What Documents Are Required For A Title Loan?

Here are times when we have to shift jobs, change sources of income or sometimes forced to look for better opportunities. There generates an income gap in such situations. It gets difficult to manage household activities and others and if any emergency occurs it turns the entire condition. Title Loans also known as ‘auto equity loans’ and ‘vehicle collateral loans’ allow borrowers to bridge these temporary gaps in income by using their vehicle as collateral.  

The companies that provide title loans use the equity value of your vehicle to determine the size of the loan. Unlike traditional lenders, Canada Car Cash and such institutions allow you to keep your asset while you pay off the loan. Only the owner of a fully paid for vehicle can apply and get the car collateral loan.

Necessary Documents Required For The Vehicle Collateral Loan

Identity Document

You need to provide your valid Canadian driver’s license and social security number to us so that we can verify your identity. 

Residency Document

We have our branches in a majority of places in the country and thus you have to prove that you live in an area where you want to get this facility. Residency documents also help us to verify your identity. We need to see a recent utility or phone bill with your house deed, lease or a statement by the owner or from your landlord.

Vehicle documents

You have to present the registration papers of the vehicle to prove that you are the real owner and have no current liability. You also have to submit your lien-free title to the vehicle so that we can ensure it is not under any lien. And we also need the spare set of keys of the vehicle that works on all the doors and ignition too.   

Insurance documents

We also require proof of insurance, so as to make sure the vehicle is protected if it is damaged or stolen in any case. 

The best part is that we need these documents for the verification step. We will not keep them with us except the title papers during the loan terms. Moreover, we do not keep your vehicle for the loan period, we will just inspect it, calculate it’s worth and then hand over it to you. You are free to use it as before and can also collect the loan amount. 

Therefore, getting car title loans for financial problems is the best option even if you don’t have a good credit score or are in between jobs. So, whenever you feel you need money immediately, you can contact us at +1-844-598-7631 for same day cash loans or visit our website online.