Understanding Car Title Loans for Financed Cars

Taking out a personal loan is perfectly normal, so much so that, according to online sources, you join over 19 million Canadians who also use this financial option. One of several methods to get a quick injection of cash to pay off debts or start a personal project is to use car title loans, which you can use even if the vehicle is financed. Have you considered this type of loan before, or do you need to know more first?

Discover how car title loans for financed cars offer a practical solution for short-term financial needs and how they can even help if you have not paid off the collateral yet. Learn how this allows you access to funds within hours, allowing you to use it immediately, and what Fast Action Finance can do to make that happen today.

Loan Eligibility for Financed Cars as Collateral

Because you are currently repaying the car, you will need to provide a few pieces of information when you apply for the loan. These will show the lender that you are who you say you are and that you can repay the new loan.

Financial Documents

A lender will need to see that you are someone who can repay a new loan. This information should show that you can handle your existing car payments and any new title loan repayment.

If you have documents that can prove this capability from a reliable source, a loan company such as Fast Action Finance should often accept it. Examples of the types of documents they are likely to accept include:

Pay stubs
Tax returns
Bank statements
Social Security benefit statements
Alimony or child support records
Disability income statements

The above list is not exhaustive, but in general, any document should be able to reinforce your capacity to meet the financial obligations a loan would put you in an advantageous position.

Proof of ID

Companies such as Fast Action Finance will also need a government-issued ID from you and information that states where you live to prove your identity and address. Some of the items you can use for this will include:

Government-issued driver’s license
Proof of residency
Lease agreement
Utility bill

These will verify your stability and address, which are essential when using a movable item such as a financed vehicle as collateral in secure car loans.

Proof of Insurance and Vehicle Value

You should ensure the vehicle you want to use as collateral has insurance, protecting it against events that could impact its value. Doing this protects both you and the lender from unforeseen circumstances.

A well-maintained and roadworthy vehicle can also help you secure a higher-value loan. However, these need not only be traditional cars. Fast Action Finance allows borrowers to use many other vehicles, such as trucks or SUVs, so long as enough equity remains in the vehicle.

Credit Checks

While many other locations might ask you for a credit check, Fast Action Finance understands that many people struggle with their credit scores. As such, you do not need to worry about your score with Fast Action Finance. Instead, your vehicle’s equity will act as the collateral, allowing you to qualify for funds even with existing financing agreements.

Calculating Your Loan Amount

How much you can borrow against car equity will depend heavily on your vehicle’s market value. Fast Action Finance will determine this amount depending on a range of factors, such as the vehicle’s:

Make
Model
Condition
Age

While the amount the lender chooses to offer will not always be the same, it is typically a percentage of the vehicle’s total assessed value. As such, understanding your car’s worth can give you a better estimate of the funds that will be available to you. You can then plan your finances much easier before applying.

In general, if you have a choice of several vehicles, larger and better-maintained ones will qualify for better loan offers. If you think you may need loans for financed vehicles at some point in the future, keep your vehicle in a good state, maintaining it to impact its value positively.

Understanding Loan Amount Standards in Ontario

Borrowers should try to understand the legal standards for all auto title loans in Ontario, where Fast Action Finance is based. These regulations ensure that loan amounts and terms are fair for those who choose to borrow.

The lender strictly follows all provincial regulations, so borrowers can expect the company to adhere to fair practice standards. By aligning with these laws, Fast Action Finance can ensure that the loan process is transparent and allows you to plan your budget much better. You can also expect that the loan you receive reflects the vehicle’s value fairly.

The company also supports its borrowers by having information on its website that clearly explains how these standards apply to their loan amount. They can then make much more informed financial decisions.

Streamlined Loan Approval Process

When you want to apply for a loan with Fast Action Finance, there is no need to have difficult meetings with staff in person. Instead, the whole process is quick and easy to get the money in your hands much faster.

After providing the above information, you only need to provide photographs to prove the vehicle’s current state, and approvals are issued quickly. Usually, you may even have the approval within the hour and the money in your account shortly after that.

You can even apply online or over the phone, giving you options and access to a real person if you have questions about the loan process. Either way, Fast Action Finance aims to provide you with the best interaction for you.

Get the Quick Cash You Need with Car Title Loans for Financed Cars

Talking to Fast Action Finance is the best way to get car title loans for financed cars. Even if you’re still paying for your vehicle, working with us means you can apply and expect a confirmation within a few hours. You can then use the money that day to handle sudden or unexpected payments.

Fast Action Finance can help you avoid complications like credit checks at a time when fast cash is crucial. You only need to head to our website to see what else we offer. So, get in contact today to start the process.