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Car title loans in Vancouver, BC

Get fast approval on a loan by using your vehicle as collateral.

If you own a car, you can use it to access a loan worth up to 50% of your car’s value. Car title loans are secured to the title of your car, so they’re worth considering if you want to access a larger loan amount or if you have bad credit. But if you fall behind on your repayments, your vehicle could be repossessed.

If you’re searching for car title loans in Vancouver, here’s how to find the right financing for your personal situation.

Compare car title loans in Vancouver, BC

Loan providerAPRLoan amountLoan term
Loans Canada5.4% - 29.99%$500–$35,0004 - 96 months

Title Loans Online14% - 49%$3,000–$25,00024 - 60 months
Car Title Loans CanadaNot disclosedUp to $25,000Up to 60 months
Snap Car Cash7.5% - 49.1%$1,000–$50,00024–60 months

How to get the best car title loan in Vancouver

  1. Compare loans and lenders. The first step is to research car title loan lenders in Vancouver and the financing they offer. Consider loan amounts, APRs and loan eligibility criteria. Also make sure you’re dealing with a legitimate lender.
  2. Apply to your top choices. Once you’ve narrowed the options down to a shortlist, apply to your top choices for pre-approval. Provide your name, contact details, income and employment information as well as your car’s make, model and condition. Learn more about personal loan pre-approval.
  3. Select the best offer. Compare the loan offers you receive and choose the one that suits your needs. Submit any documents the lender requests to verify your identity, income and ownership of the vehicle.
  4. Drive to the office or submit photos. The lender will typically need to inspect your vehicle before approving an auto title loan. However, rather than taking your car in for a physical inspection, some lenders will ask you to provide photos of your vehicle to show its condition, along with images of the odometer and VIN.
  5. Get approved. Once you’ve been approved, review all the details of the loan agreement carefully before you sign.
  6. Get funded. You can typically access the money you borrow in as little as 30 minutes.

What to watch out for with Vancouver auto title loans

There are a few risks to be aware of when you take out a car title loan:

  • High interest rates. Car title loans come with APRs between 9% and 49%. Depending on your financial situation, it may be worth considering other BC personal loan options to see whether you can find more affordable financing.
  • Financing fees. It’s essential to consider the APR for a car title loan. The APR takes into account the interest rate and any fees you must pay to get the loan. It shows you the true cost of the loan. Fees that may be baked into the APR include the following:
    • Vehicle inspection fee.
    • Vehicle history report to check whether your car has been involved in an accident or theft.
    • Title search fee to make sure there aren’t any liens on your car.
    • Administration fee to set up your loan.
  • Other charges. Other costs to watch out for that are not included in the APR are late payment fees, NSF fees and prepayment penalties if you pay off the loan early.
  • Unnecessary extras. Disreputable lenders may try to push for additional products you don’t need, for example extra insurance, which can increase the cost of your loan.
  • You need to own your car. You typically need to own your car outright to qualify for an auto title loan. So if you’re still paying off your vehicle, you’ll need to consider other options.
  • Your car could be repossessed. You get to keep driving your car while you pay off an auto title loan. But if you default on your loan, your car could be repossessed and sold.
  • Disreputable lenders. Research any lender before applying for a loan to make sure they’re legitimate. Make sure they’re properly registered in BC and watch out for any warning signs that could indicate a personal loan scam.

What are the requirements for car title loans in Vancouver?

The eligibility criteria you must satisfy and the documents you need to provide vary between lenders. However, here’s a general guide to what you’ll need to qualify for a car title loan in Vancouver.

Eligibility criteria

You will need to meet the following criteria:

  • Be 19 years of age or older.
  • Be a Canadian citizen or permanent resident.
  • Have a steady source of income.
  • Own your car.

Your vehicle will also need to pass an inspection to ensure that it is roadworthy, while the lender may specify that your car must be no older than a specific model year, such as 2012 or 2013.

Required documents

The lender may request some or all of the following documents before approving your loan:

  • Proof of ID, such as your driver’s licence or passport.
  • Proof of address, such as a utility bill.
  • Proof of a steady income, such as pay stubs or bank statements.
  • Your car title to prove that you own the car.
  • A vehicle inspection report.
  • Proof that your vehicle is insured in your name.

Can I get a car title loan in Vancouver with bad credit?

Yes, you can qualify for a car title loan if you have bad credit.

Because you provide your vehicle’s title as collateral for the loan, you don’t need to have a good credit score to get approved. Instead, lenders will consider your income along with the condition and market value of your vehicle when assessing your loan application.

Best bad credit loans in Canada

How much is a vehicle title loan in Vancouver?

There are several factors that influence the cost of a car title loan in Vancouver. First, there’s the loan amount, which is based on the current market value of your vehicle. Most lenders will let you borrow somewhere between 25% and 50% of your vehicle’s value.

Next, there’s the APR. The interest rate you get will vary depending on your income, while loan fees can make a big difference to the APR and the total cost of your loan.

Finally, the loan term also has an impact. While a longer loan term means a more manageable monthly repayment, it also means you’ll pay more interest over the life of the loan.

Example: Cost of a $5,000 loan over 24 months

To give you an idea of how much your car title loan will cost, let’s look at the example of a $5,000 loan over 24 months with an APR of 10.99%, 15.99% or 20.99%.

Loan10.99% APR15.99% APR20.99% APR
Loan amount$5,000$5,000$5,000
Loan term24 months24 months24 months
Monthly repayment$233$245$257
Total cost of the loan$5,592$5,875$6,166

As you can see in this table, a higher APR can make a significant difference to the cost of a loan. With a 20.99% APR instead of 10.99%, you’ll pay an extra $574 to pay back what you borrow.

Vehicle title loans guide

Frequently asked questions

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