What is an auto title loan?
An auto title loan in Toronto and Hamilton is different than a traditional loan in that the lender will take the title of the vehicle for the duration of the loan. The vehicle acts as collateral for the auto title loan. Once the duration of the loan is over and you have paid back the principle, interest, and any fees associated with the loan, the title of the vehicle gets transferred back to you.
An auto title loan is perfect for individuals in Toronto and Hamilton with poor or no credit and cannot get a traditional loan from a bank. An auto title loan also has lower interest and fees than payday loan companies, which charge an absurdly high amount of interest and fees.
Many auto title loan companies require you to have the title of your car. This means that you will need to own your car outright, with no outstanding payments. If you owe any amount of money on your car, then the bank or auto lender associated with the loan will still have the title. You cannot have any other loans against your car if you wish to get a car title loan. Alternatively, if you had paid off all debts on your car recently, you will need to show documentation to prove this.
In addition, you will need to provide documentation in order for you to receive a car title loan. These documentations include: two pieces of government issued ID, proof of residence, and proof of car insurance.
What makes C.A.I. Financial Hamilton different from all the other auto title loan companies in Hamilton?
We have an innovative Reciprocal Lending Program here at C.A.I. Financial Hamilton. Similar to a title loan we would lend out money and bind it with some type of collateral in contracts. Unlike the title loans, we do not take title of your collateral. We allow you to continue using your collateral for a fee and then at the end of the program we would then void all contracts. No GPS units or any of the sort will be installed on your collateral. We at C.A.I. Financial Hamilton want to build a relationship with our customers and the best way to do that is to trust each other.
With its accurate proposals, no hidden aspects of agreements and quick response. C.A.I. Financial Hamilton can have your funds ready in just 15 minutes.