If you need a loan to cover emergency expenses or bridge a short-term financial gap, there are several lenders offering car title loans to consider. From large online lending platforms to regional providers, each lender has its own eligibility requirements, loan terms and interest rates.
This guide compares car title loan options available in Ontario, highlights key features to watch for and offers tips to help you find the right loan.
Loans Canada is an online loan search platform that provides access to a network of dozens of lenders. By filling out a single online application, you can compare car title loan offers from multiple lenders. All types of credit are accepted, there are $0 down payment options available and you can borrow up to 50% of your car's value. Funding is available in less than 24 hours in some cases.
Loans Canada is partnered with many kinds of lenders, so you may get a mix of matches.
Eligibility requirements
Must have clear title to your vehicle
Must have valid auto insurance
Your vehicle must be no more than eight years old
You must be 18 or older with a valid driver's licence
Other requirements vary depending on the lender
How to apply
Visit the Loans Canada website.
Provide your contact information plus details about your credit score, income and vehicle.
Compare offers from lenders to find one that's right for you.
Complete the application process with that lender.
Areas it serves
Loans Canada is partnered with lenders across Canada.
Loan Amount
$500 – $50,000
APR Range
8.99% – 35%
Loan Term
4 - 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
LoanConnect is a London-based online loan search platform that offers access to a network of over 30+ lenders. It's easy to apply online and compare multiple loan offers, with loans of up to $50,000 available. LoanConnect also doesn't charge any application or brokerage fees.
As a loan search platform, LoanConnect is partnered with different types of lenders, so you may get a mix of results.
Eligibility requirements
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.
Provide your personal information, income and employment details and requested loan amount.
Compare offers from lenders to find one that's right for you.
Complete the application process with that lender.
Areas it serves
LoanConnect is partnered with lenders across Canada.
Loan Amount
$500 – $60,000
APR Range
8.99% – 35%
Loan Term
3 - 120 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
Canada Car Cash is a Canadian lender that specializes in vehicle title loans. If you own your car outright, you can borrow up to $100,000 based on its wholesale value.
The lender accepts all credit types and offers a fast application process with funding possible within 24 hours. And, they don't perform credit checks, focusing instead on your vehicle's condition and equity.
Eligibility requirements
Must have a driver's licence
Must have a clear title to your vehicle
Vehicle must be 2015 or newer
Vehicle must be fully insured
How to apply
Visit the Canada Car Cash website.
Fill out the online application with your contact details and information about your vehicle or call 1-844-598-7631.
Bring your car, registration, insurance and driver's licence to the nearest Canada Car Cash office for appraisal.
If you're approved, you can sign the loan agreement and receive your funds, sometimes within the same day.
Areas it serves
British Columbia, Alberta, Saskatchewan, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Ontario
Loan Amount
$1,500 – $100,000
APR Range
Undisclosed
Loan Term
Serviced Provinces/Territories
British Columbia, Alberta, Saskatchewan, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Ontario
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
Click through to the Get Loan Approved website and fill out the form on the homepage.
Provide your vehicle's year, make, model and mileage as well as your personal and contact details.
Receive a loan quote based on the estimated value of your car.
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.
Pit Stop Loans offers car title loans of up to $25,000 in Ontario. Loan terms of up to 5 years are available. 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
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.
Pit Stop Loans will contact you with a loan offer.
Get your vehicle appraised by the lender.
You also need to provide your driver's licence, vehicle registration, insurance, proof of residency and a spare key.
Areas it serves
Pit Stop Loans serves British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Newfoundland and PEI.
Prudent Financial offers car title loans of up to $50,000 on approved credit. You can apply online and get Approval in 30 minutes, and your on-time loan payments will be reported to the credit bureau to help improve your credit score.
Eligibility requirements
Be the age of majority
Vehicle must be 6 years old or newer
Must have a clear title to your vehicle
Vehicle must be fully insured
How to apply
Head to the Prudent Financial website and fill out an online application.
Provide your vehicle details and contact information.
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.
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. 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 a 2015 model or newer
Vehicle must have less than 200,000km
Must have a full coverage insurance policy
Vehicle must be registered in your name
Vehicle status must be active, not rebuilt or repaired
How to apply
Head to the Title Loans Online website and start filling out the online form.
Provide your vehicle's details, your desired loan amount and your contact information.
Title Loans Online will contact you within two business hours with a loan offer.
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, Woodstock, Tillsonburg, Kingston, Winchester, Almonte, Carleton Place, Brockville, Cambridge, Metcalfe and surrounding areas.
Loan Amount
$4,000 – $25,000
APR Range
19% – 34.9%
Loan Term
24 - 60 months
Serviced Provinces/Territories
British Columbia, Alberta, New Brunswick and Ontario
Turnaround Time
24 hours
Requirements
Vehicles 2013 and newer with less than 200,000km. Vehicle must be fully paid for, registered in your name and have a full coverage insurance policy. Rebuilt or repaired vehicles not accepted.
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 a clear title to your vehicle
Must have collision and comprehensive insurance
Vehicle must be registered and insured in your name
How to apply
Visit the Car Title Loans Canada website and start filling out the online form.
Provide your vehicle's make, model, year and mileage as well as your name and contact details.
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.
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 British Columbia, Alberta, Saskatchewan and Ontario. Its five locations in Ontario are in Toronto, London, Ottawa, Hamilton and Kitchener.
Loan Amount
Up to $25,000
APR Range
8% – 29%
Loan Term
Up to 48 months
Serviced Provinces/Territories
British Columbia, Alberta, Saskatchewan and Ontario
Turnaround Time
within 24 hours
Requirements
Vehicle must be no more than eight years old and registered and insured in your name. Vehicle must have collision and comprehensive insurance and you must have a clear title to the vehicle.
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
Be 21 years or older
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
Visit the car title loans section of the Fast Access Financial website.
Fill out the form with your personal information, vehicle details, address, employment information and requested loan amount. Submit to a credit check.
Fast Access Financial will contact you to let you know the next steps.
Areas it serves
Fast Access Financial serves the Greater Toronto Area.
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 a 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
Visit the car title loans section of the Fast Action website.
Fill out the form with your personal information, vehicle details, address, employment information and requested loan amount.
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.
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 live in these areas to get a loan from them because a completely online process is available.
Loan Amount
Up to $25,000
APR Range
Undisclosed
Loan Term
Not available
Serviced Provinces/Territories
British Columbia, Alberta, Saskatchewan and Ontario
Turnaround Time
Within 24 hours
Requirements
Vehicle must be nine years old or newer and have less than 200,000km mileage. There must not be any money owing on the car and it must not be leased.
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 providers offer 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 from getting approved. Many car title loan providers 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’re still paying off 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.
Expert insight: Trends in loans in the past 12 months
"Our company offers car title loans (in which a consumer uses a paid-off vehicle as collateral for a loan). Over the past 12 months, we’ve noticed many customers applying for our secured loans that don’t require good credit, when they previously would have taken out a bank loan or installment loan. The difference this time is that their credit score is lower than it was a year ago.
Many of these applicants have student loan debt that’s now being reported to the credit bureaus, and if they haven’t made recent payments, their credit score is taking a hit. Also, most unsecured lenders have tightened their credit underwriting requirements, and far fewer people are being approved."
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 into account fees as well.
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 you and your vehicle meet the lender’s eligibility requirements.
Turnaround time
Check how long it will take to get 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 any time without extra fees, and can you pay the loan off early without penalty?
Frequently asked questions
Generally, no. It's typically quite difficult to get a car title loan with an older vehicle, because cars depreciate in value so quickly. The maximum vehicle age most lenders accept is 10 years.
It's not possible to get an instant car title loan as the lender will need to inspect and appraise your vehicle before approving your loan. However, many lenders offer same-day funding, and it's possible to get your loan in a matter of a few hours if you prepare all your paperwork in advance. Learn more about instant loans.
Yes. Many car title loan providers accept all types of credit and will not require you to undergo a credit check. They will instead consider the value of your vehicle, your income and your ability to make repayments when assessing your loan application.
Yes. Many auto title lenders work with borrowers who have all types of credit, so bad credit doesn't have to stop you from getting a loan. By offering your vehicle as collateral, you can reduce your credit risk in the eyes of a lender. However, you'll also risk losing your vehicle if you can't repay the 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.
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Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel.
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