Car title loans in BC let you borrow money using your vehicle as collateral. Loans of up to $50,000 are available, bad credit is OK, and it’s possible to get your loan within hours. But you’ll need to watch out for high rates, and your car could be repossessed if you fail to repay the loan.
Keep reading for the lowdown on five car title loans in BC, plus tips on how to find the loan that’s right for you.
Get Loan Approved offers car title loans of up to $50,000. There are no credit checks needed to apply, and you can get approved and funded within 24 hours. When you need to get your vehicle inspected, Get Loan Approved has 25 locations across Canada, including 8 in BC.
Eligibility requirements
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 on your vehicle
Vehicle must be registered and insured in your name
How to apply
Visit the Get Loan Approved website and fill out the online form with your vehicle's year, make, model and mileage as well as your personal and contact details.
You'll be given a loan quote based on the value of your vehicle.
Get your vehicle appraised. This can be done at a Get Loan Approved location or at your home with a mobile agent.
Loans Canada is an online loan search platform that provides access to the largest network of lenders in Canada. If you're searching for car title loans in BC, you can fill out a single application to compare loans from a range of lenders. Bad credit is accepted, you can borrow up to 50% of your vehicle's value from some lenders, and same-day funding is available if you need money urgently.
Eligibility requirements
19 years or older
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 and fill out a form with information about your credit score, income and vehicle, plus your contact details.
Compare loan offers from a range of lenders.
Complete the application process with the lender of your choice.
LoanConnect is an online loan search platform based in London. It offers access to loans from a network of more than 30 lenders, and you can fill out a single application to compare multiple offers. You can borrow up to $50,000 through LoanConnect's lending partners, while LoanConnect doesn't charge any brokerage fees.
Eligibility requirements
18 years or older
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 with your personal information, income and employment details, and desired loan amount.
Compare offers from lenders.
Complete the application process with the lender you choose.
Pit Stop Loans offers car title loans of between $1,000 and $25,000. Terms of up to 5 years are available, and bad credit won't stop you from getting a loan. It's easy to apply online and you can get your cash the same day.
Eligibility requirements
19 years or older
Vehicle must be no more than 8 years old
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
Head to the Pit Stop Loans website and fill out an online application form with your vehicle details and contact information.
Pit Stop Loans will contact you to discuss your borrowing needs.
Get your vehicle appraised by the lender and provide your driver's licence, registration, insurance, proof of residency and a second set of keys to your vehicle.
uLoan is a Kelowna-based lender that offers collateral loans starting from $5,000. To qualify for your desired loan amount, your vehicle will need to be worth three times the loan amount you request. You can start the application process by filling out an online application.
Eligibility requirements
18 years or older (19 in BC)
Must have clear title to your vehicle
Vehicle must be 7 years old or newer
How to apply
Head to the uLoan website and select a personal collateral loan.
Enter your name, where you live, your vehicle details and your contact information.
uLoan will contact you to discuss your borrowing needs.
Loan amount
$5,000 – $50,000
APR
N/A
Term
N/A
How do car title loans work in BC?
Car title loans in BC have the following features:
Secured. Your vehicle is used as collateral for the loan. So if you don’t repay what you borrow, your car could be repossessed. Learn more about secured loans.
Vehicle inspection. Many lenders will need to inspect your vehicle in person before approving your loan. However, some online lenders will instead require you to upload photos of your vehicle, its odometer and its VIN.
Loan amount. Lenders typically let you borrow between 25% and 50% of the value of your vehicle. Many lenders also impose a maximum loan limit, such as $25,000 or $50,000.
Loan term. Many lenders offer loan terms ranging from 3 – 60 months, but longer terms are sometimes available.
APR. APR ranges vary between lenders and based on factors such as your income. However, car title loans tend to have higher APRs than other secured loans.
Bad credit is OK. Because you provide your vehicle as collateral, bad credit won’t stop you getting a loan. Many lenders also don’t require you to complete a credit check.
What types of vehicles can I use as collateral?
You can use a car, truck, minivan or SUV as collateral for a car title loan. Some lenders will also accept other vehicles such as motorcycles, RVs and even boats, so it’s worth shopping around to see what’s available.
Each lender will also have their own list of requirements about the types of vehicles they accept. These include:
Age. Most lenders will only accept vehicles that are no more than 7-10 years old. However, they may make exceptions to this rule for luxury vehicles.
Mileage. Your vehicle must not have exceeded the lender’s mileage limit, such as 150,000 or 200,000km.
Insurance. You will need to have collision and comprehensive insurance on the vehicle in your name.
Clear title. You must not owe any money on your vehicle — the lender will conduct a title search to check whether there are any liens on your vehicle before approving your loan.
You should be able to find a list of any vehicle eligibility requirements on the lender’s website.
Drawbacks of car title loans
Make sure you’re aware of the disadvantages of car title loans before deciding if this is the right type of loan for you.
Fees
Check the APR to get a better idea of the true cost of a loan. Fees you may have to pay include:
Vehicle inspection fee to have your car appraised by the lender
Title search fee to check if there are any liens on your car
Vehicle history report fee to check if your car has been stolen or previously involved in an accident
A loan origination fee
High rates
Car title loans usually come with higher interest rates than other secured loans. Make sure you know exactly how much your loan will cost before deciding if it’s right for you.
You could lose your car
If you fail to repay your loan, the lender could repossess your vehicle.
Sketchy lenders
Do your due diligence to make sure you only ever deal with legit lenders, and keep an eye out for any warning signs that could indicate a personal loan scam
How to get a car title loan fast with bad credit
If your credit history is less than perfect, you can still qualify for a car title loan. In fact, many car title loan lenders don’t carry out credit checks. They will instead consider the value of your vehicle and whether you have sufficient income to afford loan repayments.
And if you need a loan fast, there are a few simple things you can do to maximize your chances of quick approval.
Check the turnaround time. It’s possible to get funded within hours with some lenders.
Check the eligibility requirements. Visit the lender’s website to make sure you meet all the loan eligibility requirements and that they will accept your vehicle as collateral.
Prepare your documents. Check what documents you’ll need to provide during the application process and prepare all your paperwork in advance.
Apply online. Fill out an online application form to get started.
Frequently asked questions
Yes. You can apply online and get approved and funded the same day with some lenders. The lender will commonly require you to upload multiple photos of your vehicle to show its condition, plus images of its odometer to check mileage. However, you may also need to take your vehicle to the lender's office to have it physically inspected.
Yes, it's possible to get a loan with bad credit. Taking out a car title loan means offering your vehicle as collateral, so this reduces the risk to the lender. Many car title loan lenders will not carry out credit checks during the application process, but keep in mind that you risk losing your vehicle if you fail to repay the loan. Learn more about bad credit loans.
Exact eligibility requirements vary between lenders. However, you will generally need to be 18 years of age or older and meet income requirements to qualify for a loan. You will also need clear title to a vehicle that is less than 10 years old, is registered and insured, and that has not exceeded the lender's mileage limit.
With this in mind, you'll need to provide the following when you apply for a loan:
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
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