Auto title loans are unique. People can get these loans by using collateral, which in this case is the car’s title. The lending company will act as a lienholder and will hold on to the document while the loan is still active. However, many prospective borrowers are confused as to whether they also need a bank account to qualify for a bad credit score auto loan Kawartha Lakes Ontario.
Do I Need a Bank Account to Get a Title Loan?
No, you don’t need to have a bank account. Specialized car equity loans are considered as secured loans because of the collateral. This makes it easier for borrowers with a low credit score or who have been bankrupt in the past to get this loan. Instead of a bank account, lending companies ask for either proof of employment or an alternative proof of income. If you’re unemployed but receive pension or disability, you can provide the slips or submit the necessary documents proving that you’re retired, on disability, or are receiving alimony.
Aside from the proof of income and the car title, the lender would also require you to submit copies of your driver’s license or government-issued IDs, proof of residence, and photos of your car if you’re applying online. If not, you would have to bring your car to the lender’s office for vehicle inspection.
The Best in the Industry
Experience hassle-free lending with Premier Loans Canada. You can borrow as much as $45,000 in loans without having to worry about credit or employment checks. You can also avail of their low-interest rates, low monthly payments, and flexible payment options. Their quick application process means you can get the cash you need within the day. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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