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    Home » How Much Can I Borrow Against My Car?
    Finance

    How Much Can I Borrow Against My Car?

    Bilal AdminBy Bilal AdminJune 3, 20216 Mins Read
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    How Much Can I Borrow Against My Car?
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    You can borrow 25%-50% of the value of the car. The average loan amount is $100-$5500, but there are some lenders who can lend you up to $10,000 and even more. The loan amount for car title loans also completely depends on the condition of the vehicle and the market value of the vehicle is also considered and kept in mind while deciding the loan amount for the borrower. There are several things that you need to know and learn about before settling for the loan or getting the loan for yourself. Let us have a look at the things that one should know before getting the loan. 

    How to get car title loans?

    The process to get this loan is simple and the hardest part is getting the loan approved. When you opt for getting the loan from the dealer, the dealer will help you in filling out the application form and also submit the form on your behalf. If you opt for the loan from the private seller you will have to do the process of the loan application all by yourself, thus the hard work will be all yours in this case. There are a few steps that you will be required to follow in order to get the loan. 

    Step1– You will be required to complete the lenders’ loan application in order to get the loan. You will be required to provide all the personal and financial information as required by the lender in order to get the loan. 

    Step2– After filling out the online application form you will be required to submit a list of documents to the lender. For instance, you will be required to submit- proof of the registration and insurance of the vehicle, title papers of your car, proof of your legal age according to your province, proof of your permanent residency in Canada. You will be required to present such documents to the lender in order to get the loan. 

    Step3– Wait for the approval for the loan from the lender. This might take hours or days to get the loan approval from the lender. 

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    These are the steps that you will be required to follow in order to apply for the loan and also to get the loan approval from the lender. Now since you are aware of the way and the process to apply for the loan, let us move further and discuss and look into how one can pay off this loan?

    How do you pay off a car title loan?

    Car Title Loans have set repayment schedules and thus your payments will be due on a specific date. Payments are usually due every month but the landers vary. To maintain your credit score, make sure that you make your payments on time, no matter what! You should know that your payment history does put an impact on your credit score.

    There are several lenders that prefer to set up pre-authorized payments that come directly out of your bank accounts when the payment happens to be due. If you wish you can make a higher payment than what is actually due. With the help of higher payment, you will get help with reducing the term for your car loan, and also it will serve as premature interest payment. 

    This is how you can pay the loan amount with ease when you opt for a car title loan. 

    Can I get a car title loan with a bad credit score?

    It is absolutely possible for you to get a loan with a bad credit score. But you will be required to put in extra effort to get the loan. And for the same reason, it is always suggested to one to have a good credit score so that the person never faces any issues in getting loans from the banks or any other kind of money lending institution. Well, let us have a look at the ways by which one can improve credit scores before applying for a loan.

    1. Make sure that you improve your credit score before you apply for the loan by not missing the payments.
    2. By catching up on past-due accounts.
    3. Limiting how often you open new accounts.

    By making use of these ways you can improve your credit score no matter what. And once you have improved your credit score you will not find any difficulty in getting the loan be it from the banks or any other money lending institution. So let us have a look at the reasons why people opt for Car Title Loans instead of getting any other kind of loan. 

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    Why do people opt for this loan instead of any other kind of loan?

    People prefer this loan for the benefits that this loan provides. The population and density of people getting this loan are more than any other kind of loan and it is all because of the advantages that one gets from this loan.

    Advantages of this loan

    1. The loan approval is quick

    This is one of the foremost reasons why people opt for this loan. The process to apply for the loan is simple and the process of documentation is minimal as compared to banks or any other kind of money lending institution. 

    2. Loan tenure period

    The loan tenure period for this loan is four years which gives the borrowers enough time to collect the funds for the loan and pay back the loan amount with ease. 

    3. No credit check

    If you have a bad credit score you can still apply for the loan and get approved for the same. Your credit score will have nothing to do with the loan no matter whatever your credit score is. 

    4. Low-interest rates

    You get low interest rates on this loan. Canada Car Cash provides such amazing interest rates that the clients come back to us to get Car Title Loans for the competitive interest rates that are provided. 

    These are the reasons why people opt for this loan over any other kind of loan. If you are certain about getting this loan then you might consider having a look at all the aspects and doing diligent research before getting the loan.

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    Shyam Kumar is the founder of My Viral Magazine. He writes a personal blog and is a creative digital marketer with 4+ years of experience.

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