short-term financial solution. We are here to assist you when you have a shortage of time.
Apply online today to unlock the equity in your car in a few easy steps.
If you have any queries, contact us anytime for assistance! We are available 24/7.
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