bad credit car loans

A Complete Guide about Bad Credit Loan

Credit Card

When the financial crisis sucks your life very badly, and you don’t have a way to get rid of these problems, then you need a helping hand which makes your lifestyle smooth again.

But it’s not easy for you to borrow the instant cash for your unexpected emergencies because if you want to go to the bank for money, then your bad credit can create some difficulties for you. You can’t get approved for a loan with your poor credit score.

Don’t worry! You have the best solution ever that can give you funding quickly. With bad credit car loans, you can easily be approved for the loan with your low credit history. Yes, your bad credit doesn’t matter for the application. Within a few hours, you can obtain cash easily.

Most Common Situations Which Demand Instant Cash 

Here is some of the most common situation in which you need the funds quickly for a specific purpose.

  • When you want to renovate your home
  • You have met with an accident, and your car needs repair instantly
  • That situation when you have to pay high medical bills
  • Need quick money for your personal finance-related problems
  • Want to go for a family vacation
  • Money required for wedding preparations and many more

What are Bad Credit Car Loans?

Bad credit car loans are also known as No credit check car loans. These loans are for your instant cash needs where borrowers can use their vehicle title as collateral – for example, your car, truck or motorcycle. The loan is secured by your vehicle title, which is used as collateral for your further loan process.

In this, you get a loan even if you have a bad credit history. The cash is in your hand within 24 hours without any hassle. The loan procedure is simple and fast, and you just take a few minutes to complete the process. Only your vehicle is enough for the loan acceptance and the application process.

The Amount You Can Borrow with Collateral Loans

Now the question that arises is “how much loan amount you will get from the poor credit car loans?” the answer – your amount is based on two things:

The Market Value of the Vehicle:

The amount you can borrow with title loans is based on the market value of your vehicle. The high value of your vehicle can help you to get a better loan amount.

Condition of Your Vehicle:

The second thing which your loan depends on – is the condition of your car. If the condition of your vehicle is good, then the loan amount you acquire goes high. So make sure that your vehicle must be in good condition.

Does the Loan Provider Keeps Your Vehicle?

No! It’s rare but not all lenders keep your vehicle. Some loan providers can’t store your vehicle during the loan payments. You can use your vehicle as normal in your daily life and can drive your car easily during the loan session or period.

Benefits Associated of Bad Credit Car Loans

No Credit Checks or Job Requirements

You do not require good credit or employment history. If you do not have perfect credit, you can still apply for a loan.

Low Monthly Payments

Some lender offers low monthly payment plans for collateral loans that are affordable and manageable and suits you in all conditions.

Reasonable Interest Rates

Get the reasonable interest rates in the industry with the ZERO penalty for paying off your loan ahead of schedule.

Flexible Repayment Plans

You can choose a convenient monthly repayment plan. You may deposit payments at any time in varying amounts allowing for the most flexible repayment plan.

Quick And Easy process

Our loan procedure is easy and fast. For a car title loan, all you require is a fully owned vehicle.

Cash On the Same day

After getting approval, get your cash on the same day and drive off with your vehicle.

benefits of bad credit car loan

Steps to Apply for a Collateral Loan

Call or Apply Online and Get Approved for a Loan:

With just one quick call or an online application, you can get approved for a loan even if you have poor credit.

Easy Paperwork:

The car collateral has created a simple and efficient online application. All you have to provide is the following:

  • your car’s make
  • your car’s model
  • your car’s year
  • your car’s kilometres
  • your contact info

Keep Your Car During The Loan:

Once the loan process is completed and you’ve received your cash, you can drive off with your vehicle during the entire loan period.

Receive the Cash:

You can receive the cash in your hand within a few minutes. Receive your money along with your vehicle.

For approval, you need to fulfill some basic requirements. 

  • The vehicle must be properly registered and insured in the name of the applicant.
  • You must possess a Canadian driver’s license.
  • Proof of permanent residence is required to apply.
  • You must be of legal age in your respected province.
  • Your vehicle must not be much older.

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