When you are faced with a cash emergency, you may feel panicked and not know what to do. This is when it may be wise to look at the assets you own in order to pay that surprise bill. If your car is eight years old or newer and you have a clear title, then you may want to consider a car title loan.
The Basic Prerequisites for Financing
Car title loans in Vancouver are available for cars, SUV’s, trucks, motorcycles, and collectibles. You should be 19 years of age or older and have the vehicle insured with both collision and comprehensive coverage. Vehicles should be 8 years old or newer but exceptions are made for certain vehicles.
In addition to the above basic prerequisites, you also need to show proof of a valid BC driver’s license along with two other pieces of ID. Proof of residency is a requirement as well. Generally, all you need to do is show two pieces of mail that have been sent to your home address such as a phone or utility bill. Your vehicle’s insurance and registration information must be provided at the time of application as well as a second set of keys for the vehicle.
No Credit Check Is Run
Car title loans in Vancouver are approved based on what you provide and you do not need to have a job at the time of application or perfect credit. The criteria for approval of this type of loan are based on your age, the type, age and condition of the vehicle, and whether or not you possess a clear title.
Because the vehicle serves as your collateral, no other assessment is needed in terms of employment, years on the job, or past credit history. So, if you have had bad credit, this fact alone will not deter a lender from granting a title loan.