With the recent increase in loan requests, banks have become more vigilant and stricter in scrutinizing loan applications. More and more people are facing rejections due to lousy credit scores, incomplete paperwork etc. This has given birth to a new trend of opting for auto equity loans. These loans come with a lot of ease for borrowers. Unlike banks, not much paperwork is involved. Most Canadians may not have perfect credit scores but vehicle equity loans work . Below you’ll find more information about these loans and how to go about them.
What Is An Auto Equity Loan?
You must have heard about a home equity loan wherein you use the total equity value of a house to get a loan. These vehicle equity loans work the same way. In an auto equity loan, the car equity is evaluated , and the loan amount is calculated based upon that number. The title of the vehicle is used as collateral for the loan so you can borrow the cash you need. These loans are best provided by Snap Car Cash which doesn’t consider things like poor credit history or proof of income.
Why Should You Choose an Auto Equity Loan?
An Auto Equity Loan is the best way out of a critical monetary situation like a big medical bill, credit card payments, urgent repairs work etc. Snap Car Cash gives you access to money when you need it most. These loans are fast approval loans. They generally take just a couple of hours from the time you fill out the online application and submit the documents. We will ask you to also bring your vehicle in for inspection to one of our offices. It is essential to get your vehicle inspected as this is the final step to determine the qualifying loan amount you are eligible for
Another reason you should choose an Auto Equity Loan is because of the ‘same day cash’ feature. Once the whole verification process starts and you get approval, it just takes a couple of hours for you to get your loan money in your hands. Traditional lenders like banks and credit unions may take several days or weeks, even months to approve a personal loan, let alone its disbursal. On the other hand, we provide cash to the borrower on the very same day. What could be more convenient than this!
Apart from this, we don’t ask for proof income or your employment details. We also don’t charge any prepayment penalties on early payment of a loan before its tenure . Our payment system is flexible and we lend the money at competitive interest rates. You can easily borrow upto $50,000 against your car.. Many lenders ask for several documents and have complicated paperwork. This leads to a delay in the loan process and the borrower ends up waiting for days or weeks for approval. Our paperwork is streamlined and easy to complete, making it a quick turnaround process.
Does Your Credit Score Matter?
If you choose to go to a bank, then it does. But we are not bothered about your credit history. The idea is simple. We keep your title document simply as security, and hence your credit score doesn’t matter. Banks generally approve a loan with a credit score above 670 or 700. Anything below that is sure to get rejected. That’s not what we are about. We accept all types of credit, good, bad or no credit at all!
So, if you have an urgent cash requirement, try our auto equity loan. The primary documents required for applying at Snap Car Cash are :
- Fully paid off vehicle no older than 10 years
- A lien free vehicle title
- Proof of permanent residence (piece of computer generated mail)
- Government issued ID
- Vehicle registration papers in your name
- Vehicle insurance papers in your name that include collision and comprehensive
- Driver’s licence (Canadian)
- A second set of keys to your vehicle
To know more about these title loans, call toll free 1-888-886-SNAP(7627) or you can also apply online
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