Top Three Reasons Why You Choose Car Title Loans Over Personal Loans

There are a lot of reasons for choose car title loans over personal loans. Well, it could be the advantages that people get with title loans. But before moving onto the reasons why people opt for this loan, let us understand what title loans are. 




What is a car title loan?

A car title loan is a type of secured loan where a person gets an instant Loan in return for keeping his vehicle as collateral. This loan is considered best for emergencies because one gets the approval for this loan quickly in comparison to other types of loans. 


What is a personal loan? 

This is a form of credit that helps you to make a big purchase or maybe consolidate high-interest debts. Personal loans typically have lower interest rates than credit cards but are higher than other types of loans. This loan can be used to consolidate multiple credit card debts into one with a lower-cost monthly payment. 


This is what is a car title loan and what is a personal loan. Now, let us analyze the reasons why people opt for car title loans over personal loans. 


Reasons why people opt for a car title loan


  1. One gets low interest rates with this loan

This is considered one of the foremost reasons why people opt for a car title loan over any other loan. Lenders happen to charge low-interest rates with this loan. With banks and other money lending institutions getting other loans can be an issue or problem because they charge standard or high interest rates to the borrowers for the loan. But with this loan, you will not face this issue and also you will be able to pay back the loan amount easily without any haste. 


  1. No credit check will be required

Several people are struggling with a low credit score and wonder if anyone could lend them a loan so that they can meet their financial crises with ease. But when one has low credit scores it becomes very hard for that individual to get a loan from banks or any other lenders. Well, you can get a car title loan from Instant Loans Canada even if you are struggling with a low credit score and get rid of your financial issues with ease. 


  1. Loan tenure period

One gets a loan tenure period of 4 years with this loan. The loan tenure period gives the borrower enough time to collect the funds for the loan and pay back the loan amount with ease. People usually get a loan when they are facing any sort of financial crisis in their life. So the lenders should make sure that they give enough time to the borrower to collect the funds for the loan while taking care of the other finances and pay back the loan amount with ease. 


These are the top three reasons or things as to why people opt for this loan instead of getting any other kind of loan. Now you must be wondering about the ways to get this loan. Let us have a look at the same. 


How to apply for car title loans 


To get this loan all that you will be required to do is fill out an online application form for the loan. After filling the loan application form you will be required to submit a list of documents for the loan. This list of documents is minimal and includes the following-


  • A lien-free vehicle.

  • Registration and insurance of the vehicle under your name.

  • A valid Canadian driving license.

  • Proof of legal age according to your province.

  • The title of your vehicle.

  • The second set of keys to your vehicle.

  • The Vehicle should not be older than ten years.


These are the documents needed for applying for the loan. After submitting the list of documents you will get a call from our experts to discuss the loan amount. The loan amount will depend on the condition of the vehicle and also keeping in mind the market value of the vehicle. This is how you will be able to apply for the loan with us. The loan approval will take place the same day you will apply for the loan. So, applying and getting the loan is no big deal with us. To get more information on the same you can contact us at toll-free 1-866-973-5214 and get the best information and help for the same. 

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