Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
A car title is a legal document that provides proof of ownership to a specified vehicle. In addition to the proof of ownership, the car title provides important information about the vehicle, such as the VIN number and the full name and address of the owner. A person can use their car title to secure a loan which is known as a car title loan. Car title loans are known by many names including auto title loans, vehicle title loans, and vehicle collateral loans. You can still use your car for the duration of the loan’s term, but if you default on the loan, your car will be repossessed and sold. The question now becomes, can I get a car title loan without a clear title?
No, unfortunately, you cannot get a car title loan if the car title isn’t clear. You must own your car entirely and have no other liens or obligations against your vehicle if you want to obtain a car title loan. In other words, a lender is not going to risk lending money to someone who doesn’t have a clear car title because, if the borrower defaults on the loan, they are not first in line to recover their money and may not be able to receive any compensation for the money lost.
While it’s not possible to get an auto title loan without a clear title, you could potentially get an auto equity loan. While an auto title loan requires you to own the car outright, an auto equity loan allows you to borrow against the equity in your car. Generally speaking, the amount you qualify for will never exceed the equity your own in your car. This form of financing is a good alternative to auto title loans.
One of the great things about title loans is the minimalistic requirements. Most financing forms have a long list of requirements which can make it challenging to get approved. Title loans are a good way to get quick cash without a big hassle.
Every form of financing has corresponding pros and cons, title loans are no different. As always, you should be sure to take the time to assess your current financial state and future goals when making any monetary decision.
There are numerous costs associated with auto title loans. It’s better to familiarize yourself with the costs to better understand if you can afford to pay it. Here are the main factors to consider when calculating the cost of an auto title loan:
If you have a car with no title, then you may want to consider some alternative financing options. These are some options you can use if you need cash quickly but have no car title and bad credit.
Another good alternative to auto title loans is a personal loan. Short-term installment loans can provide you with a similar financing structure in which you’ll have high rates and a short term, but you won’t have to provide collateral. Moreover, like an auto title loan, many short-term personal loan lenders will accept those with bad credit, provided that they meet their other requirements.
If you need financing and own a home, consider using a home equity loan. These loans use the equity you have in your home, the total house value minus the amount you owe against the house, as collateral for the loan. These loans typically have lower rates, making them more affordable than an auto title loan.
Payday loans are another option to auto title loans. Like an auto title loan, these loans are short-term and have very high-interest rates. With a payday loan, you can get up to $1,500, which you must repay by your next payday. These loans typically don’t require a credit check and provide funding within hours. However, due to the high-interest rates and fees, this option should only be used as a last resort.
Selling a car with a loan on it is possible. If you decide to sell your car with a loan on it, it is important to remember that if payments to the lender stop, the car can still be repossessed, whether it is in your possession or the buyer you sold it to. That’s because the lender will have a lien on the car until the loan has been paid off.
There are two ways you can usually sell a car that still has a loan on it. You can either sell it in a private sale or by trading it in with a car dealership.
If your car title is clear, Loans Canada can help match you with a title loan lender today. Unfortunately, if your car title isn’t clear, you likely won’t get approved for a title loan. The good news is that there are ample financial products on the market meaning you have options. Loans Canada can help you find the right product today to achieve your financial goals.
Rating of 5/5 based on 3 votes.
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Frank Mortgage is Canada’s one-stop shop for mortgages. Get up to $1,500 cash back on your mortgage.
Great unsecured credit card for customers currently in, or recently discharged from, a consumer proposal or bankruptcy
Earn an average 5%¹ cashback at thousands of partners and at least 0.5%² cashback guaranteed with Neo.
KOHO’s Credit Building Program helps you build a better credit history with easy to manage payments for just $10/month.
All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.
When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.
Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.