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Based on the third quarter of 2023, the average Canadian is grappling with over $15,000 in credit card debt.

When considering financial solutions, title loans are a convenient pathway to quick cash.

Can you get a title loan on a financed car in Ontario? Read on to delve into this question and learn more about title loan options for financed cars.

The Concept of Title Loans

A title loan lets people borrow money against the equity in their vehicles.

With traditional loans, credit scores and employment history play a significant role in approval. Instead, title loans are secured by the value of the vehicle itself. This makes them an attractive option for those with less-than-perfect credit or those in need of immediate funds.

Can You Get a Title Loan on a Financed Car in Canada?

The answer to this question largely depends on the policies of the lending institution and the specific circumstances of the borrower. In Canada, getting a title loan on a car under financing may be possible.

It’s worth highlighting the potential challenges and considerations involved.

Ownership and Equity

One of the main requirements for obtaining a title loan is ownership of the vehicle. When a car is financed, the lender registers a lien against the financed vehicle and it stays there until the loan is fully paid in full. This means that the borrower does not have the ability to use the vehicle as collateral until the loan is satisfied.

Typically lenders will not provide a title loan if there is any money owed on the vehcile. If a lender does offer this it is best to stay away from it as it will cause major problems with the original lender.

Lender Policies

The policies and guidelines of individual lenders play a sizable role in determining whether they offer title loans on financed vehicles. Some lenders may be willing to work with borrowers who have outstanding car loans.

Others may have stricter requirements. It’s essential for borrowers to research and compare different lenders to find one that aligns with their needs and circumstances.

Loan-to-Value Ratio

Another factor that lenders consider when approving title loans on financed cars is the loan-to-value (LTV) ratio. This ratio represents the percentage of the vehicle’s value that the lender is willing to loan against.

In the case of financed cars, the outstanding loan balance is subtracted from the vehicle’s current market value to determine the available equity. Lenders typically have maximum LTV ratios, and borrowers must ensure that their vehicle’s equity meets these requirements. Fast Action Finance DOES NOT lend when there is any money owed on the vehicle.

Document Requirements

When applying for a title loan on a financed car, borrowers may need to provide additional documentation to verify ownership and equity.

This will be the vehcile’s registration, the insurance, your driver’s license and other relevant items.

Paying Back a Loan

Once approved for a title loan, borrowers must adhere to the title loan repayment terms. This includes making regular payments on the loan amount, as well as any associated fees or interest charges.

Choose a payment plan that fits your cash flow. This will make it easier for both the borrower and the lender. Lenders usually work with borrowers if they hit hard times, but it is best to set it up correctly inthe beginning.

Exploring Title Loan Options

It’s true that title loans can provide quick access to money without a credit check or employment verification. Still, they also come with risks and responsibilities.

Before getting a loan, borrowers should always research lenders.

Empower Yourself With the Advantages Offered by Fast Action Finance

Fast Action Finance emerges as a beacon of support, offering a range of benefits designed to address urgent financial needs.

It’s worth exploring the advantages that make Fast Action Finance a preferred choice.

Access to Substantial Funds When Taking Out a Loan

Fast Action Finance provides individuals with the opportunity to secure loans of up to $25,000, allowing them to address a variety of financial needs effectively.

Whether it’s unexpected medical expenses, home repairs, or debt consolidation, having access to substantial funds can provide peace of mind during challenging times.

Retain Ownership and Usage of Your Vehicle

One of the standout features of Fast Action Finance is the ability to obtain a loan while retaining ownership and usage of your vehicle.

Unlike traditional loans, Fast Action Finance allows people to keep and drive their vehicles. This provides a sense of stability and continuity in their everyday lives.

Simplified Application Process

Fast Action Finance streamlines the loan application process, eliminating unnecessary hurdles and paperwork.

In the absence of credit checks or employment verification, you can enjoy a hassle-free experience when getting financial aid. This simplified approach ensures that funds are accessible to many more people, regardless of their credit or employment situation.

Expedited Approval and Instant Cash

In times of financial urgency, time is of the essence. Fast Action Finance recognizes this need and offers same-day approval, providing individuals with the peace of mind that comes from knowing their loan application has been swiftly processed.

Upon approval, borrowers can access instant cash, enabling them to address their pressing financial needs without delay.

Transparent Fee Structure

At Fast Action Finance, transparency is fundamental. There are no upfront fees associated with loan applications, ensuring that borrowers are fully aware of the costs involved before committing to a loan.

This openness leads to both trust and confidence in the lending process.

Competitive Interest Rates

Fast Action Finance prides itself on offering some of the best interest rates in the industry.

With competitive rates, borrowers can benefit from lower costs and more manageable repayment terms.

It’s Time to Get a Reliable Title Loan

Has anyone asked you, “Can you get a title loan on a financed car?” Be sure to explain to them the options and why it’s something worth considering. That way, you can get quick cash during times of emergency.

That’s where Fast Action Finance comes in. Since the 1990s, we’ve proudly served the citizens of Ontario. In addition to car title loans, we offer collateral loans and motorcycle storage loans.

Are you ready to get the money you need? Don’t wait to call Fast Action Finance toll-free for a quick loan.