Title Loans Canada

Car Title Loans in Canada

Title Loans Canada

If you are looking for Title Loans in Canada, you are probably looking for quick cash, but you should know that a vehicle title loan might be one of the worst choices you can make. While it is true the title loans can be a quick way to get a short term loan, it should really be a last resort. 


In order to qualify, you need equity in your vehicle. In other words, you should owe less than it is currently worth, or have paid off the loan for your vehicle completely.

What to Know About Car Title Loans

The total cost of borrowing with a title loan can incur extra costs such as vehicle evaluation, lien registration, title search, accident search and administrative fees. You might also have to agree to having your vehicle being equipped with a GPS and/or a car immobilizer. These are used by the lender to monitor and keep track of the car or truck and could be an additional expense to you. It’s also possible that the lender may ask the borrower to purchase additional insurance as well.


But the biggest cost to you is the strong possibility that you are unable to repay the loan and risk losing your vehicle for much less than it is worth. If you miss a payment or should default on the loan, the lender is within their right to seize the vehicle. As many as 1 in 5 default or miss payments, and their vehicle can be repossessed by the lender. Depending on the actual situation, this can be like getting $1000 for a vehicle that might be worth more than 5 or 10 times that amount. You should also know that if the car valuation was not considered sufficient to cover outstanding loan proceeds, then the borrower would still have to repay the remaining amount on top of surrendering the car. Also note that if the lender were to seize your vehicle for failing to make your payment on time, you could also be liable for costs associated with the seizure as well.

Who is Eligible?

canadian man
Canadian Resident
18+ years of Age
Has a Bank Account
Proof of Income

Car Title Loan Alternatives


There are short term options to car title loans that often make for better alternatives. Choosing either an installment loan or payday loan could provide the fast cash needed without the risk of losing your vehicle for what might seem like pennies on the dollar. 


Many find that they are often eligible for installment loans or payday loans even with bad credit. Often the main criteria for these options is being employed, of at least 18 years of age, and a Canadian resident with a valid bank account.

What is a Car Title Loan?

If you own a vehicle such as a car, truck, boat or motorcycle, it is possible to borrow against the value of the vehicle. Known as a title loan, this can provide quick cash while using your vehicle as collateral for the loan. The actual amount that you might be able to borrow will depend a lot on the overall value of the vehicle, what you owe, and how much equity you have in the vehicle itself. Often what you might get for your vehicle is typically limited to 50% of what the vehicle’s fair market value would be. Depending on the province you live in, sometimes lenders will take heavy-duty equipment and recreational vehicles. 


A title loan is not available from banks or credit unions. They are usually only available from alternative lenders. A number of lenders will use the vehicle value to determine things such as the interest rate, repayment terms, and what amount you might be able to borrow. 


Things to know before thinking about taking a title loan would include the total cost of the loan, amount and payment schedule, annual percentage rate (APR), and any options to pay in part (or full) before the due date without additional fees.

Car Title Loans in Canada

In Canada, car title loans are high interest loans that allow you to borrow fast cash from the value of your vehicle. Often used to fund emergency expenditures, the car title loan can be a more costly way to borrow, especially if you have trouble with payments.

With all that has been said, isn’t choosing an installment loan or payday loan the better option available? While most don’t default on payments on purpose, it can happen to anyone for a variety of reasons. 

We do not offer title loans but can assist with installment loans or payday loans. We think you’ll agree when we say installment and payday loans are probably a better option since it does not put your vehicle at risk of being repossessed as they are unsecured loans.


  • Paperless
  • No Hidden Fees*
  • E-Transfer of Approved Funds
  • Fully Automated Application System
  • Apply 24 Hours a Day
Why Crediteck?

*We will never charge you fees for our service or ask you to pay upfront fees to be considered for a loan.

Traditional Lenders

  • A Lot of Paperwork
  • Hidden Fees
  • Traditional Bank Transfer
  • Review and approval may take time
  • Limited Availability