Finding Car Title Loans Online: Everything You Need to Know
Are you looking for a way to get some much-needed cash without committing to a long-term loan? Are you wondering how do car title loans work and whether or not they’re the right fit for your situation? If so, then you need to learn all you can about the process.
When searching for car title loans online, you’ll have no shortage of options. But here’s the catch: only a few of them can offer what you’re truly looking for.
See below for an in-depth guide on finding car title loans online, as well as answers to all of the most frequently asked questions regarding the subject.
What Is a Car Title Loan?
For some of you in Ontario or elsewhere in Canada, you might not be entirely familiar with what a car title loan is. As the name would imply, it’s a type of loan that allows you access to quick cash, which usually equates to 50-percent of your vehicle’s black book wholesale value.
To gain access to the loan amount you need, you will allow the lender to register a lien against your paid in full car, or truck for the amount of the loan. Once you pay back the sum of the loan (with interest), then the lender will immediately remove their lien and it will all be as before the loan was granted..
The repayment process can vary depending on the situation, but typically lenders write the loan for one to four years, with you having the ability to pay the loan off early. You and your car title loan provider will agree to these terms before you hand over the car title, so there won’t be any unwelcome surprises.
This allows you to avoid taking out a high-interest payday loan or other line of credit product that these payday lenders offer. It can help you with things such as catching up on bills, paying the deductible for insurance coverage, and other emergencies where you need the money as quickly as possible.
Here’s the best part: you can still drive the car as you pay the car title loan back. It will not harm your means of transportation in any way.
What Does the Application Process Look Like?
When most people hear the term “loan”, their head automatically envisions a lengthy application process. That isn’t the case with car title loans at all!
Our goal is to get you the money that you need quickly. To start, you simply fill out our online application form, which asks for such information as:
- Your first and last name
- Your phone number
- Your email address
- The loan amount you’re requesting
- Your vehicle’s make, model, year, and vehicle KMS
Contrary to most loans, car title loans don’t require a credit history check or proof of a job. Your car is the collateral that secures the loan. The only goal is for you to pay back the loan to get the lien discharged from your vehicle.
When you go to apply, be sure to have all proper documentation ready, which includes:
- Utility bill with current address and recent date (or other proof of address)
- Proof of insurance
- Driver’s license
- Proof of vehicle ownership (both front and back)
- Void cheque
- Two forms of ID
For the forms of ID, you can use things like a passport, birth certificate, citizenship card, SIN card, health card, etc.
You’ll also need to have pictures of the vehicle, which include the front, rear, left side, right side, odometer reading, interior, and serial number. All the documents can be sent by taking a clear picture of them and sending through your smart phone.
How to Find Great Car Title Loans Online
Now that you understand what car title loans are and what the application process looks like, how can you shop around for car title loans online? How can you ensure you find the right fit for your needs? Here are a few pointers to get things started.
Read Online Reviews
If you are going to allow a lender to register a lien against your vehicle, you want to make sure that the lender can be trusted. Thankfully, in the online world, Ontario residents have many different ways to get insight into a service.
By reading online reviews and customer testimonials, you can get a better sense of the car title loan lender. Do they have a track record of success? Are their previous clients happy? Are they easy to work with? It all plays a factor!
Search for an Easy Process
Like we said before, you need the money quickly! If a car title loan lender is requiring you to jump through hoops to get your loan, they aren’t worth your time.
Here at Fast Action, we’re all about streamlining the entire process. You can start your application online and have it approved over the phone. From there, we send you the loan documents to sign, which can be done electronically. After these have been received back the money can be wired to you or deposited into your bank accout. You can perform our entire application process without ever having to step into our offices if you’d prefer.
Consider Your Situation
Your situation should always be used to measure when a car title loan provider is right for you. The best car title loans are those that offer flexibility for their applicants.
For example, perhaps you recently lost your job. As a result, you need a way to pay your bills for this month in the short term.
If a lender requires you to show proof of a job, they aren’t the right fit for you. You want to find a loan that can help you arrange manageable smaller payments, which a car title loan (with the right lender) can do for you.
Find Car Title Loans Online Today
Now that you have seen an in-depth guide on how to shop for car title loans online and find the right lender to team up with, be sure to use this information wisely.
Take the time to read this article to learn more about how to get a loan with your car and what that process might look like for you.
For any other questions that you might have, feel free to call us at 1-877-346-2274 and we will be happy to assist you further.