How to Choose the Best Car Title Loans in Ontario for You
Are you looking for a way to cover your rent in the short term? Do you find yourself searching for a loan option that can be paid back early? If so, then you need to take some time to find the best car title loans in Ontario.
Doing so can help you have more peace of mind with your finances. They can offer you an option for quick cash whenever you’re in a pinch.
See below for an in-depth guide on car title loans and how you can go about choosing the best ones for your needs.
1. Look for an Efficient Application Process
One of the biggest advantages of applying for a car title loan in Ontario is the opportunity for fash cash. However, depending on the car title loan provider, you may not have as quick of an experience as you’re hoping for.
You can ensure yourself a quick process by doing some research on the car title loan provider beforehand. Read up on their application process within the site itself. Make sure you have answers to these questions before you apply:
- How quickly can you get your hands on the money you need?
- Can the approval process be done over the phone?
- Do they require credit checks of any kind?
- How does the lender ensure a safe and secure process for your information?
- Do you have to have a current job to apply?
- How can they offer you a fast application process while maintaining your security?
Here at Fast Action Finance, we take pride in offering Toronto residents a quick way to the cash they need. You can borrow up to $25,000 depending on the value of your car/truck.
Better yet, our approval process can be done entirely on our website and via phone. You’ll have your money within an hour of getting approved.
2. Look for Positive Online Reviews
Not doing due diligence on your car title loan lender is like buying a car from an untrusted car dealership: you never know what you’re going to get. Choosing the wrong lender can set you up for some unforeseen fees, a longer repayment period than you were hoping for, and so on.
You need to research the lender themselves. Do clients enjoy working with them? Do they make the process as easy as possible or complicate things?
Take the time to read through online reviews on the company you’re considering. These can either be found by Googling the name of the lender you’re considering or reaching out to someone that’s used the lender before.
If you have a few questions to ask yourself as you read them, then it can help you determine whether or not they can be trusted. Here are a few to get things started:
- Do the customers seem satisfied with the application process they experienced?
- How quickly did they get the cash in hand after getting approved?
- Do any customers disclose how much they were able to receive from the car title loan?
- Was the repayment process easy and seamless?
3. Ask About Repayment
Generally speaking, car title loans can be scheduled from one to three years, with the ability to pay the loan back earlier. Some people take the loan for longer, which will reduce the monthly payment amount, then simply pay the loan back when no longer needed. When the loan is repaid the lien registered against your vehicle to secure the loan will be discharged immediately.
That said, you should never assume those are the parameters. Lender’s practices may differ, so simply ask for clarification.
Whenever your car title loan lender sends you over the specifics of your loan, make sure that you learn as much as you can about the details of it.
Does the repayment period make sense for your situation? Are they offering you the amount of money that you require?
With fair repayment options, a car title loan can help you in times of financial stress. You can break up the large lump sum payments (such as rent) into smaller payments to suit your needs.
4. Find the Right Loan Amount
We’ve mentioned this a time or two already, but it bears worth repeating: make sure the car title loan lender is offering you the amount you actually need.
It does you no good to accept a car title loan for less than you require. You’ll still need to go elsewhere to find the remainder.
The amount you can receive from a car title loan depends on the value of your car/truck. Make sure to figure out how much that is before you get too deep into the process. Title loan lenders typically want to lend you as much as possible, but this amount is limited by the value of your vehicle from the lender’s point of view. They use various publications and sales history pertaining to your vehicle and will base it on that. There are many times that the borrower thinks their vehicle is worth more than the lender does, but the lender goes by what they have determined the value is, not your perceived valuation.
5. Know the Qualifications
Can you confidently say that you know the requirements of the car title loan you’re about to apply for? If not, then make sure you do.
For example, you want to ensure that the lender requires you to be the legal owner of the car; it shows that they’re going about their business the right way.
You don’t have to go far to look for this information. The car title loan lender should have all of this spelled out on their website. Make sure you qualify before you apply; that way, you are spending your time wisely.
Find the Best Car Title Loans for Your Needs
Now that you have seen an in-depth article on how to choose the best car title loans in Ontario for your needs, be sure to use this information to your advantage.
Take the time to read this article for more information on the Canadian title loan requirements and what you need for fast cash. To get started, give us a call toll-free at 1-877-346-2274.