1. What documents do I need to obtain a car title loan?
While the exact requirements can vary by lender, the baseline requirements are:
- Vehicle title documents
- Government-issued ID (e.g. driver’s license)
- Auto insurance documents
- Current vehicle registration
- Proof of residence (e.g. utility bills)
- Proof of ability to pay (e.g. bank statements and/or employment pay stubs)
- Functional copy of keys to the car
2. What if the car has two names on the title?
In this case, the way that the names are displayed on the title will be the final consideration. If the individual names are written with “or”, then the loan ca be obtained by either member of the title. If they are written with “and”, then dual signatures of consent will need to be obtained.
3. Where can a car title loan be obtained?
In most cases, larger banks do not offer a car title loan. However, there are several online providers who provide these services in each province.
4. Is employment necessary?
While employment is not a stringent criteria, it is the most commonly checked factor to ensure that the loan will be repaid in time. Alternatively, if the borrower is not employed, then he/she will need to show proof that they will be able to repay the loan on time. This proof can come in the form of entrepreneurship ventures, bank savings etc.
5. When is the title returned?
Once the loan is paid back in full and on time, the title is handed back to the borrower.