Debunking The Myths About Car Equity Loans

A car equity loan allows you to borrow  money using the equity value of your car. It is one of the best sources to access fast and easy cash for your money needs. If you have some home expenses coming your way, or some kind of personal money issues, look no further than a title loan against your car. Below you’ll read some common myths that people generally have about  auto title lending or car equity loans..

Myth 1: Auto title loans have high interest rates

Auto title loans are completely different from payday loans. Quick cash is a common point in them but high interest rate is what differentiates them. Vehicle title lending rates don’t work like that. You get the loan money by using the title papers as security for the loan. You borrow  the money with nominal interest rates. 

Myth 2: Surrender the car 

Not at all! You don’t have to surrender your car.. We understand the  importance of having a car nowadays. It is one of those things that are hard to live without like a phone if you depend on it daily… We at Same Day Cash Loan, don’t keep your vehicle. This is a big misconception that many Canadians have. Using your asset to get money in title loans is all about giving the title papers to the lender and not the asset itself. So rest assured when you apply for a car title loan with us, we only need  the title papers after we are done inspecting your car. Make sure that the title of the car is lien-free and the car is also in good condition.

Myth 3: You’ll have to pay additional  fees for an early payout

 We don’t charge any penalties for early payment of a loan. Many lending facilities charge  fees to make money, but not with us! We do not charge a prepayment penalty. The reason is clear. You are paying off  the money you borrowed from us before the expiry of the term. That is a good thing. We are getting our money back earlier than expected and you are getting rid of a loan. It is a win-win situation! You can simply close out the loan when its convenient!  

Myth 4: A good and reputable credit score is mandatory

A car equity loan from us does not need any credit requirements. Regardless of what your credit report reflects, we will provide you a loan against the equity value  of your car. Conventional lenders take your credit score into consideration and do not lend out funds especially if your credit score does not match their criteria. But since we are financing against the title papers of your vehicle, a credit score does not make sense to have as a requirement. Your car title is the collateral and is used to  secure the loan. Even those with no credit history are welcome to take out a car title loan as long as the meet the other criteria of course. .   

Myth 5 : It is a complex loan process

A title loan is a  loan that a borrower can consider during an urgent financial need.This is the main reason car title loan  lenders keep the process hassle-free and quick for the borrower. When thinking of applying for a loan, a bunch  of paperwork comes to your mind. But that’s not the case with a car title loan. Our paperwork is hassle free and no special out of the ordinary documents are required. It  can simply be provided via a simple online process. All you need to do is fill out an online application form. Then one of our loan agents will contact you to guide you through the rest of the process and tell you about the required documents. Your car will be needed for inspection and  terms and conditions will be reviewed with you. A quick, easy application and minimal document requirements make our car equity loans the perfect choice for your urgent money needs.  

So what are you waiting for?  Visit our website, https://www.samedaycashloan.ca/ for more details about our car title loans. Apply online or call toll free 1-855-904-9880 today!

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