Are you looking forward to taking a loan? Well, you must also be looking to get quick approval for the loan. But it is not possible in every case as every loan is not credited equally and has its particular terms. Borrowers who are stuck in an emergency or unexpected situation may look for lenders who can provide them with fast cash. In such cases, you may get it but either charged with a high-interest rate or with a very short-term period. Thus, the most suitable option is applying for Installment Loans.
This loan is an incredible tool that can help you get money immediately and pay back it in small monthly installments. If you get a loan from lending institutions such as Real Car Cash, you’ll get no restrictions on funds usage. You can use the money for anything such as paying medical bills, overdue credit card bills, sudden house repair costs, tickets, holiday trips, etc. To apply for this loan one should have a fully-paid for vehicle and a lien-free title to the car.
One can use these loans to meet the following costs:
Personal emergencies: This may include health or dental problems, home or car repair, or overdue utility bills, etc.
Major milestones: This may include marriage, reception of a newborn baby, or supporting your child for education.
Personal benefit: This involves going on a vacation or for necessary expensive purchases.
How To Get Money Using A Car’s Lien-Free Title?
The loan helps people borrow money instantly using your assets such as your truck, car, etc. You are eligible for the loan if your vehicle is not older than ten years. The loan amount depends on the equity value of your vehicle; this means that the equity value of your vehicle is the amount up to which you can borrow the loan. Thus, the higher the equity value the higher will be the loan amount that you can borrow from the lender.
Three Methods To Apply For The Loan
- Apply Online
You can apply for vehicle equity loans by visiting the website of the lending institution with whom you have decided to borrow the loan. You need to fill out the small application form that is there on the website. The application form does not ask you for deep personal things, it will just ask for your name, contact number, and email address. Also, some information regarding your vehicle such as year of purchase, make and model, and the number of kilometers it is used for.
- Contact directly
You can directly call the lender and let them know about your needs. If you’ll be eligible for the loan, the representative will brief you about the further procedure. He/She will guide you throughout the process.
- Visit Office
If you want to verify things on your own, you can visit the nearby office of the lending institution. You can then apply from there.
After applying for the loan the next step is to submit the requirements that are necessary for the loan. Here are the necessary documents that you have to submit to the lenders:
- A lien-free vehicle not more than ten years old
- A clear title to your car.
- You must be the age of maturity in your province
- Possess a valid Canadian Driver’s License.
- Proof of Vehicle Registration and insurance in your name.
- Proof of permanent residence
- Spare Keys to Your vehicle.
After the submission of documents, your vehicle will be inspected by professionals. They will check the vehicle and calculate its equity value. The equity value is totally dependent on the value of the vehicle in the market at present and the working condition.
On completion of all these steps, you’ll get approval and after getting approval you will get money within a few minutes. You can get the money through your preferred payment mode i.e. either cash or e-banking.
Major Advantages Of The Installment Loans
- No financial history checks are performed
The lending institutions that offer car equity loans do not check your financial history. This is because the loan is secured and the lender keeps the lien-free title to secure the money that they have given to you. Thus, you need not worry if you have a bad credit score. Further, if you are in between jobs and need urgent money, you can still apply for this equity loan.
- No early payment penalties
If you manage to pay back the loan amount early and want to close the loan account, you are free to do so. In title loans, you will not be charged with prepayment penalties.
- Low-interest rates
The collateral loans have the lowest interest rates in the entire industry that can help you rebuild your credit score as you will be able to manage all the payments on time. The rate is genuine and industry-best.
- The long term loan period
Most institutions offer a long loan period of at least four years. So, that you can easily manage to pay back the amount. Some of the best lending institutions such as Real Car Cash do not want you to feel the financial stress again.
- Keep your vehicle with you
With collateral loans using your vehicle as collateral, you need not surrender it to the lender. You can keep your vehicle and use it according to your own way. Once you get the money, you can take your vehicle and drive away.
How To Choose the Right Lender?
There is no shortage of online Canadian lenders these days, you just have to choose the suitable one. Instead of jumping on the loan first, be sure to do your due diligent research about the loan and lending sources. Quick actions often lead to wrong decisions thus, take your time to find the lending institution that best suits your needs.
You can also consider the following tips to find the right lender:
Along with interest rates look at APR too: An APR (Annual Percentage Rate) is the interest that is charged every 12 months including additional finance charges. APR is a more in-depth cost assessment than an interest rate, thus, you should find a lower APR.
Time for processing a loan: Before applying, research how soon you can get a loan. If you are in a hurry and need quick cash, the lenders should provide instant money. But be careful because sometimes loans taken in a hurry may incur higher interest rates and fees that others do not.
Loan terms: Longer loan repayment terms can be attractive because one gets a long time to repay the loan. However, long plans will also include interest and thus you’ll have to pay more than you have taken. Thus, you should first calculate the time you’ll take to repay the loan and then apply for a selected loan.
No doubt these loans are easy to access, but one should borrow responsibly before committing. Borrowing a large amount for going on a dream vacation can be tempting. You shouldn’t get an extra amount when you only need a small amount as this can be troubling. It can be hard to repay the amount and additional interest, thus consider taking the amount that you need.
If you can easily manage to follow a monthly payment plan, this loan may be the solution for you. This is best if you are able to get a loan at a low-interest rate or are trying to get out of a bad credit score. Installment loans can help you manage various financial situations in a good way.
Therefore, whenever you feel you are in a financial crunch, you can apply for Installment loans as you’ll get fast approval and quick money.