A loan is a viable solution if you’re facing a financial crisis or want to move forward with some personal plans. Bank loans can help you buy your dream home or start a business. Meanwhile, car collateral loans Sarnia Ontario are great for emergencies. You must carefully weigh your needs so you can choose the best loan. Here’s a simplified comparison between these two loan types.
Quick Look at Auto Title Loans vs Conventional Loans
- Title loans have a simpler process. You can apply for this loan online or at the lender’s office. You also have fewer requirements to meet and can finish applying in one day. Conventional loans have more requirements. You also need to apply in person, although banks are also moving towards online applications.
- It takes time to get approved for conventional loans. Banks take weeks to process an application. The institution is more detail-oriented and exhaustive in its procedures. Title loans are faster. You can get approved within the hour. This is due to the presence of collateral.
- Banks have stringent credit score requirements. You’ll need a credit score of 700 or better to qualify for a bank loan. That’s not the case with specialized car equity loans. The collateral covers the loan so the borrower’s credit score is not a major factor.
Borrow More Money Than Any Competitor has to Offer
There’s no need to stress over money when Premier Loans Canada is around. We specialize in title loans and can offer as much as $100,000 in loans. We have low-interest rates and low monthly payments. We also offer extended loan terms and flexible payment plans. Log on to our website to apply or call our toll-free number at 1-855-965-1650.
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