Are you considering a car title loan and curious about the approval process? Car title loans can be a convenient option if you need quick cash and own a vehicle.

In this article, Mr.GOODLoans will cover the key factors that lenders look for, from vehicle ownership and income verification to car condition and required documentation. By understanding these requirements, you’ll be better equipped to successfully apply for a car title loan and get the funds you need quickly.

If you are looking to get a loan from a bank in Alberta, expect the following:

Credit Score

Having a great credit score is important to the bank when you are looking to secure your next loan. If your credit score is below 650, a bank will generally not approve you for a loan.

Debt to credit ratio

If you have lots of credit, it won’t matter if you have lots of debt. If you have maxed out your credit, you could still have a good credit score but show you have met or exceeded those limits; this will come as a hit to your credit report. Banks need to see that you have credit along with a good credit score.

Employment

If you are employed, the banks will require that you have been at your employment for at least 6 months and if you can provide your T-4 they can verify your income.

Contractor/Entrepreneurship

If you are a contractor or an entrepreneur, the banks will expect you to provide proof of income for at least one year. If you do not have taxes filed and cannot prove your income without providing your tax information, most banks will not consider this until two years.

If you are looking at getting a quick car title loan in Alberta, expect the following.

Application process

The application process is fairly easy as long as you have your title in hand and a photo ID. The bank must not own your car – you must own it and not have anything owing on the loan of your vehicle. You can also apply for a car title loan online, which is often approved in 24 hours.

No credit check needed

The great thing about these loans is that you can be approved without a credit check at all. No credit is needed and your credit will not be checked.

You keep your vehicle

The other great thing about car collateral loans is that you get to keep your vehicle. If you make your payments on time, you will always get to keep your vehicle, and at the end of your term, you will get your title back.

All about the terms

The reason these types of loans are so popular and accepted is that they are not only safe, but they are easy to pay off, and you won’t be penalized for paying your term out early. You will get to avoid the interest rates. These loans are extremely affordable, and the term is set for a long time. This comes with higher interest rates.

Why Choose Mr. GOODLoans?

These car title loans are a great way to go if you are looking for a way to put a down payment on something, are going to further your education or need a small business loan. Sometimes, we have emergencies and need to pay bills or pay someone back. These loans are great to turn to for many things in life.

Mr. GOODLoans offers a quick and easy approval process. Most lenders have inflexible lending policies, making getting fast cash challenging. Mr. GOODLoans offers loans that provide the money you need while also allowing you to keep your vehicle!