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 Ontario1. Get Loan Approved
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$1,000 – $50,000
Loan Amount
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 requirementsBe 18 years or olderVehicle must be less than 10 years oldMust have clear title to your vehicleMust have collision and comprehensive insurance on your vehicleThe vehicle must be registered and insured in your nameHow to applyClick 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.
Loan amount
$1,000 – $50,000
APR
9.95% – 31.99%
Term
48 – 72 months
Turnaround time
In as little as one hour
Serviced provinces
AB, BC, MB, NB, NL, NS, ON, PEI, SK
2. Loans Canada
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$500 – $35,000
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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.Eligibility requirementsBe 18 years or olderMust have clear title to your vehicleMust have valid auto insuranceOther requirements vary depending on the lenderHow to applyVisit the Loans Canada website.Provide details about your credit score, income and vehicle, plus your contact information.Compare offers from lenders to find one that’s right for you.Complete the application process with that lender.
Loan amount
$500 – $35,000
APR
6.99% – 29.99%
Term
4 – 96 months
Min. credit score
300
Fees
Varies by lender
Turnaround time
Varies
Serviced provinces
All of Canada
3. LoanConnect
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$100 – $50,000
Loan Amount
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.Eligibility requirementsBe 18 years or olderMust have clear title to your vehicleMust have valid auto insuranceOther requirements vary depending on the lenderHow to applyVisit 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.
Loan amount
$100 – $50,000
APR
8.99% – 46.96%
Term
3 – 120 months
Min. credit score
300
Fees
No application, origination or brokerage fees
Turnaround time
Receive funds within as little as 24 hours.
Serviced provinces
All provinces
4. Prudent Financial
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$5,000 – $500,000
Loan Amount
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 requirementsBe 18 years or olderVehicle must be no more than 6 years oldMust have clear title to your vehicleVehicle must be fully insuredHow to applyHead 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.
Loan amount
$5,000 – $500,000
APR
6.99% – 56.5%
Term
1 – 5 years
Fees
Unknown
Turnaround time
As little as 30 minutes
Serviced provinces
Ontario
5. Title Loans Online
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$3,000 – $25,000
Loan Amount
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 requirementsCanadian citizen or permanent residentBe 18 years or olderVehicle must not have any liens or encumbrancesVehicle must be 2015 model year or newerVehicle must have done less than 200,000kmMust have full coverage insurance policyVehicle must be registered in your nameVehicle status must be Active, not Rebuilt or RepairedHow to applyHead 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.
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
6. Car Title Loans Canada
Not yet rated
Up to $25,000
Loan Amount
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 requirementsBe 18 years or olderVehicle must be no more than 8 years oldMust have clear title to your vehicleMust have collision and comprehensive insurance.Vehicle must be registered and insured in your name.How to applyVisit 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.
Loan amount
Up to $25,000
APR
N/A
Term
Up to 60 months
Turnaround time
Within 24 hours
Serviced provinces
British Columbia, Ontario, Alberta and Saskatchewan
7. Fast Access Financial
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Up to $10,000
Loan Amount
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 to 36 months are available, and it’s simple to apply for a loan online.Eligibility requirementsBe 21 years or olderHave a valid chequing accountMust have clear title to your vehicleVehicle must be a 2009 or newer modelVehicle must have done less than 200,000kmVehicle must be fully insuredHow to applyVisit 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.
Loan amount
Up to $10,000
APR
15.75% – 58.99%
Term
12 – 36 months
Features of car title loans in OntarioCar 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 loansBad 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 forFeesThere are several fees that may apply to your car title loan, including:Vehicle inspection fee to have your vehicle appraisedVehicle history report fee to check whether your car has been stolen or involved in an accidentTitle search fee to check for any liens on your carAdministration or loan origination feeCheck the APR to get a clearer idea of exactly how much your loan will cost.High ratesCar 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 carMost 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 repossessedUsing your car as collateral means putting it at risk. If you fail to repay the loan, your vehicle could be repossessed.Disreputable lendersDo 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 OntarioIf 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 rateThe 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.FeesRead the fine print to learn about all the fees that apply to your loan, including vehicle inspection fees and title search fees.Loan amountCheck 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 termSome lenders have a maximum loan term of 60 months, but others offer a longer maximum repayment period.Eligibility requirementsRead the fine print to make sure that you and your vehicle meet the lender’s eligibility requirements.Turnaround timeCheck 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.RepaymentsFind 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
Are there car title loans in Ontario for older vehicles?
Generally, no. While some vehicles may qualify, 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 will accept is 10 years.
Can you get instant car title loans online in Ontario?
It’s not possible to get an instant car 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.
Can you get car title loans in Ontario with no credit check?
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.
Can you get car title loans in Ontario with bad credit?
Yes. Many auto title lenders work with borrowers with 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.
