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Information Regarding Car Loan in Canada

Information Regarding Car Loan in CanadaCar Loan vs. Personal Loan, What’s the difference?

A car loan is different than the regular personal loan but the method applied to both is almost the same. The most important difference between a car loan and personal loan is that car loan is secured against your purchased car and is short termed like 2 to 5 years normally and 2 to 7 years in some extended cases maximum. Another good thing is that car loan interest is only from 0 to 10% per year in Canada. On the other hand, a personal loan can or cannot be secured against an asset.

Car Lease vs. Car Financing, Which Option is better?

In Canada, if you travel a lot then you should not take the car on a lease because it limits your yearly kilometers but if you don’t travel much then this option is fine with you. Many people have a misconception that lease is only offered for the new car but that is not true at all. You can get a lease for a second-hand car but if this is costing you just as financing a new car, then you should pass that option and lease a new car as ample of warranties reduce the maintenance cost for you. Also, if you change your car after every 4-6 years, then leasing a car seems a better option.

Who Offers Car Loans in Canada?

Car loans in Canada are offered by many entities including some unconventional lending institutes, used car dealerships, new car dealerships, private lenders, used car lots, and even some bank.

  1. The new car dealerships do their own lending mostly. For instance, Volkswagen has its financing support through VW Finance that deals with the financing of new or used car purchases. Having good credits will ensure your finance at lower rates and improve your chances of being approved by bank.
  2. The used car directly work with Canadian banks to finance their customers which works out between them like banks pay the dealers directly when a car is purchased without involving the used car lots and ask the customer to reimburse the loan straight back to them. This kind of loan is sometimes considered as bad credit because most dealers don’t do background credit checks as they only care about their job stability or look for income.
  3. Many people try to find financing from the private lenders to purchase a new car. This option is somehow flawed because loan is safe against an asset which is your car. Now, what happens in this context is that the car is transferred to the moneylender, until the loan is paid. This method is also known as the car title loan.
  4. Certainly, if you get hold of an unsecured personal loan, you can do pretty much whatever you want with that money including buying a new car but unfortunately; unsecured loans are a small amount and tend to range only from $500 to $5000 that limits your buying options.

Car Title Loan Canada – Borrow Using Your Vehicle

Get a quick auto title loan against the value of your car while keep driving your car!

Need cash for an auto repairs, credit bills, medical expenses, home improvements, a dream vacations or cash for any purpose without showing any credit profile? Auto title loan is the right solution to get the money in hours! As an online car title loan’s availability, loan application has become so fast and easy from the comfort of your home or office. There are no lines to wait in, no embarrassment. As your loan is based on your car’s value, even folks with poor credit may qualify. You may borrow up to the 70% of the wholesale value of your car even with poor or bad credit.

What is a Title Loan?

A title loan is simply used for auto title loan that may consist of your car, truck or vehicle where one of these titles is used as collateral to obtain the loan.

Car title loan is the personal asset based loans which does not require to submit any credit profile that’s why most of the loan applicants take an advantage of getting this credit facility may have financial instability like having a bad credit, poor credit or even no credit history at all. Car title loan is a secured personal loan which makes lender’s investment more safe that’s why this kind of loan holds usually low interest rate than other regular loans offered as unsecured personal loans.

A Car Title Loans May or May Not Be the Right Loan For You

Like every personal loan, car title loan also hold both voices either in its favor or not. One of the great problem what every one is facing is the repayment, what will happen if we could not repay our loan back, infect we will lose the money or asset and certainly there are the cases in which few people definitely have gone through default and end up losing their vehicles. On the other hand car title loan is not a short-term, high interest loan product like a payday loan or cash advances but it is developed with the same principles of regular personal loans that offers you less rates, more time and liberty over your repayments. Moreover, you can get car title loans within less than 24 hours after approval and having a bad credit doesn’t even hold your approval. But as loan is a loan and we should save our self while enjoying our timely expenses to cover up with taking up the loan while staying in our budgets and managing it, we should know how much we can afford in our additional payments from our savings that we could easily payoff for the certain duration. Before applying for a car-title loan, you should carefully consider what is looking to be the best solution for your financial needs; do you afford it? Moreover, before applying for your car-title loan, you should carefully review the terms and conditions of the loan and don’t hesitate to ask your loan officer where something you feel is missing or unclear.

Car Title Loan Offers

  • Personal Loans for people with bad credit, good or no credit history
  • Fast Cash Advances; an economical and long term alternate to payday loan
  • Consolidation Loans; debt consolidation loan without owning a home
  • Vehicle Repair Loans; emergency car, truck or any automobile repair and maintenance
  • Home Renovations, Home Improvement Loans, Medical Expenses, Education and Student Loans and what ever reason you may have.

Car Title Loan Requirements

  • Your car is less than 8 years old and has not traveled more than 200,000 kilometers.
  • Your car should have a clear title, no leased vehicle or an outstanding loan.
  • You must own the vehicle in your custody.
  • Your car or vehicle must be fully insured, including collision and comprehensive coverage.
  • You must have a steady income.

CARFCO – Truck & Car Repair Financing Co. Canada & USA Offers Fast and Easy Vehicle Repair Financing – BHM Financial Inc. Offers No credit? Bad credit? No problem Title Loan! Say goodbye to sky-high interest rates with a car title loan between $2000-$20,000 while applying here.



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