Below are answers to the most Frequently Asked Questions (FAQ). If you do not find an answer to your question please contact us and one of our loan professionals will be happy to help you.
What do I need to send you to get a Title Loan? after my initial online
- Pictures of the car-plate, front, back, interior and odometer reading.
- Driver's License - clear scan or a picture
- Original Ownership (and articles of incorporation if vehicle in company's name)
- Pay stub (if applicable)
- Utility bill (anyone's name – must have address on it and be current dated)
- Void cheque (or pre-authorized payment form)
- Spare key - to be a mailed by registered mail to us (will not hold up us issuing the loan).
What are the technical requirements?
You must have online banking and know how to do e-mail money transfers. you must have a computer printer and scanner(or faxing capability) and a cell phone camera.
How do I apply for a loan?
You apply online, we will contact you after we receive your initial application.
How quickly will I get the loan?
If we have received all the required information and you meet our criteria you can receive the loan on the same day that we receive your application. We send the funds to you by e-mail money transfer.
Once I am approved, how do I get the money?
By e-mail money transfer you must have access to online banking for incomming and outgoing transfers. Each month you make your payment to us by initiating an email money transfer to us.
How long can I expect to wait for a reply to my online application?
We will contact you on the same day you send in your application Normally, We will contact you on the phone numbers and/or email address that you provide in your application.
My credit is very bad, if I apply can I get a loan?
We believes that everybody deserves a second chance. Whether you are in a bankruptcy or consumers proposal we lend against the equity in your vehicle.Only in extreme cases will we reject you.
Do I qualify if I am undischarged from bankruptcy?
Yes, we lend to those undischarged from bankruptcy. If you went bankrupt yesterday we can even lend to you today, provided you can prove an income to maintain the monthly repayments.
What is a Vehicle Title Loan?
A Vehicle Title Loan is a loan using a debt free vehicle as collateral. The vehicle must be paid in full (no money owed on it) and cannot be leased.
What type of vehicle qualifies to be used for a Title Loan?
You can get this type of loan with any vehicle that belongs to you, is a 2002 or newer model year (some exceptions apply), has no more than 200,000 KMs, is not seriously damaged, is currently plated, is registered in Ontario and is fully insured.
How much can I borrow using my vehicle?
Using your vehicle as collateral you can borrow up to 75% of the Black Book rough value.
Can I use my vehicle as collateral in a Title Loan if it has a lien against it?
The quick answer is no, however, there are limited cases where we can. Please also see the section on Repair Loans, where we can lend for certain repairs to your vehicle even if it is leased or financed.
What if the vehicle is not in my name?
If the vehicle is not in your name we can still lend if the person whom the vehicle is registered to co-signs the loan with you or gives you written permission to pledge the vehicle as collateral. The “vehicle portion” of the registration determines whose name the vehicle is registered to.
What if the vehicle is in my company's name?
We can still give a Title Loan using a vehicle registered in your company's name if you own the company and you can prove it.
What is a Hard Collateral Loan (Emergency Loan)?
A Hard Collateral Loan is when an asset is pledged to secure money lent to you. We would hold the asset during the term of the loan. We lend up to $25,000 for a term no longer than 12 months. We accept collateral ranging from motorcycles to classic cars to machinery.
What is a Repair Loan?
A Repair Loan is where we lend you money to repair your vehicle. Unlike a Title Loan, the vehicle MAY be leased or financed. The repairs must be towards necessities of the vehicle. We cannot finance repairs that are for customization of the vehicle nor the purchase of accessories such as audio equipment, stylized rims, aftermarket exhausts, trick engine modifications, etc.
What is a Vehicle Purchase Loan?
A Vehicle Purchase Loan is where we finance your purchase of a vehicle. The purchase can be from a private seller, a dealer or from us. We lend up to 75% of the Black Book rough value.
Do I have to come in to get the loan, can I do it by fax or email?
You do not have to apper inperson.Everything can be completed by e-mail or fax.
If I apply online will my personal information be kept private and secure?
We have a secure system that offers the highest level of encryption, confidentiality and security. In addition we do not sell or give any information to outside sources.
Will a co-signer help me get a loan?
Yes, a co-signer will help you get a loan if you do not have a vehicle to use for a Title Loan. The co-signor must meet the criteria for a Title Loan.