Car Questions: How to Get a Loan With Your Car
Are you in desperate need of cash, but having a hard time coming across it? Do you wonder if there’s a way for your car to be used to get the money that you require? If so, then you need to learn how to get a loan with your vehicle.
Contrary to popular belief, the process is low-risk and offers a very high reward. You can get a loan that gives you the cash quickly, and it can be paid off quickly, before the maturity date without penalty or can be held for the full term of the loan, which is up to four years.
See below for an in-depth guide on how you can use your car to get a loan, even if you have bad credit.
1. Find the Right Loan and Provider
If you need money fast, then you’ll want to find a loan to help fulfill your timeline. The problem is that most loans require you to hit a certain minimum before they’ll even consider taking you on as a client. That’s where car title loans can help save the day.
For those of you that are unfamiliar, car title loans are loans where you pledge your paid off vehicle as collateral and allow a lien to be registered against it, and then get a loan based on your vehicle’s value. You get the cash that you need right away, then can pay it back early or at the end of the loan, and have the lien removed. You’re still able to drive your car around while you pay off the loan, so there are no setbacks on your daily agenda.
That said, you’ll want to make sure you land the perfect car title loan and provider for your situation. Here at Fast Action, we offer car title loans up to $25,000 depending on the value of your vehicle. We don’t require any credit checks, we can approve you over the phone, and have the money to you in one hour—hence our name!
2. Apply Online
Now that you have found the right car title lender and loan terms, it’s time for you to apply! Make sure that the lender you choose offers a quick path to their application. Most reputable lenders, such as Fast Action, have an online form that you can submit online. It’s as easy as visiting our website and clicking “apply”.
All we need is a few basic pieces of information for our application, such as your:
- First and Last Name
- Email Address
- Phone Number
- Loan Amount You’re Looking For
- Your Car’s Year, Make, and Model
- Your Car’s KMS
Once you submit that information, we’ll get right to work. We’ll look at the info you’ve provided and determine whether or not it lines up with what we’re looking for.
3. Send Additional Information
To get things into motion, we will need you to send over a few different pieces of documentation to validate your ID, as well as make sure you have the vehicle in your possession. Such documentation includes:
- Your driver’s license
- Paystub (if you have one)
- Two forms of ID
- Proof of ownership of the vehicle
- Proof of car insurance
- Void cheque
- Utility bill from the address you placed on your application
- Pictures of your car
For the two forms of ID, we accept things such as your birth certificate, a permanent resident card, citizenship card, SIN card, health card, passport, or any other form of government-issued identification. Let’s dive into what we’ll need for the photos of your vehicle…
4. Send Photos of Your Vehicle
As you might expect, we will want to make sure that you have the vehicle in your possession and assess its current condition. but how many photos do you need to send? Where should you take the photos? Don’t worry, we’ll lay it all out for you!
First off, this should be prefaced by saying that you can forego the photos if you bring your car into our office. If you don’t have the time to do that, then the photos will work like a charm!
We require eight photos total. One from the left side, right side, front, back, front interior, and back interior, as well as a picture of the odometer reading and the VIN or serial number. These are found on either the dashboard of the driver’s side of the car or inside the doorpost of the driver’s side door.
The quicker you get these photos to us, the quicker we can speed up the process. Your application can be reviewed and approved very quickly, as long as you provide all of the information and photos that our application process requires.
5. Accept and Pay Back the Loan
Once we’ve approved your application, we send you the loan documents to sign and when we get them back we give you the cash immediately. Here at Fast Action, we allow car owners to continue driving their vehicles, because having a lien registered against your is all we need to secure the loan.
We will send over paperwork right away that gives the details about how you need to repay the loan, what you need to pay, and when. Of course, if you have any questions about that aspect of it, we’re happy to help!
Once you repay the loan, we will discharge our lien immediately. It will be as if you never took the loan in the first place!
How to Get a Loan: Consider Car Title Loans
Now that you have seen how to get a loan with your vehicle and the huge help that car title loans can be for your financial situation, be sure to use this to your advantage.
Be sure to read this article for more information on the 5 things you should consider before you get a car title loan.
For more inquiries, please be sure to reach out via our contact us page and we will be happy to assist you further.