One of the most common misconceptions people have about car title loans is that you are required to put up your car as collateral. This is not true. You are simply borrowing against your vehicle title, which maintains ownership even when lending. It is the same process as taking out a loan from your bank.
When you take out a car title loan, you are required to sign over the title to your vehicle until the loan is paid back in full. This is where the confusion may come in, but this is also where the main differences begin to surface. If you were to default on a car title loan, you would lose your vehicle and have to walk away from it.
To Qualify For a Title Loan, You Must Meet The Following Criteria:
- Legal age or older within your respected province
- Owning a vehicle (Car, Truck, Van, S.U.V or Motorcycle) that is no more than Eight (8) years old(Some exceptions apply Call us to find out if your car qualifies)
- Clear title to your vehicle
- You need to have both collision and comprehensive insurance on your vehicle
- You must have the vehicle registered and insured in your name
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