Car Title Loans or borrow with your car in Toronto

Next time you’re in need of some fast emergency funding, consider applying for a Vehicle Title Loan.

A Vehicle Title Loan is a loan for which your vehicle is used as collateral or security. Cars, vans, trucks and SUVs are also acceptable. It also must be fully paid off -- no liens or leases. And it must be fully insured.
Ownership and insurance have to be in your name only. If the vehicle is in another name, then the owner must come in to co-sign the loan. If the vehicle is in the name of your company, you need to provide proof of ownership.

Advantages:

• Your loan is approved faster than an unsecured personal loan would be.
• You enjoy full use of your car during the loan period provided that you make regular payments.
• You are usually eligible for larger loans and lower interest rates than with unsecured personal loans.
• The loan can usually be paid off over longer periods of time depending on the lender.
• You can qualify for the loan even if you are in a bankruptcy, in a proposal or have a bad credit history.
• You may qualify if you are self-employed, a pensioner or earn your income based on commissions or tips.

Defaulting on payments: What happens and what to do?

If you default on your payments without communicating with your lenders you may jeopardize possession of your car. If there is a problem making payments on time promptly contact your lenders. The lenders can suggest alternative re-payment options.

What to Look For?
Make sure your loan is open, so that you have the option of paying it off early.
Be sure the lender reports to Equifax regularly so that your payments can help you rebuild your creditworthy status.
Make sure that the lender will work with you in the event of an illness, a job loss or other unforeseen misfortune that impacts your ability to repay.

For same-day approval with the lowest rates in the GTA for bad credit Vehicle Title Loans.
Visit Prudent Financial Services at https://www.borrowwithyourcar.com/qualify.php

Are you thinking for filing a bankruptcy? What happens to your car?

No one likes to think they might have to declare personal bankruptcy, but if it happens to you, there are things you should know about keeping or acquiring a car.

Thinking for Filing a Bankruptcy?

Keeping a car

If you own your car outright, you can keep it if its fair market value is $5,650 or less. If it’s worth more than that, the bankruptcy trustee is required to sell off the vehicle. The Ontario Executions Act permits a bankrupt to keep one personal-use vehicle as long as its value is under $5,650.

If you bought your vehicle with a loan or on a lease, you have two options when you file for bankruptcy (or for a proposal). 1. You can keep the car, and continue making your loan payments on it; 2. You can give up the car, and anything that is owed to the lender after the car is sold will be included in the proposal or bankruptcy.

Acquiring a car

What about getting a car loan after you’ve filed for bankruptcy? This is by no means a slam-dunk, but it can be done. To find a car loan while in bankruptcy, you can try your bank. It might offer you a loan on condition that you agree to the direct deposit of your pay cheques. There are also Ontario auto loan companies that do financing for bad-credit consumers.

Here are some tips on how to get the financing you need:

● Have a look at your credit profile, and see how you can make it more positive. You have the right to correct any misinformation or to add a note explaining your circumstances.

● A car loan company may give you approval, but you can expect the interest rate on a bad-credit loan to be higher than the best-customer rate, since consumers in bankruptcy are regarded as high-risk borrowers. In these circumstances, be sure to calculate how much of a monthly payment you can afford. When approaching the car loan company, have a monthly payment range clearly in mind. And be realistic about what you can afford!

● Shop around. Make sure your lender is reporting to the credit bureaus regularly. You will be repairing your credit and elevating your credit score. Also, make sure your monthly payments are fixed, not variable. Payday loan outlets are not reliable in this regard.

● You may have to make a down payment, and no matter how much your take-home pay is, you will likely only be approved for a loan under $15,000. If you’re eyeing a car that’s pricier than that, you’ll need to make a bigger down payment.

● Once you’ve been approved for a bankruptcy car loan, consider eventual refinancing. By making all your payments on time, you could qualify for lower interest rates even after a year.

For information about PRUDENT VALUE CARS, visit our web site: www.prudentvaluecars.com