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7 car title loans in Ontario

Get a loan using your paid-off car as collateral.

Searching for car title loans in Ontario? A car title loan is a loan secured by the title of your vehicle. Bad credit is OK and you can borrow up to 50% of the value of your vehicle, but the downside is that you risk losing your car if you can’t make your repayments.

In this guide, we’ll take a closer look at seven car title loan lenders and explore how to compare car collateral loans in Ontario.

Car title loans in Ontario

1. Get Loan Approved

getloanapproved.com Vehicle Title Loan
Finder Score:
★★★★★
Read review

$1,000 – $50,000

Loan Amount

9.95% – 29%

APR

12 - 72 months

Term

Get Loan Approved is a car title loan lender with over 25 locations across Canada. It offers loans of up to $50,000 with no credit checks, and it's possible to get your funds within 24 hours in some cases. Get Loan Approved also accepts a variety of income types, while 24/7 customer service is available if you need any help.

Eligibility requirements

  • Vehicle must be less than 10 years old
  • Must have clear title to your vehicle
  • Must have collision and comprehensive insurance on your vehicle
  • The vehicle must be registered and insured in your name

How to apply

  1. Click through to the Get Loan Approved website and fill out the form on the homepage.
  2. Provide your vehicle's year, make, model and mileage as well as your personal and contact details.
  3. Receive a loan quote based on the estimated value of your car.
  4. Get your vehicle appraised either at a Get Loan Approved location or at your home with a mobile agent.

Areas it serves

Get Loan Approved is flexible since it is partnered with mobile agents who can come to you. If you prefer to drive to a centre to have your car appraised, the average drive is 20 minutes.

Get Loan Approved serves the Greater Toronto Area, Northern Ontario and Eastern Ontario. It serves many cities, including Toronto, Etobicoke, Mississauga, Richmond Hill, Markham, Scarborough, Kitchener, London, Windsor, Ottawa, Hamilton and Oshawa.

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

2. Pit Stop Loans

Pit Stop Loans Personal Loans
Not yet rated

$1,000 – $25,000

Loan Amount

N/A

APR

N/A

Term

Pit Stop Loans offers car title loans of up to $25,000 in Ontario. Bad credit is accepted, and loan terms of up to 5 years are offered. Apply online, get your vehicle inspected and get funded the same day. Bad credit is okay.

Eligibility requirements

  • 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

  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.

Areas it serves

Pit Stop Loans has decent coverage of Ontario, serving large cities like Toronto, Ottawa, Hamilton, Kitchener and London, and smaller cities like Woodstock, Chatham, St. Thomas, North Bay and Cornwall.

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

3. Prudent Financial

Prudent Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
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$5,000 – $100,000

Loan Amount

6.99% – 56.5%

APR

1 – 5 years

Term

Prudent Financial offers car title loans of up to $100,000 on approved credit. You can apply online and get approved in As little as 30 minutes, and your on-time loan payments will be reported to the credit bureau to help you improve your credit score.

Eligibility requirements

  • Be 18 years or older
  • Vehicle must be no more than 6 years old (high-end vehicles excepted)
  • Must have clear title to your vehicle
  • Vehicle must be fully insured

How to apply

  1. Head to the Prudent Financial website and fill out an online application.
  2. Provide your vehicle details and contact information.
  3. Take your vehicle to Prudent Financial Services for an inspection. You'll also need to provide proof of ownership and insurance, your driver's licence, a void cheque, proof of address and two references.

Areas it serves

Prudent Financial serves the Greater Toronto Area.

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

4. Title Loans Online

Title Loans Online
Not yet rated

$3,000 – $25,000

Loan Amount

14% – 49%

APR

24 - 60 months

Term

Title Loans Online offers no credit check car title loans of up to $25,000. Apply online and get pre-approved in as little as an hour. The lender has locations in Toronto, London and Ottawa. Loans are also open, so you can pay yours off early without incurring any fees.

Eligibility requirements

  • Vehicle must not have any liens or encumbrances
  • Vehicle must be 2015 model year or newer
  • Vehicle must have done less than 200,000km
  • Must have full coverage insurance policy
  • Vehicle must be registered in your name
  • Vehicle status must be active, not rebuilt or repaired

How to apply

  1. Head to the Title Loans Online website and start filling out the online form.
  2. Provide your vehicle's details, your desired loan amount and your contact information.
  3. Title Loans Online will contact you within two business hours with a loan offer.
  4. Visit a Title Loans Online location to finalize your loan.

Areas it serves

Title Loans Online has locations in the Greater Toronto Area, London and Ottawa. Other cities it serves include St. Catharines, Niagara Falls, Dorchester, Ingersoll, Aylmer, Tillson burg, Kingston, Winchester, Almonte, Carleton Place, Brockville, Cambridge, Metcalfe and surrounding areas.

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

5. Car Title Loans Canada

Car Title Loans Canada
Not yet rated

Up to $25,000

Loan Amount

N/A

APR

Up to 48 months

Term

Car Title Loans Canada specializes in no credit check car loans. Loan terms of up to 48 months are available, while early repayment without penalty is also allowed. You can apply online within minutes, then get your vehicle assessed by Car Title Loans Canada. Loans are funded Within 24 hours.

Eligibility requirements

  • Vehicle must be no more than 8 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 Car Title Loans Canada website and start filling out the online form.
  2. Provide your vehicle's make, model, year and mileage as well as your name and contact details.
  3. Car Title Loans Canada will contact you within minutes to provide a loan offer and request any necessary documentation, such as your driver's licence, proof of residency and your vehicle registration and insurance.
  4. Take your car to one of the lender's five Ontario locations to get your vehicle appraised and finalize your loan.

Areas it serves

Car Title Loans Canada serves many cities in Ontario, including Greater Toronto Area, Ottawa, Hamilton, London, Kitchener, Burlington, Thunder Bay, Nepean, Sudbury, Brantford, Whitby, Welland, East York, Thornhill, Whitchurch-Stouffville, Durham, Uxbridge and Kanata.

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

6. Fast Access Financial

Fast Access Financial Vehicle Title Loan
Finder Score:
★★★★★

Up to $10,000

Loan Amount

15.75% – 58.99%

APR

12 - 36 months

Term

Fast Access Financial was founded in 2008 and is based in Pickering, Ontario. It offers car title loans of up to $10,000 to eligible borrowers. Terms of 12 - 36 months are available, and it's simple to apply for a loan online. This lender requires a credit check.

Eligibility requirements

  • Have a valid chequing account
  • Must have clear title to your vehicle
  • Vehicle must be a 2009 or newer model
  • Vehicle must have done less than 200,000km
  • Vehicle must be fully insured

How to apply

  1. Visit the car title loans section of the Fast Access Financial website.
  2. Fill out the form with your personal information, vehicle details, address, employment information and requested loan amount. Submit to a credit check.
  3. Fast Access Financial will contact you to let you know the next steps.

Areas it serves

Fast Access Financial serves the Greater Toronto Area.

Loan amount Up to $10,000
APR 15.75% – 58.99%
Term 12 - 36 months

7. Fast Action Finance

Fast Action Finance Car Title Loan
Not yet rated

Up to $25,000

Loan Amount

N/A

APR

Not available

Term

Fast Action Finance has been in business since 1997 with a head office in Toronto. It specializes in auto title loans in Ontario. Borrow up to $25,000 with no credit checks or job required.

Eligibility requirements

  • Have a driver's licence
  • Must have clear title to your vehicle
  • Vehicle must be a 2009 or newer model
  • Vehicle must have done less than 200,000km
  • Vehicle must be fully insured

How to apply

  1. Visit the car title loans section of the Fast Access Financial website.
  2. Fill out the form with your personal information, vehicle details, address, employment information and requested loan amount.
  3. Provide documents, including your driver's licence, ownership, insurance, pay stub, void cheque, utility bill, and photos of the interior and exterior of your car.
  4. Sign your loan documents.

Areas it serves

Fast Action Finance has offices in Toronto, Mississauga, Hamilton, Guelph, London, Ottawa and St. Catharines. However, you don't need to be living in these areas to get a loan from them because a completely online process is available.

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

Features of car title loans in Ontario

Car title loans in Ontario typically come with the following features:

  • Borrow up to 50% of your vehicle’s value. Lenders generally allow you to borrow up to 50% of the value of your vehicle. They may also have a maximum loan amount, such as $25,000 or $50,000.
  • Terms of up to 60 months. Many car title loan lenders offer loan terms ranging from 6 to 60 months, but shorter or longer terms may be available depending on the lender.
  • High APRs. Car title loans come with higher APRs than other secured loans
  • Bad credit is OK. Because you offer your car title as collateral to secure the loan, bad credit won’t stop you getting approved. Many car title loan lenders also don’t conduct credit checks.
  • Same-day funding. Many lenders will fund your loan within a few hours, with same-day funding available in most cases. Learn more about emergency loans.

What to watch out for

Fees

There are several fees that may apply to your car title loan, including:

  • Vehicle inspection fee to have your vehicle appraised
  • Vehicle history report fee to check whether your car has been stolen or involved in an accident
  • Title search fee to check for any liens on your car
  • Administration or loan origination fee

Check the APR to get a clearer idea of exactly how much your loan will cost.

High rates

Car title loans generally come with high interest rates, so it’s worth checking whether you may be able to qualify for a lower interest rate with a different type of loan.

You need to own your car

Most lenders require you to own your vehicle outright to qualify for an auto title loan. If you still have finance owing on your vehicle, you’ll probably need to consider other loan options.

Your car could be repossessed

Using your car as collateral means putting it at risk. If you fail to repay the loan, your vehicle could be repossessed.

Disreputable lenders

Do your research to make sure you’re dealing with a legitimate lender. Keep an eye out for any red flags that could be a sign of a personal loan scam.

How to find the best car title loans in Ontario

If you want to find the best car title loan for your needs, it’s important to shop around. Compare loans from multiple lenders to find an affordable loan from a reliable provider. Factors to consider when choosing a loan include:

Interest rate

The rate you get will have a big impact on the cost of your loan. Compare lenders to find a low interest loan, but don’t forget to take loan fees into account too.

Fees

Read the fine print to learn about all the fees that apply to your loan, including vehicle inspection fees and title search fees.

Loan amount

Check the maximum amount you can borrow. This will depend on the lender’s maximum limit — some offer loans of up to $50,000 — the value of your vehicle and your income.

Loan term

Some lenders have a maximum loan term of 60 months, but others offer a longer maximum repayment period.

Eligibility requirements

Read the fine print to make sure that you and your vehicle meet the lender’s eligibility requirements.

Turnaround time

Check how long it will take to get the funds deposited into your account. If you need money quickly, you may be able to get funded the same day with some lenders.

Repayments

Find out whether you can tailor the repayment schedule to suit your income frequency. Can you make extra payments at any time without extra fees, and can you pay the loan off early without penalty?

Frequently asked questions

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