FAQ
Some common questions asked about vehicle title loansWhat is a vehicle title loan?
- A Vehicle Title Loan is a loan using a paid off vehicle as collateral or security. No liens. No leases.
- Must be fully insured.
- Full use of your car during the loan period for as long as payments are made.
- Usually eligible for larger loans and lower rates of interest than unsecured personal loans.
- Can be paid back over usually longer periods of time depending on lender. (Prudent allows 12 to 24 months or less. All our loans are open and can be paid off early.)
- Higher end vehicles (BMW, Lexus, Cadillac, etc) can be older than 6 years.
What is a vehicle repair loan?
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A loan to repair body or mechanical damage on your vehicle. Unfortunately, we do not finance any customization such as engine or exhaust modifications. Nor upgrades on audio equipment. The Vehicle Repair Loan has the same vehicle qualifications as the Vehicle Title Loan: vehicles must be fully paid off without any liens or leases.
How do I apply for a loan?
On the first loan, you must come in to our office. On subsequent loans, you can sign the loan documents and fax them to us, and we will deposit the loan money into your bank account.
How quickly will I get the loan when I come into the office?
If you have all the required information, the whole process is usually done in about an hour.
How quickly will I get the loan when I come into the office?
If you have all the required information, the whole process is usually done in about an hour.
Am I still eligible for a loan with a bad credit history?
Well, let’s put it this way. Prudent Financial Services started in 1984 and was the first lender in Ontario to give loans to bankrupts, both undischarged and discharged. Today, Prudent is still the leader in the lending industry for the lowest cost bad credit personal loans to people in bankruptcies, proposals or bad credit histories. Prudent has helped thousands of people across the GTA.
So I would qualify if I were still in a bankruptcy and a consumer proposal even though I am not finished or discharged yet?
Yes, as long as you have a vehicle that would qualify for a Vehicle Title Loan and meet our criteria.
What type of vehicle qualifies for a vehicle title loan?
Cars, vans, trucks, SUV’s. All are eligible for a Vehicle Title Loan as long as they are 6 years or newer, currently plated, in your name, registered in Ontario and fully insured. We also finance higher end older cars such as BMWs, Cadillacs and Lexus.
What if the vehicle is in my companies name?
We can still give a Title Loan using a vehicle registered in your company’s name if you own the company and it can be verified.
What if the vehicle is in my companies name?
We can still give a Title Loan using a vehicle registered in your company’s name if you own the company and it can be verified.
Are there any fees in addition to the interest charged ?
Lenders charge small fees for a car history report as well as for a lien search.
Put the equity in your vehicle to work for you. Click here to be taken to a quick, 2 minute application. Approval is incredibly fast and rates are very competitive.