Borrow using one of your vehicles
Typically personal loans in Canada aren’t all that big. However, one way to get around that is to secure your loan against your vehicle, trailer, RV, boat or other assets. It’s also a great way to acquire a loan if you have a poor credit rating.
How it works
A car title loan works much in the same way as a regular installment loan. The difference is that the loan itself is secured against your vehicle. The lender takes title on your vehicle to secure himself against the potential risk of you defaulting on your loan.
Typically because the loan is secured, a borrower can obtain a lending rate lower than that of an unsecured personal loan.
What if I have bad credit?
If you have a low credit score then a car title loan is probably the easiest way to obtain a loan. Your weak financial profile is offset by the fact that the loan is secured, and as such, your application will appear far less risky to the lending officer who is reviewing your file.
Are you interested in a vehicle title loan?
Then click on the button below to get started.
Are you interested in buying a new car, motorcycle or other recreational vehicle instead?