5 Car Title Loans in BC

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 a loan that’s right for you.

Car title loans in BC

• LoanConnect
• Loans Canada
• LendDirect
• Get Loan Approved
• Pit Stop Loans

1. LoanConnect

8.8 Great

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$500 – $60,000

Loan Amount

4.99% – 35%

APR

72 - 84 months

Term

• Info
• Details

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. Borrow up to $60,000 through LoanConnect's lending partners. The platform doesn't charge any brokerage fees.

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

1. Visit the LoanConnect website, and fill out the online application form with your personal information, income and employment details and desired loan amount.
2. Compare offers from lenders.
3. Complete the application process with the lender you choose.

Loan Amount	$500 – $60,000
APR Range	4.99% – 35%
Loan Term	72 - 84 months
Serviced Provinces/Territories	All provinces
Turnaround Time	Receive funds within as little as 24 hours.
Min. Credit Score	300
Fees	No application, origination or brokerage fees
Requirements	Canadian citizen or permanent resident, age of majority in your province of residence, current debts must total less than 60% of your income

2. Loans Canada

8.6 Great

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$500 – $50,000

Loan Amount

9.99% – 35%

APR

3 - 60 months

Term

• Info
• Details

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

1. Visit the Loans Canada website and fill out a form with your contact details plus information about your credit score, income and vehicle.
2. Compare loan offers from a range of lenders.
3. Complete the application process with the lender of your choice.

Loan Amount	$500 – $50,000
APR Range	9.99% – 35%
Loan Term	3 - 60 months
Serviced Provinces/Territories	All of Canada
Turnaround Time	Varies
Min. Credit Score	300
Fees	Varies by lender
Requirements	Canadian resident, age of majority in province of residence, employed for 3+ months, min. income $1,800/month

3. LendDirect

Up to $25,000

Loan Amount

24.99% – 34.99%

APR

Undisclosed

Term

• Info
• Details

LendDirect offers car equity loans of up to $25,000, using your vehicle as collateral. What sets LendDirect apart from other lenders is that eligible vehicles can be up to 20 years old, while other lenders typically accept vehicles that are under 10 years old. LendDirect has branches across Canada, including 20 locations in British Columbia.

Eligibility requirements

• 18 years or older
• Vehicle must be less than 20 years old and have less than 250,000 km
• Must have clear title to your vehicle
• Must have a steady source of income
• Must have proof of insurance
• Must have a phone number, ID and chequing account

How to apply

1. Bring the required documents and your vehicle to a LendDirect branch in BC.
2. Apply for a car equity loan and get your vehicle appraised.
3. Sign your loan agreement and receive your funds in as little as 15 minutes via Interac e-Transfer.

Loan Amount	Up to $25,000
APR Range	24.99% – 34.99%
Loan Term	Undisclosed
Serviced Provinces/Territories	AB, BC, MB, NB, NL, NS, ON and SK
Turnaround Time	Interac e-Transfer in as little as 15 minutes
Requirements	20 model years or newer

4. Get Loan Approved

7.5 Great

Read review

$1,000 – $50,000

Loan Amount

8% – 29%

APR

12 - 72 months

Term

• Info
• Details

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 24 locations across Canada, including eight in BC.

Eligibility requirements

• 19 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

1. 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.
2. You'll be given a loan quote based on the value of your vehicle.
3. Get your vehicle appraised. This can be done at a Get Loan Approved location or at your home with a mobile agent.

Loan Amount	$1,000 – $50,000
APR Range	8% – 29%
Loan Term	12 - 72 months
Serviced Provinces/Territories	AB, BC, MB, NB, NL, NS, ON, PEI, SK
Turnaround Time	In as little as one hour
Requirements	10

Pit Stop Loans

$1,000 – $25,000

Loan Amount

8% – 29%

APR

N/A

Term

• Info
• Details

Pit Stop Loans offers car title loans of $1,000 to $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

1. Head to the Pit Stop Loans website and fill out an online application form with your vehicle details and contact information.
2. Pit Stop Loans will contact you to discuss your borrowing needs.
3. 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.

Loan Amount	$1,000 – $25,000
APR Range	8% – 29%
Loan 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 a 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 based on factors like 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 from getting a loan. Many lenders also don’t require 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 also accept other vehicles like motorcycles, RVs and even boats, so it’s worth shopping around to see what’s available.

Each lender has different requirements for acceptable types of vehicles. These include:

• Age. Most lenders only accept vehicles that are no more than 7-10 years old. However, there may be exceptions 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 providers don’t carry out credit checks. Instead, these lenders 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 chance of quick approval.

• Check the turnaround time. It’s possible to get funded in 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 your vehicle will be accepted as collateral.
• Prepare your documents. Check which 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

• Can I get a car title loan online in BC?

  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 your mileage. However, you may also need to take your vehicle to the lender's office to have it physically inspected.

• Can I get a car title loan with bad credit?

  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 providers 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.

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

  Exact eligibility requirements vary between lenders. However, you generally need to be 19 years of age or older and meet income requirements to qualify for a loan. You also need clear title to a vehicle that is less than 10 years old. It must be registered and insured and cannot have exceeded the lender's mileage limit.

  With this in mind, you'll need to provide the following when applying for a loan:

  • Driver's licence
  • Proof of residence
  • Proof of vehicle ownership
  • Proof of registration and insurance
  • A second set of keys for the vehicle

To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.

Written by

Tim Falk

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Tim Falk is a freelance writer for Finder. Over the course of his 20-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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