Here are some reasons more and more people are turning to car title loans in Alberta
1 – With car equity loans, you can keep your car during the loan term.
- What is great is that you do not need to forfeit your vehicle during the term of your loan. You get to keep it… and because you do, you can use your vehicle to possibly make the money you need to pay your loan back. You might need your vehicle to drive to and from work or maybe you use your vehicle for a delivery service or taxi service such as Amazon Delivery driver, Skip the Dishes driver or an Uber driver.
- These types of jobs are contract positions and can be another reason a typical lender won’t approve you. They only approve people who have secured contracted employment and not contract employees if you cannot at least provide up to two years of T-4’s for them to trust you have had consistent income.
2 – With a car title loan, you don’t need good credit or any at all.
- This part is short and sweet. You do not need to provide any credit and there are zero checks. Much easier than one would expect. Just provide your car title and prove you own your car and boom!… approved.
3 – You can pay the vehicle title loan off early.
- If you want to avoid the high interest that can typically come with taking out a car title loan, you can pay the loan off early with no penalties or fees.
4 – It is very affordable to make car title loan payments.
- Because your car title loan lender cares about you getting your title back, they ensure not to break your bank and provide you with longer terms and smaller payments.
5 – Car title payments allow you to use your vehicle for positive equity.
- If you have heard that your vehicle depreciates in value by about 30% the moment you drive it off the lot, this is true. Unlike owning a house that will increase its value over time, a car does the exact opposite and it is immediately after you purchase the vehicle.
- If you want to make your car make you money, you could take out a car title loan and use it as a type of investment such as a down payment for a home or securing a business loan.
One of the biggest pluses of applying for a quick cash loan is that you can apply online and even get approved the same day. It is simple and only takes up to 20 minutes for you to get an answer back the same day or within 24 hours from the comfort of your home.