A vehicle title loan is one of the best ways to get extra cash if you’re in an emergency. You can apply for this loan even if you have a poor credit score and the loan needs very little in terms of requirements and paperwork. However, some states require that people get insurance specifically for a car pawn loan Victoria British Columbia.
Do I Need Insurance to Get a Title Loan?
Yes, you do. A lot of states do not sanction minimum credit score loans without insurance. This actually works in your favor as it ensures that you will not be burdened with additional expenses if anything happens to your car. For instance, if your vehicle sustains some damage in an accident or gets stolen, the cost will be covered by the insurance policy and your loan won’t be affected.
Title lending companies usually demand proof that the borrower has collision and comprehensive insurance coverage on the collateral being offered. However, you do have the option to just carry liability insurance, especially if your car is 100% paid off, and just drop the comprehensive and collision policy.
The lender might also offer you the choice to purchase a kind of insurance dubbed “credit insurance” or “debt cancellation addendum.” This covers loan payments in the event the vehicle has been damaged or you got laid off.
Lowest Possible Payment in the Industry
Enjoy higher loan and lower interest rates with Premier Loans Canada. Borrowers can apply for up to $45,000 in loans. The company also has interest rates lower than other lenders as well as affordable monthly payments. They even have flexible payment plans. Applying is a breeze too. Just log on to their website or call their toll-free number at 1-855-965-1650.
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