Title & Asset Secured Loan FAQ

A loan in which an applicant uses an asset such a car, motorbike, rv, or boat in order to secure a loan.

First – In most cases, you don’t have to have a credit score. You just have to have clear title to a car.

Second – Oftentimes the lender can process your loan 24 hours a day, seven days a week.

Third – In many cases all you have to do is surrender the title. Depending on the lender, you may not even have to give him a set of keys.

Fourth – It usually just takes an hour or two for a prospective Lender to determine approval.

Well, you definitely want to pay attention to the interest rate. Some provinces limit the rate that a title loan lender can charge, but you definitely want to read the fine print about rates, charges, fees and the like.

If you don’t meet you loan commitments, the lender has the ability to seize the vehicle being used as collateral. In the meantime, a lien enters your car title until you have paid this loan in full.

Also, you don’t get the full value of the car in the loan. There is always a limit set at a specific percentage of the car’s value.

Amansad Financial does not offer title loans as a company, but we do have connections with funding sources that offer title loans on short notice.

A Lender will send out an appraiser to view what you have in mind as collateral and then gives you a lending decision. If you disagree with the appraisal, you’re not obligated to take the loan. However, if you agree to the appraisal and the terms of the loan, just exchange the title for your funds. As long as you maintain the payments on time, just as with any other car note, you will get the title back when you have fulfilled the terms of the loan.

• Your car can’t be older than eight years
• Clean title (note: if there is a very small lien, lender may simply choose to pay it off and register their lien)
• Valid driver’s license
• Owner is at least 18 years old
• Owner has a full coverage insurance policy
• Copy registration papers to confirm ownership

• Steady income. That means at least two pay stubs, a verification letter from an employer or something similar.
• Proof of residents, such as a mortgage or lease, two different forms of government-issued identification and a voided check.
• Confirmation of Ownership and Condition of the Asset (Varies depending on the asset being pledged)

Additional documentation needed varies with the asset being used to secure the note.

There is a range on this, depending on the sort of collateral that the borrower is using. Right now, the range goes from 2.5 to 4.3 percent per month.

A Lender may perform a credit check, but the score does not influence the decision whether or not to fund the loan.

There are algorithm that determine how much the wholesale value is for vehicles that go up as collateral. For other assets, proof of certified values, and then Lender can lend up to about 40 percent of that value. The more valuable the asset, the higher the percentage might be.

Yes. But Lenders will also want to see that the borrower has kept a stable residency history, and we are more likely to ask for a co-signer.

Decision can be made in as little as 2-3 hours to 1 full business day.

Depending on the Lender, the loans may report to TransUnion and Equifax. If borrowers keep making monthly payments, their credit score will continue to climb.