18 car title loans in Canada

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.

1. Get Loan Approved

Finder Score:

★★★★★

Go to site Read review

$1,000 – $50,000

Loan Amount

9.95% – 29%

APR

12 - 72 months

Term

• Info
• Pros/cons
• Details

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

1. Visit the Get Loan Approved website and start filling out the car title loan application form.
2. Enter your vehicle's year, make, model and mileage.
3. Provide your personal information and contact details.
4. You'll be given a loan quote based on the estimated value of your vehicle
5. 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.

• No credit checks
• Same-day approval and funding
• Available across Canada
• 24/7 customer service

• Interest rates of up to 29%
• Limited reviews

Loan amount	$1,000 – $50,000
APR	9.95% – 29%
Term	12 - 72 months
Turnaround time	In as little as one hour
Serviced provinces	AB, BC, MB, NB, NL, NS, ON, PEI, SK

Summary of Get Loan Approved ratings and reviews

2. Fast Cash Auto

Not yet rated

Up to $50,000

Loan Amount

N/A

APR

N/A

Term

• Info
• Pros/cons
• Details

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

1. Visit the Fast Cash Auto website and fill out an online application form.
2. You'll need to provide your vehicle's year, make, model and mileage as well as your name and contact details.
3. 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.
4. 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

Loan amount	Up to $50,000
APR	N/A
Term

Summary of Fast Cash Auto ratings and reviews

3. Fast Access Financial

Finder Score:

★★★★★

Up to $10,000

Loan Amount

15.75% – 58.99%

APR

12 - 36 months

Term

• Info
• Pros/cons
• Details

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

1. Visit the car title loans section of the lender's website and fill out the online form.
2. Provide your name, date of birth, SIN and contact details.
3. Provide your vehicle's year, make, model and mileage.
4. Enter your residential address, employment information and desired loan amount.
5. 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

4. Snap Car Cash

Not yet rated

$1,000 – $50,000

Loan Amount

7.5% – 49.1%

APR

24–60 months

Term

• Info
• Pros/cons
• Details

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

1. Visit the Snap Car Cash website to fill out an online form.
2. Provide your vehicle's year make, model and mileage.
3. Enter your name and contact details.
4. Submit your application.
5. 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

5. Pit Stop Loans

Not yet rated

$1,000 – $25,000

Loan Amount

N/A

APR

N/A

Term

• Info
• Pros/cons
• Details

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

1. 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.
2. Pit Stop Loans will contact you with a loan offer.
3. Get your vehicle appraised by the lender.
4. 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
• Some lenders accept older vehicles as collateral

Loan amount	$1,000 – $25,000
APR	N/A
Term	N/A

Summary of Pit Stop Loans ratings and reviews

6. Title Loans Online

Not yet rated

$3,000 – $25,000

Loan Amount

14% – 49%

APR

24 - 60 months

Term

• Info
• Pros/cons
• Details

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 year 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

1. Visit the Title Loans Online website to start your application.
2. Fill out a form with your vehicle's year, make, model and mileage.
3. You'll also need to provide your name, contact details and desired loan amount.
4. Title Loans Online will contact you within two hours with a loan offer and to let you know what additional documentation you need.
5. 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).
6. Visit your nearest Title Loans Online location to finalize your loan.
7. 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

7. Car Title Loans Canada

Not yet rated

Up to $25,000

Loan Amount

N/A

APR

Up to 48 months

Term

• Info
• Pros/cons
• Details

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

1. Visit the Car Title Loans Canada website and fill out the online form.
2. Provide your vehicle's year, make, model and mileage as well as your name and contact details.
3. Upload a photo of your driver's licence and other required documents.
4. Visit Car Title Loans Canada to get your vehicle inspected.
5. 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	N/A
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

8. Car Title Loans Canada

Not yet rated

Up to $25,000

Loan Amount

N/A

APR

N/A

Term

• Info
• Pros/cons
• Details

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

1. Visit the lender's website and fill out an online form with your vehicle details, personal information and contact details.
2. Upload a copy of your driver's licence, registration and other required documents.
3. Visit your nearest Car Title Loans Canada location to get your vehicle appraised.
4. 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	N/A
Term

Summary of Car Title Loans Canada ratings and reviews

9. Loan Center Canada

Not yet rated

N/A

Loan Amount

N/A

APR

N/A

Term

• Info
• Pros/cons
• Details

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

1. Visit the Loan Center Canada website and click Apply.
2. Choose a car title loan as the product you'd like to apply for.
3. Enter the year, make, model and mileage of your vehicle.
4. Provide your contact details and provide any required supporting documents, such as proof of ID and vehicle ownership.
5. 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	N/A
APR	N/A
Term

Summary of Loan Center Canada ratings and reviews

10. BHM Financial Group

Not yet rated

Up to $50,000

Loan Amount

N/A

APR

2 to 5 years

Term

• Info
• Pros/cons
• Details

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

1. Visit the BHM Financial website and click on Apply now.
2. Enter your desired loan amount and loan purpose, your personal and contact information, your employment and residence details, and information about your vehicle.
3. BHM Financial will contact you within 1 business hour with a loan offer.
4. 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.
5. 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	N/A
Term	2 to 5 years
Turnaround time	24 hours

Summary of ratings and reviews

11. Fast Action Finance

Not yet rated

Up to $25,000

Loan Amount

N/A

APR

Not available

Term

• Info
• Pros/cons
• Details

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

1. Visit the Fast Action Finance website and start filling out the application form on the homepage.
2. Enter your name, contact details, city and requested loan amount.
3. Enter the make, model, year and mileage of your vehicle, then specify whether or not it is a leased or financed vehicle.
4. Upload your driver's licence, proof of ownership and insurance, 10 pictures of your vehicle and a selfie.
5. 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	N/A
Term	Not available
Turnaround time	Within 24 hours
Serviced provinces	British Columbia, Alberta, Saskatchewan and Ontario

Summary of Fast Action Finance ratings and reviews

12. Prudent Financial

Finder Score:

★★★★★

Customer Survey:

★★★★★

Read review

$5,000 – $100,000

Loan Amount

6.99% – 56.5%

APR

1 – 5 years

Term

• Info
• Pros/cons
• Details

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

13. Smarter Loans

Customer Survey:

★★★★★

Read review

$500 – $10,000

Loan Amount

6.99% – 47.72%

APR

3 – 60 months

Term

• Info
• Pros/cons
• Details

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

1. Visit the car title loans section of the Smarter Loans website and click: Get Car Title Loan Now.
2. Provide your personal details, desired loan amount and purpose, income information, vehicle details and information about your credit history.
3. Get pre-approved and compare offers from multiple lenders.
4. Complete the application process with the lender you choose.

• Compare multiple lenders
• Easy online application
• Free to use

• Not a direct lender
• Doesn't include all lenders
• Watch out for high rates

Loan amount	$500 – $10,000
APR	6.99% – 47.72%
Term	3 – 60 months

Summary of Smarter Loans ratings and reviews

14. Lend For All

Finder Score:

★★★★★

Customer Survey:

★★★★★

Read review

$100 – $50,000

Loan Amount

2.99% – 46.96%

APR

3 - 120 months

Term

• Info
• Pros/cons
• Details

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

1. Visit the car title loans section of the Lend For All website and click Fill Out Our Form.
2. Provide your personal information, contact details and income and employment details.
3. Provide your vehicle details.
4. 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

15. Calgary Title Loans

Not yet rated

Up to $35,000

Loan Amount

14.95% – 25%

APR

N/A

Term

• Info
• Pros/cons
• Details

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

1. Visit the Calgary Title Loans website and click Apply.
2. Provide your name, date of birth, contact details and vehicle information.
3. Specify whether you want the credit check or no credit check option.
4. Upload photos of your vehicle for faster funding.
5. Get approved.
6. Send copies of your driver's licence and registration plus your car insurance details to the lender.
7. 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

16. Usolve Financial

Not yet rated

N/A

Loan Amount

N/A

APR

N/A

Term

• Info
• Pros/cons
• Details

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.

• 10 locations across Ontario
• Bad credit is OK

• You can't apply online
• High interest rates may apply
• Ontario only

Loan amount	N/A
APR	N/A
Term

Summary of Usolve Financial ratings and reviews

17. uLoan Canada

Not yet rated

$5,000 – $50,000

Loan Amount

N/A

APR

N/A

Term

• Info
• Pros/cons
• Details

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

1. Visit the car title loans section of the uLoan Canada website and click Get started.
2. Provide your name and residence details.
3. Enter the year, make, model, fuel type and mileage of your vehicle.
4. Upload photos of your vehicle.
5. Enter your contact details and desired loan amount before submitting your application.
6. Take your vehicle to uLoan Canada's Kelowna location to have it inspected.
7. 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	N/A
Term	N/A

Summary of uLoan Canada ratings and reviews

18. Money Mega Mart

Not yet rated

Up to $25,000

Loan Amount

N/A

APR

N/A

Term

• Info
• Pros/cons
• Details

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

1. Visit the Money Mega Mart website and fill out a form with your name, contact information and vehicle details.
2. The lender will let you know the loan amount you are eligible for.
3. 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.
4. 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 29.9% – 46%
• Only available in Ontario, Manitoba and New Brunswick

Loan amount	Up to $25,000
APR	N/A
Term
Serviced provinces	Ontario, Manitoba and New Brunswick

Summary of Money Mega Mart ratings and reviews

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:

• Be a Canadian citizen or permanent resident

  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.

• Age of majority

  You must be at least 18 years old (or 19 in some provinces).

• Proof of a steady income

  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.

• Clear title in your name

  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.

• Vehicle inspection

  Lenders may ask for a vehicle inspection certificate to make sure your vehicle is in drivable condition.

• No bankruptcy

  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.

• Vehicle requirements

  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.

• Compare lenders

  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.

• Fill out the application

  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.

• Provide additional documentation

  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 photos and your car title (if applying online)

  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.

• Bring in your car for inspection (if applying in person)

  Drive your car to the lender for an in-person inspection and valuation. You must also provide your car title in person.

• Sign the loan contract

  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.

• Receive your funds

  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

What vehicles can I use as collateral?

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.

Frequently asked questions

• What do I need to get a car title loan in Canada?

  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.

• Can I get a title loan if I don't have a car title?

  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.

• Is it harder to find a car title loan online than it is in person?

  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.

• Can I get a car title loan if I don't have a job?

  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.

• What happens if I can't pay back a vehicle title loan?

  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.

• Can I refinance my title loan online?

  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.

• Can I sell my car that has a title loan on it?

  Yes, but it's not always easy. Learn more about how to sell a car with a lien on it.

• Can I get a car title loan online?

  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.

• Where can I get a loan using my car as collateral?

  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.

• How will a car title loan affect my credit?

  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.