If you are looking for a vehicle title loan, you may have some questions regarding the terms, borrowing amount, qualifications and more. Here are some frequently asked questions by our customers.
1. What is a car title loan?
A car title loan is a type of loan where you can use your vehicle as collateral. You keep your car and receive money based on the value of your vehicle.
2. How long is the term of the loan?
The loan can range from 1 month to five years depending on your vehicle value and payment preferences. We provide open loans that you can payout at any time with NO penalty. When you receive a loan from us, you will receive a payout schedule to know your payout amount at any time during your loan.
3. How quickly can I receive the money?
You can receive the money the same day the application process is complete. All you need to do is fill out an online form to get pre-approved. Once we receive your completed form, we will contact you to discuss your vehicle details and loan preferences.
4. How much money can I borrow?
The loan amount is based on your vehicle’s value:
1. Vehicle year, make, model, kilometres, and condition
2. Vehicle must have no liens or encumbrances
3. Vehicle must have a clean title (not rebuilt or salvage)
Based on the value of your vehicle, we determine a maximum loan amount.
5. Will I qualify for a vehicle title loan with bad credit?
Credit problems are no problem for Canada Title Loan. We approve loans with good credit, bad credit, and no credit. Our vehicle title loans are based on the value of your vehicle and not on credit.
6. Do I qualify for a vehicle title loan?
The requirements when qualifying for a vehicle title loan are as follows:
1. You must be 18 +years old
2. Your vehicle must be paid off (no lease or finance payments)
3. Your vehicle must not have any liens or encumbrances
4. Your vehicle must be in good, working condition
For more details, please visit the “Do I Qualify?” page.
7. Once I complete the online form, what happens next?
One of our loan advisors will contact you to verify if your vehicle is pre-approved for a vehicle title loan. If your vehicle is approved, we will ask you to provide copies of the following:
1. Driver’s License of the Registered Owner
2. Vehicle Registration
3. Insurance – full coverage ($1 million liability, Collision, Comprehensive)
4. Proof of Address – bill for cable, utilities, heat, water, or internet
5. Second Piece of ID – SIN, health, or credit card
6. Bank Statement – even if it is $0 or negative
7. Proof of Income – Paystubs, invoices (self-employed), business card, WCB pension
8. Spare Key – unlock doors and start engine
If you have any more questions about car title loans, get in touch with the experts at Canada Title Loan. We are an auto title loan lender in Calgary, AB and have been providing fast and friendly service to clients for over thirty years. As a direct lender, we ensure you get your loan as quickly as possible. To learn more about how we can help you, please click here or contact us by clicking here.