Car title loans are loans taken out against your vehicle ownership, allowing you to borrow as much as 50% of the value of your car. You can continue to drive your car as you pay off your loan, but if you default, the lender can repossess your car.
Lenders of this loan have easier requirements than traditional personal loans and sometimes don’t even require a credit check. But where can you get a loan using your car as collateral, what are the eligibility criteria and how do you apply? In this guide, we cover 18 car title loan lenders that have an online presence and/or a wide reach across Canada.
Loans Canada is an online loan search platform that provides access to a network of dozens of lenders. By filling out a single online application, you can compare car title loan offers from multiple lenders. All types of credit are accepted, there are $0 down payment options available, and you can borrow up to 50% of your car's value. Funding is available in less than 24 hours in some cases.
Loans Canada is partnered with many kinds of lenders, so you may get a mix of matches.
Requirements
Must have clear title to your vehicle
Must have valid auto insurance
Other requirements vary depending on the lender
How to apply
Visit the Loans Canada website.
Provide details about your credit score, income and vehicle, plus your contact information.
Compare offers from lenders to find one that's right for you.
Complete the application process with that lender.
LoanConnect is a London-based online loan search platform that offers access to a network of over 30 lenders. It's easy to apply online and compare multiple loan offers, with loans of up to $50,000 available. LoanConnect also doesn't charge any application or brokerage fees.
As a loan search platform, LoanConnect is partnered with different types of lenders, so you may get a mix of results.
Requirements
Must have clear title to your vehicle
Must have valid auto insurance
Other requirements vary depending on the lender
How to apply
Visit the LoanConnect website and fill out the online application form.
Provide your personal information, income and employment details, and requested loan amount.
Compare offers from lenders to find one that's right for you.
Complete the application process with that lender.
Get Loan Approved offers car title loans of up to $50,000. There are no credit checks required during the application process, and it's possible to apply and get funded in as little as 24 hours. Get Loan Approved also boasts 25 locations across Canada, so it's easy to get your car inspected when needed.
Requirements
Must be 18 years or older
Vehicle must be less than 10 years old
Must have clear title to your vehicle
Must have collision and comprehensive insurance
Vehicle must be registered and insured in your name
How to apply
Visit the Get Loan Approved website and start filling out the car title loan application form.
Enter your vehicle's year, make, model and mileage.
Provide your personal information and contact details.
You'll be given a loan quote based on the estimated value of your vehicle
Before your loan can be approved, you'll need to get your vehicle appraised at a Get Loan Approved location or have a mobile appraisal agent visit you.
Fast Cash Auto is a car title lender with locations in Edmonton, Calgary, Burnaby, Regina, Saskatoon, Winnipeg and Toronto. Loans of up to $50,000 are available, there are no credit checks required, there's no vehicle age limit, and it's quick and easy to apply online. If you're approved, you can get cash in as little as an hour.
Requirements
Must have clear title to your vehicle
Vehicle must be registered and insured in your name
How to apply
Visit the Fast Cash Auto website and fill out an online application form.
You'll need to provide your vehicle's year, make, model and mileage as well as your name and contact details.
Fast Cash Auto will let you know the maximum loan amount you can qualify for and talk you through the costs associated with the loan.
If you'd like to complete an application, you can send photos of your vehicle and supporting documents to the lender. Get funded.
Easy online application process
Bad credit is OK
Serves several provinces
Get funded within an hour
Watch out for high rates
Maximum loan amount of $30,000 may not suit all borrowers
Founded in 2008, Fast Access Financial provides easy access to car title loans of up to $10,000. Loan terms of 12 - 36 months are available, and there's a simple online application process. It's worth noting, however, that the lender will obtain your credit report from Equifax as part of the application process.
Requirements
Must be 21 years or older
Must have a valid chequing account
Must have clear title to your vehicle
Vehicle must be a 2009 or newer model
Vehicle must have less than 200,000km of mileage
Vehicle must be fully insured
How to apply
Visit the car title loans section of the lender's website and fill out the online form.
Provide your name, date of birth, SIN and contact details.
Provide your vehicle's year, make, model and mileage.
Enter your residential address, employment information and desired loan amount.
Submit to a credit check.
Established lender
Lenient vehicle eligibility criteria
Credit check required
Watch out for high rates
Smaller loan amounts than other lenders
Loan amount
Up to $10,000
APR
15.75% – 58.99%
Term
12 - 36 months
Summary of Fast Access Financial ratings and reviews
Feature
Details
Trustpilot rating
No Fast Access Financial reviews available
Google rating
4.1 out of 5 stars based on 9 Fast Access Financial reviews
BBB accreditation
No
BBB rating and reviews
A+ rating, no Fast Access Financial reviews available
Snap Car Cash offers car title loans to vehicle owners across Canada. There's no credit check required, you can borrow up to $50,000, and loan terms of up to five years are available. You can also pay your loan off early without penalty.
Requirements
Must be 18 years or older
Vehicle must be no more than 10 years old
Must have clear ownership of your vehicle
Must have both collision and comprehensive insurance on your vehicle
Vehicle must be registered and insured in your name
How to apply
Visit the Snap Car Cash website to fill out an online form.
Provide your vehicle's year make, model and mileage.
Enter your name and contact details.
Submit your application.
Snap Car Cash will contact you with a loan offer and arrange a time to inspect your vehicle.
Get funded within an hour of being approved
Prepayment allowed
Easy application process
Watch out for high rates
Limited reviews
Fees apply
Loan amount
$1,000 – $50,000
APR
7.5% – 49.1%
Term
24–60 months
Serviced provinces
BC, Alberta, Ontario, Saskatchewan, New Brunswick, Nova Scotia, PEI, Newfoundland, Manitoba
Summary of Snap Car Cash ratings and reviews
Feature
Details
Trustpilot rating
No Snap Car Cash reviews available
Google rating
Rating varies depending on location
BBB accreditation
No
BBB rating and reviews
F rating, 2 out of 5 stars based on 4 Snap Car Cash reviews
Pit Stop Loans offers car title loans of up to $25,000 across much of Canada. Bad credit is accepted, and loan terms of up to 5 years are offered. You can apply online, get your vehicle inspected and get funded the same day.
Requirements
Must be 19 years of age or older
Vehicle must be
Must have clear title to your vehicle
Must have both collision and comprehensive insurance on your vehicle
Vehicle must be registered and insured in your name
How to apply
Visit the Pit Stop Loans website and fill out the application form with your vehicle's year, make, model and mileage as well as your contact details.
Pit Stop Loans will contact you with a loan offer.
Get your vehicle appraised by the lender.
You also need to provide your driver's licence, vehicle registration and insurance, proof of residency and a spare key.
Same-day funding
Bad credit is OK
Repay your loan early without penalty
Limited reviews
Auto check, lien search and vehicle inspection fees apply
Title Loans Online offers car title loans to car owners across Canada. It's easy to apply online and get a loan offer within two hours, and you won't need to complete a credit check to get approved. Loan terms range from 24 - 60 months, and you can pay your loan off early without penalty.
Requirements
Vehicle must be 2015 model or newer
Vehicle must have done less than 200,000km
You must own the vehicle outright
Vehicle must be registered to your name
Vehicle must have a full coverage insurance policy
Rebuilt or Repaired status vehicles not accepted
You must be a Canadian Resident and at least 18 years old.
How to apply
Visit the Title Loans Online website to start your application.
Fill out a form with your vehicle's year, make, model and mileage.
You'll also need to provide your name, contact details and desired loan amount.
Title Loans Online will contact you within two hours with a loan offer and to let you know what additional documentation you need.
You'll need to provide your driver's licence, ownership/registration form, proof of insurance, a utility bill, a bank statement, a pre-authorized payment form or a void cheque, your most recent pay stub, a spare car key and six pictures of your vehicle (four sides plus pictures of the VIN and odometer).
Visit your nearest Title Loans Online location to finalize your loan.
Get funded via e-Transfer or direct deposit.
No credit checks
Loans of up to $25,000
Repay your loan early without penalty
Interest rates of 14% - 49%
Not completely online
Not available in all provinces
Loan amount
$3,000 – $25,000
APR
14% – 49%
Term
24 - 60 months
Turnaround time
24 hours
Serviced provinces
British Columbia, Alberta, Saskatchewan and Ontario
Summary of Title Loans Online ratings and reviews
Feature
Details
Trustpilot rating
No Title Loans Online reviews available
Google rating
5 out of 5 stars based on 39 reviews for Calgary head office
Car Title Loans Canada offers online vehicle title loans with 4 year loan terms. Established in 2004, the lender offers a simple online application process and no credit checks. You have the freedom to pay your loan off early without penalty.
Requirements
Must be age of majority
Vehicle is no more than eight years old (exceptions apply)
Must have clear title to your vehicle
Must have collision and comprehensive insurance on your vehicle
Vehicle must be registered and insured in your name
How to apply
Visit the Car Title Loans Canada website and fill out the online form.
Provide your vehicle's year, make, model and mileage as well as your name and contact details.
Upload a photo of your driver's licence and other required documents.
Visit Car Title Loans Canada to get your vehicle inspected.
Sign the loan documents and get funded.
No credit checks
No prepayment penalties
Fast approval process
Vehicle history check, lien search and vehicle inspection fees apply
Watch out for high rates
Some lenders accept older vehicles as collateral
Loan amount
Up to $25,000
APR
Undisclosed
Term
Up to 48 months
Turnaround time
Within 24 hours
Serviced provinces
British Columbia, Ontario, Alberta and Saskatchewan
Summary of Car Title Loans Canada ratings and reviews
Feature
Details
Trustpilot rating
No Car Title Loans Canada reviews available
Google rating
No Car Title Loans Canada reviews available
BBB accreditation
No
BBB rating and reviews
A+ rating, no Car Title Loans Canada reviews available
Car Title Loans Canada has been helping people find auto title loans in Canada since 2004. It works with lenders to help you access loans of up to $25,000. You don't need a job, and no credit check is required. Same-day approval is available. You can get cash within an hour of being approved.
Requirements
Vehicle must be registered and insured in your name
Vehicle must be fully paid off
How to apply
Visit the lender's website and fill out an online form with your vehicle details, personal information and contact details.
Upload a copy of your driver's licence, registration and other required documents.
Visit your nearest Car Title Loans Canada location to get your vehicle appraised.
Sign your loan documents and get your money.
No credit checks
Fast access to funds
Repay your loan early without penalty
Vehicle history search, lien search and inspection fees apply
Watch out for high interest rates
Loan amount
Up to $25,000
APR
Undisclosed
Term
Summary of Car Title Loans Canada ratings and reviews
Feature
Details
Trustpilot rating
No Car Title Loans Canada reviews available
Google rating
5 out of 5 stars based on 1 Car Title Loans Canada review
BBB accreditation
No
BBB rating and reviews
No Car Title Loans Canada rating or reviews available
Loan Center Canada is a credit marketing agency where you can access a range of financial products, including car title loans, from partner providers. You can apply for a car title loan online and get instant approval, while funds will be deposited into your account within minutes after you submit the required documents.
Requirements
Must not have any liens on your vehicle
Vehicle must have a clear title
Must be the age of majority in your province
Vehicle must be registered and insured in your name
Must have proof of permanent residence
Must have a separate key to your vehicle
How to apply
Visit the Loan Center Canada website and click Apply.
Choose a car title loan as the product you'd like to apply for.
Enter the year, make, model and mileage of your vehicle.
Provide your contact details and provide any required supporting documents, such as proof of ID and vehicle ownership.
Submit your application.
Bad credit is OK
No prepayment penalties
Easy online application process
Watch out for high rates
Not a direct lender
Loan amount
Undisclosed
APR
Undisclosed
Term
Summary of Loan Center Canada ratings and reviews
Feature
Details
Trustpilot rating
No Loan Center Canada reviews available
Google rating
4.8 out of 5 stars based on 5 Google reviews
BBB accreditation
No
BBB rating and reviews
A+ rating, no Loan Center Canada reviews available
Founded in 2005, BHM Financial provides car title loans for vehicle owners in all Canadian provinces. Loans of up to $50,000 are available with terms ranging from 2 to 5 years, and borrowers with all types of credit are accepted. Once you apply online, BHM Financial will contact you within 1 business hour with a loan offer.
Requirements
Vehicle must be less than eight years old
Vehicle must be insured
Must have clear title to your vehicle
Must have a steady income
How to apply
Visit the BHM Financial website and click on Apply now.
Enter your desired loan amount and loan purpose, your personal and contact information, your employment and residence details, and information about your vehicle.
BHM Financial will contact you within 1 business hour with a loan offer.
If you'd like to proceed, you'll need to upload proof of ID, proof of income and residence, photos of your vehicle, proof of vehicle insurance and ownership, and a void cheque.
Sign your loan contract and the funds will be transferred to your bank account within 24 hours.
Completely online application process
Large loan amounts available
Get funded within 24 hours
Some lenders accept older vehicles as collateral
Watch out for high rates and fees
Loan amount
Up to $50,000
APR
Undisclosed
Term
2 to 5 years
Turnaround time
24 hours
Summary of ratings and reviews
Feature
Details
Trustpilot rating
No BHM Financial Group reviews available
Google rating
3.3 out of 5 stars based on 12 BHM Financial Group reviews
BBB accreditation
No
BBB rating and reviews
D- rating, 5 out of 5 stars based on 2 BHM Financial Group reviews
Fast Action Finance offers car title loans of up to $25,000. It's easy to apply online with no credit checks required, and this lender offers same-day approval and funding. You also get the peace of mind that comes from dealing with a provider that has been serving Ontario since 1997, but please note that you'll need to consider other options if you live outside Ontario.
Requirements
Must be 18 years or older
Vehicle must be no more than nine years old (may need to be newer if you live outside the Greater Toronto Area)
Vehicle must be paid off
Vehicle must be registered in your name or your company's name
Vehicle must be insured
How to apply
Visit the Fast Action Finance website and start filling out the application form on the homepage.
Enter your name, contact details, city and requested loan amount.
Enter the make, model, year and mileage of your vehicle, then specify whether or not it is a leased or financed vehicle.
Upload your driver's licence, proof of ownership and insurance, 10 pictures of your vehicle and a selfie.
Sign the loan documents and get funded.
Get a loan online
Established lender
Get funded in an hour
Ontario only
Watch out for high rates
Loan amount
Up to $25,000
APR
Undisclosed
Term
Not available
Turnaround time
Within 24 hours
Serviced provinces
British Columbia, Alberta, Saskatchewan and Ontario
Summary of Fast Action Finance ratings and reviews
Feature
Details
Trustpilot rating
No Fast Action Finance reviews available
Google rating
4.9 out of 5 stars based on 642 Fast Action Finance reviews
BBB accreditation
No
BBB rating and reviews
A+ rating, no Fast Action Finance reviews available
Prudent Financial Services is a Toronto-based lender that has been offering bad credit loans since 1984. It offers car title loans of up to $100,000, and you can apply and get approved in as little as 30 minutes. But if you're not in the Greater Toronto Area, you'll need to consider other options.
Requirements
Vehicle must be
Vehicle must have no liens
Vehicle must be fully insured
How to apply
Visit Prudent Financial Services on Sheppard Avenue West in Toronto. Take your insurance policy, ownership form, driver's licence, a void cheque, proof of address and two references (preferably family members with names, addresses and phone numbers).
Reports loan payments to the credit bureau
Competitive rates
Fast approval
Greater Toronto Area only
Other lenders accept older vehicles
Loan amount
$5,000 – $100,000
APR
6.99% – 56.5%
Term
1 – 5 years
Fees
Unknown
Turnaround time
as little as 30 minutes
Serviced provinces
Ontario
Summary of Prudent Financial ratings and reviews
Feature
Details
Trustpilot rating
3 out of 5 stars based on 159 Prudent Financial reviews
Google rating
4.5 out of 5 stars based on 484 Prudent Financial reviews
Smarter Loans is a loan comparison website where you can compare offers from a network of over 50 lenders. It's free to use and it's easy to submit an online application, while loan amounts, rates and eligibility criteria vary depending on the lender you choose.
Requirements
Requirements vary depending on the lender
How to apply
Visit the car title loans section of the Smarter Loans website and click: Get Car Title Loan Now.
Provide your personal details, desired loan amount and purpose, income information, vehicle details and information about your credit history.
Get pre-approved and compare offers from multiple lenders.
Complete the application process with the lender you choose.
Lend For All is an online loan search platform designed to help borrowers with less-than-perfect credit find financing. You can fill out an online form to get connected with a car title lender, and same-day funding is available in many cases. Loan terms range from 3 months to 3 years.
Requirements
Must be the sole owner of your vehicle
Must have no other liens against the car
Vehicle must be registered and insured in your name
You must be 18 or older and have a valid driver's licence
Your vehicle must be no more than 8 years old
How to apply
Visit the car title loans section of the Lend For All website and click Fill Out Our Form.
Provide your personal information, contact details and income and employment details.
Provide your vehicle details.
Lend For All will contact you with any loan offers and detail the next steps.
Compare multiple offers
No credit checks
Fast approvals
Some lenders accept older vehicles as collateral
Vehicle inspection may be required
Loan amount
$100 – $50,000
APR
2.99% – 46.96%
Term
3 - 120 months
Min. credit score
300
Fees
Varies by lender
Turnaround time
Varies
Serviced provinces
All provinces
Summary of Lend For All ratings and reviews
Feature
Details
Trustpilot rating
3.7 out of 5 stars based on 1 Lend For All review
Google rating
4.1 out of 5 stars based on 16 Lend For All reviews
Calgary Title Loans is run by Rossi Financial and offers car title loans in Alberta. You can borrow up to 50% of the value of your vehicle up to $35,000. Loan terms up to 5 years are available, and interest rates start at 14.95%. While there's no credit check required to get a loan, you can submit to a credit check to potentially qualify for a lower interest rate, longer loan term or higher loan amount.
Requirements
Vehicle must be no more than 10 years old (exceptions apply)
How to apply
Visit the Calgary Title Loans website and click Apply.
Provide your name, date of birth, contact details and vehicle information.
Specify whether you want the credit check or no credit check option.
Upload photos of your vehicle for faster funding.
Get approved.
Send copies of your driver's licence and registration plus your car insurance details to the lender.
Arrange a time to take your vehicle in for an inspection and finalize the paperwork.
No credit check required
Early repayment allowed
Flexible payment options
Alberta only
25% interest rate for the no credit check option
Loan amount
Up to $35,000
APR
14.95% – 25%
Term
Summary of Calgary Title Loans ratings and reviews
Feature
Details
Trustpilot rating
No reviews available
Google rating
4.8 out of 5 stars based on 144 Rossi Financial reviews
Usolve Financial is perhaps best known for its payday and installment loans, but it also offers car title loans. You'll need to visit your nearest Usolve Financial branch to apply for a car title loan, and this lender has 10 branches across Ontario. If you live in another province, you'll need to consider other options.
Requirements
Must be 18 years or older and a resident of Ontario
Must receive employment income
Must have an active bank account
How to apply
Visit your nearest Usolve Financial store to enquire about a car title loan. Taking your vehicle, ID, registration, insurance documents and a spare key will help speed up the application process.
Based in Kelowna, BC, uLoan Canada offers car title loans ranging from $5,000 to $50,000. There are no credit checks required during the application process, and it's simple to start your application online. Take note, however, that you'll need to take your vehicle to the lender's Kelowna office for inspection before you can get approved for a loan.
Requirements
Vehicle must be no more than seven years old (exceptions apply)
Vehicle must have less than 150,000km (gasoline engines) or 200,000km (diesel engines)
Vehicle must be fully insured and registered in your name
You must have clear title to your vehicle
Vehicle must be worth at least 3 times the lender's minimum loan amount of $5,000 to qualify for a loan
How to apply
Visit the car title loans section of the uLoan Canada website and click Get started.
Provide your name and residence details.
Enter the year, make, model, fuel type and mileage of your vehicle.
Upload photos of your vehicle.
Enter your contact details and desired loan amount before submitting your application.
Take your vehicle to uLoan Canada's Kelowna location to have it inspected.
Receive your loan offer.
Loans of up to $50,000
Bad credit is OK
BBB accredited business with an A+ rating
BC only
Car must be inspected in Kelowna
Some other lenders accept older vehicles
Watch out for high rates
Loan amount
$5,000 – $50,000
APR
Undisclosed
Term
N/A
Summary of uLoan Canada ratings and reviews
Feature
Details
Trustpilot rating
No uLoan Canada reviews available
Google rating
4.5 out of 5 stars based on 30 uLoan Canada reviews
Money Mega Mart offers completely online car title loans. Established in 2009, the lender offers loans with no credit checks up to $25,000. If you're approved, you can get fast access to the loan amount via e-Transfer.
Requirements
Vehicle must be free or almost free of any finance
Vehicle must be less than 8 years old and registered in your name
You must be 18 years of age or older
How to apply
Visit the Money Mega Mart website and fill out a form with your name, contact information and vehicle details.
The lender will let you know the loan amount you are eligible for.
Email the required paperwork to the lender, including proof of ownership and insurance, your driver's licence, a recent pay stub or proof of income, a recent utility bill or tax bill and your bank account details or a pre-authorized debit form.
Your loan is funded via e-Transfer.
Apply online 24/7
Fast access to funds.
Bad credit is OK
Mixed reviews
Some lenders accept older vehicles as collateral
APRs of 29.90% – 46.00%
Only available in Ontario, Manitoba and New Brunswick
Loan amount
Up to $25,000
APR
Undisclosed
Term
Serviced provinces
Ontario, Manitoba and New Brunswick
Summary of Money Mega Mart ratings and reviews
Feature
Details
Trustpilot rating
No Money Mega Mart reviews available
Google rating
3.6 out of 5 stars based on 21 Google reviews
BBB accreditation
No
BBB rating and reviews
Not rated, 1 out of 5 stars based on 1 Money Mega Mart review
Reviews as of
June 25, 2024
What is a car title loan?
Car title loans use your vehicle as collateral to secure a loan. You can still drive your car while repaying the auto title loan, but if you don’t make regular repayments, your vehicle can be repossessed and sold by the lender to recover costs. You will generally have 3 – 60 months to repay an auto title loan.
Common features of car title loans in Canada
Loan amounts. You’ll usually be offered up to 25–50% of the value of your car.
Rates. Car title loan rates generally range from 9% to 49%.
Same-day funding. It’s easy to get quick car title loans in Canada. The average funding time is within a few hours up to one day from the time you submit an application and get an inspection.
Eligibility requirements. Your car will need to meet certain requirements, which we break down below.
Is a car title loan right for me?
Vehicle title loans might be a high-cost financing option but can make sense in the following situations:
When you need money fast. As long as you have your paperwork in order, you can get quick car title loans in Canada. The usual turnaround time is a few hours to a few days from the time of application/inspection, with many lenders offering same-day funding.
When you have poor credit. Car title loan providers typically accept all credit types. Many lenders also offer vehicle title loans with no credit check.
When you need a large loan. Using your car as collateral can help you access a larger loan amount. Vehicle title loans can sometimes run as high as $50,000, depending on the value of your vehicle and your financial situation.
Common fees you’ll pay for car title loans in Canada
Car title loans come with fees such as:
Vehicle evaluation fee. This is a fee to determine the value of your car.
Search fees. Your lender may charge a fee to verify that your car hasn’t been in any accidents and to check that there aren’t any liens on your car.
Administration fees. The lender may charge this fee to set up your account.
Registration fee. The lender may charge to put a lien on your car.
Roll-over fee. You pay this fee to extend your loan term.
Lenders may only charge some of these fees, so check the loan contract carefully for details of any charges that will apply to your loan.
Car title loan requirements
Before you apply, make sure you meet the lender’s eligibility requirements. Criteria differ from lender to lender, but you’ll likely need to meet these requirements to qualify:
Verify your identity with a government-issued photo ID like your driver’s licence or passport. You might also need to prove that you live in the province in which you’re applying for a car title loan.
You must be at least 18 years old (or 19 in some provinces).
Lenders often ask to see recent pay stubs, bank statements, receipts from benefits or other evidence that you can afford to pay back your loan.
You must provide registration/insurance in your name to prove you own your car. You may also be required to provide a bill of sale or other proof of ownership, depending on the lender.
Lenders may ask for a vehicle inspection certificate to make sure your vehicle is in drivable condition.
Some lenders offer car title loans with no credit check, but you may have trouble qualifying if you’ve gone through bankruptcy in the past few years.
Each lender will have their own criteria for determining whether your vehicle is suitable for a car title loan. For example, your car may need to be less than 10 years old and have less than 200,000km on the odometer.
How to get a car title loan
Follow these steps to get a car title loan, whether you apply online or in person.
Look at features like APRs, how much you can borrow, where the lender is located and the vehicle eligibility requirements to find the right fit for you. You’ll also want to figure out if you want to apply for online car title loans or with a local lender in person.
Once you’ve narrowed down your search, proceed with the application. Provide your car’s make, model and condition as well as your contact information and employment and income details.
You may need to provide additional documents to verify your application, including a copy of your driver’s licence, proof of income (like a recent pay stub or bank statement), proof of residency (like a recent utility bill or lease) and proof of insurance.
Upload pictures of your vehicle from various angles based on your lender’s specifications. You’ll also need to upload your car title and insurance documents.
Drive your car to the lender for an in-person inspection and valuation. You must also provide your car title in person.
Agree to the loan terms (including term length, APR and amount). Make sure you look for hidden fees, and read the fine print before signing any loan documents.
Lenders offering online car title loans will send funds to your bank account in as little as an hour. In-person lenders may pay you on the spot or send funds once you’ve brought your vehicle in for appraisal.
Pros and cons of auto title loans
Easy to qualify. Many lenders don’t do credit checks or require full-time employment income.
Fast access to funds. Get funded as soon as the same day.
Bad credit accepted. Since approval is based on your vehicle, bad credit is OK.
Possibility of losing your car. If you aren’t able to pay back the loan, the lender has the right to repossess your vehicle and sell it.
High cost. APRs can reach as high as 49%.
Fees. Title search fees, car history search fees, vehicle inspection fees and other charges can increase the cost of getting an auto title loan.
Other vehicles like motorcycles, trucks, boats or recreational vehicles (RVs) can be used to back vehicle title loans. It works the same way. You take out a loan using your vehicle’s title as collateral, and you can still drive your vehicle while paying off the loan.
Leave extra time for an appraisal if you’re applying for a title loan with a boat, yacht, truck or RV. Getting these types of vehicles inspected and appraised might be a little more complicated than simply driving your car to a lender or inspection centre.
Bottom line
If you’ve got less-than-perfect credit but you own a car, a car title loan offers a convenient way to access a fast loan. But be aware that auto title loans often come with high APRs, and failure to repay could result in losing your car. Make sure you compare car title loans from a range of lenders to find an option that suits your needs.
You'll usually need to be the sole owner of a car that is in good to excellent condition with no other outstanding liens on it. The insurance and registration for the car must be in your name. From there, you might need to meet other eligibility requirements such as having a bank account, being a Canadian resident and being the age of majority in your province.
It's not possible to get a car title loan without documentation to prove that you own a vehicle. If you've lost your car title document (which is your registration in Canada), you can apply for another copy with your provincial service agency.
It can be more difficult to qualify for quick car title loans in Canada completely online since most lenders will want to inspect your car in person. Some lenders might be willing to receive photos and an inspection report from a third party, but you'll need to shop around to find one that will let you send this information in virtually, and it could take more time to process.
You can get a car title loan with no job if you have other forms of income coming in like unemployment, disability, pension or tax benefits. Most lenders require that you have some form of income or proof of savings to show that you can pay your loan back on time.
Your credit score will go down if you miss payments or make late payments. If you default completely on your loan, your lender will eventually repossess your car and sell it off to make up their losses. Depending on where you live, your lender may be required to set you up with a payment plan before this happens, so be sure to reach out and explore your options.
It depends on where you live. Some provinces restrict how often you can refinance a title loan. If it's legal in your province, some online title loan providers offer refinancing services. Reach out to your lender to learn what your options are.
Yes, some lenders offer completely online car title loans. You can apply online and provide details of your vehicle's condition and mileage. You need to upload pictures of your vehicle along with proof of ID and ownership. If you're approved for auto title loans online, the funds will be transferred to you by direct deposit or e-Transfer.
Car title loans are typically offered by private lenders rather than traditional lenders like banks and credit unions. Private lenders might let you borrow up to $50,000 against your car title, and you often won't need to complete a credit check to get a loan. However, car title loans often come with high interest rates, and you run the risk of losing your car if you fail to repay the loan.
Some lenders will not report your on-time payments to the credit bureaus. On the other hand, if you make late payments or miss payments altogether, your lender may report it to the credit bureaus, which will decrease your credit score.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
Learn how title loans work and how to find cheap motorcycle title loans in Canada.
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