Can You take a Car Title Loan with Bad Credit?

Car Title Loan

There are times in life when financial emergencies hit us, and unfortunately we are not prepared to deal with them everytime. Sometimes these emergencies may be due to health, bills, repair work etc. All these leave you with a bad credit score that makes it difficult to get approved for a bank or any other traditional loan. In such a situation,  a car title loan can be a quick source of cash for people who need money immediately. But the question that comes to many people’s mind is- “can I get a car title loan with my bad credit?” So the answer to your question is -Yes! You can get a title loan easily even if you are suffering from a bad credit score.  These loans are a relief to people who are suffering from bad credit scores.

What Exactly is a Credit Score?

A credit score is a number that evaluates your financial reliability. This is used by banks and some financial lenders to determine whether or not you are eligible for their loans and will you be able to pay back the loan or not. It usually depends upon your payment history. But in case of car title loans your credit score is not taken into account by the lending organizations.

Some of The Financial Expenses That Require Instant Cash Include:

  • Major Health Expenses
  • Funeral Costs
  • Instant Emergency house repair work that cannot wait
  • Travel expenses
  • Car repair work

Car Title Loan-Loan Against Your Fully Paid Vehicle

If you need instant cash and are unable to get a loan from your local bank, a car title loan could be the best solution for you as it is a secured loan. You can solve all your financial emergencies with the help of your car that is a lien free. This loan is provided against your fully paid off vehicle that is registered and insured in your name. and there is no matter of your low credit score, and Many title lenders don’t even check your credit at all. Here You don’t need to sell your car to get money. You can use your vehicle as collateral to get money quickly without wasting any time. You can get easy approval, even if you have a bad credit score.

What Are The Basic Requirements To Get Approved For A Car Title Loan With Bad Credit?

  • Your fully paid off vehicle for inspection.
  • Your age must be eighteen years or above
  • Your vehicle must have a clear title to it.
  • Your valid driver’s license should be there with you
  • You must provide proof of residency
  • A valid government-issued id needs to be there.
  • Your car’s registration and insurance documents are necessary.

Basic Application Procedure For A Title Loan?

The application process for a title loan can be started online on the lender;s website or by visiting your nearest location. Lenders work by using your  vehicle’s title as collateral to get you funds.  On the basis of the market value and condition of your vehicle, you can get the loan amount. If it has higher value, you can qualify for a larger amount of loan.

After the application process is done, you’ll need to submit your car for inspection, and all the documents and requirements. You also need to bring in the spare key of your vehicle. After this you will be approved and provided cash based on your vehicle’s equity. You can take your cash and drive away with your vehicle. Your car is not kept by the lender as the loan is already secured against its value.

Some Advantages Of Getting A Loan On Your Car Title

  • Car Title loans are very easy to get as compared to other loans in the industry. There are very minimal requirements and the simplest procedure for the loan approval.
  • Your bad credit doesn’t stand matter as there are no credit checks on such loans
  • With car title loans, you can get your cash within an hour of applying because the procedure is very fast and streamlined. This  can be helpful to overcome your financial problems.
  • You can drive your car as usual while repaying this loan. You don’t have to worry about handing it over to the moneylender.
  • They offer quick and easy repayment options. There are no penalties on paying off the loan early.
  • There are no employment checks on these  loans. So people with no job can also apply for a loan if they own a vehicle outright.

If you are facing any kind of financial problem, then you can apply for a car title loan with the best lending organization near you. Some of the reliable organizations that can be considered for a title loan are:

  • Fast Canada Cash
  • Canadian Equity Loans
  • Car Title Loans Canada
  • Canadian Cash Solutions
  • Snap Car Cash