Car title loans are loans in which the borrower provides their car title as collateral for the loan. These loans are often short-term, and tend to have higher interest rates than other sources of credit. The advantage of these loans is that lenders typically do not check the credit history of borrowers. If you have a paid-off car or truck, you are eligible for a car title loan.
Most title loans can be acquired in 24 hours, and for amounts up to $10,000. While most lenders don’t check your credit score, most will check the borrower’s financial situation, to ensure they have a steady source of income.
After you’ve been accepted for a car title loan, several documents are required before it can be finalized. Make sure that you have these documents on hand if you are looking to obtain a car title loan from Fast Access Finance:
1. At least 2 pieces of ID. These can include:
- driver’s license
- SIN card
2. A void cheque or a pre authorized debit form.
3. Proof of address, such as a bill that has been mailed to your home.
4. 3 References, including names, telephone numbers and addresses.
- 2 of these references need to be relatives not living with you
5. 6 pictures of the vehicle to determine its condition.
- passenger side
- driver’s side
- vehicle identification number (VIN)
Car title loans can be a great way to secure funds quickly and without the requirement of a good credit rating. Fast Access Finance can help you borrow up to 50% of the equity in your vehicle. The best part is that you get to keep your car! Click here to begin the car title loan application process.