Bad Credit Auto Loan & How It Works
What is Bad Credit Auto Loan?
To start off, a car title loan is where the borrower uses the title papers of their vehicle as collateral to get the monetary help. A collateral is a valuable asset that a borrower has to sign over to the lender in order to borrow the loan money. A vehicle title loan is a secure loan where the lender places a lien on the title papers of the vehicle being use as collateral and in exchange provides the loan to the borrower. The loan amount is based on the equity value stored in the car. The equity refers to the cash value of the vehicle in the present market. Bad credit auto loans are really helpful when the person wants immediate money. The loan processed within a day and can be used for unexpected expenses for house repairs, divorce settlement, credit card bill payments or however you see fit.
Why Choose Get Loan Approved
We are the best in the market when it comes to auto title loans. We lend up to $50,000 at competitive interest rates, against your fully paid off vehicle. Our title loans also come with easy payment options and low monthly payments. We also offer other ultimate benefits to our customers:
No proof of income needed – While considering a loan application for vehicle collateral loan, we don’t ask the borrower to produce any proof of income. Our loan approval and loan disbursal aren’t based on income or employment of the borrower. All we need is a clear title paper for the vehicle.
No credit history needed and no credits checks performed – Most of the lenders out there need a perfect credit report or score before they approve a bad credit auto loan request. That’s not the scenario with us. Whatever your credit score is we will go ahead as long as the other criteria is met. All credit types are welcome!
No prepayment penalty – Do you want to make an early payment and be done with your loan? Go right ahead! We don’t charge you a penny for paying off a loan earlier than expected. . There are no prepayment penalties or extra fees charged for an early loan closure.
Continue using your vehicle – Keep driving your vehicle as we will not keep or store it for the duration of the loan. You can keep your vehicle for the loan term as long as monthly payments are kept. Not every lender does this. All we hold on to is just the title paper for the loan term.
Up to 5 year loan terms – Our loans are spread over a time period of up to 5 years which gives ample time for the borrower to repay the loan. Also, a longer loan term means small affordable monthly payments which are convenient and budget friendly.
Same day loan approval – An auto title loan is usually taken out when a person needs immediate cash. There’s no point in applying for a loan with a bank and waiting for an answer. f. We process the loan within a day. Get your funds the very same day you apply.
Steps To Get A Title Loan
Contact us and talk to one of our loan agents for more details about our loan process. Our loan agent will walk you through the steps and happy to answer all of your questions. Alternatively, you can also visit our website, https://getloanapproved.com/ for more information or to apply.. Once you submit your loan request, the next step would be quoting a rough loan estimate after evaluating your vehicle details. Next, you’ll be ask to submit supporting documents. Rest assured that our paperwork is easy to do and we only request for minimum documents to process the loan. Next in line is the inspection of your vehicle in which we thoroughly check your vehicle and its overall condition. . Once all of this is done, you get your approval and your funds. Borrow up to $50,000 against the title papers of your car for a loan term of up to 5 years.
Requirements
- A fully paid for vehicle no older than 10 years
- A valid Canadian driver’s license
- Lien free title of the vehicle
- Vehicle registration papers in your name
- Proof of permanent residence
- Insurance papers in your name covering collision and comprehensive insurance
- Second set of keys which that work on all the doors including the engine
To get in touch with our loan agents call (toll-free) 1-855-653-5448 or apply online today!.