how much money can you borrow against your vehicle title?

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Page 1: How Much Money Can You Borrow Against Your Vehicle Title?

How Much Money Can You Borrow Against Your Vehicle Title?

Page : 1 asyautotitleloanscanada.ca

Car title loans, also called auto title loans or vehicle title loans, are near or sub prime loans offered to people with bad credit history, who use their car equity as security.

If you want to apply for Toronto Title Loans, you will be required to proof that you are the holder of the title of your car. It is essential that your car has a clear title and that your auto loan is settled or nearly paid off. The auto title, also known as the pink slip, is the collateral.

ome creditors may also need a proof of income and/or carry out a credit check, poor credit score does not disqualify a loan seeker from being approved.

Page 2: How Much Money Can You Borrow Against Your Vehicle Title?

Page : 2 asyautotitleloanscanada.ca

Toronto Title Loans are usually considered near prime since they cater mainly for people with low income or bad credit score, and they normally charge higher interest rates than normal bank loans.

How much money can you be given with Vehicle Title Loans?

The amount money you can borrow depends on the value of your car, which is based on its resale or wholesale price. Therefore, you need to assess your vehicle’s value before approaching the creditor. The KBB (Kelley Blue Book) is a highly recommended resource when it comes to finding a used vehicle’s worth. This online tool lets you search for your vehicle’s make, year, and model as well as add the options to compute the car’s value.

Knowing the value of your car helps you to ensure that you borrow the maximum amount of money as possible on your auto equity. The trade-in value is the most useful when you are seeking this type of a loan. Most creditors offer from 25 to 50 percent of the value of the car. This is to make sure that they cover the total cost of the loan should they have to repossess and sell the car.

How Much Money Can You Borrow Against Your Vehicle Title?