The Benefits of Borrowing Money using your Car

Car_title_loan_bmwThere are a number of benefits to getting a car title loan. Here are the benefits of borrowing money using your car.

The Benefits of a Car Title Loan

Borrowing money using your vehicle as collateral is called a “car title loan.” Car title loans can be good options for people who are short on cash and who have bad credit or an inconsistent income.

However, that isn’t the only advantage to a car title loan. There are a number of other advantages.

Bad Credit is OK

As mentioned above, a car title loan is a good option for someone who has bad credit or very little credit. To get a car title loan, you simply have to have a vehicle that is paid off in full and meet a few other requirements for the lender.

Since the car is being put up as collateral, there is very little risk for the lender. That means you are more likely to get approved for a car title loan than you would be for a personal loan.

You Can Get Money Quickly

Since the car title loan process is very straightforward, you are able to get the money you need very quickly. The lender simply needs to ensure that you own your car and that it is worth at least as much as you are looking to borrow. The process is very simple which means that it is also very quick. You can likely get the money that you need within a day or two, which is great if an unexpected bill comes up that you have to pay right away.

The Loan is Secured

Since the loan is secured and your car is used as collateral, you may be able to get a lower interest rate than you would be receive on another type of bad credit personal loan. For example, when compared to payday loan services, car title loans have significantly lower interest rates. This means that you will spend much less money paying off the loan.

Using a reputable company to get a car title loan is a great way to get a lower interest rate. When you get a car title loan from a trustworthy and reputable lender, you will likely be able to get a lower interest rate and save yourself some money. This is why it is important to do research on lenders and to choose a lender that is reputable and that offers a competitive rate.

You Can Keep Your Car

When you get a car title loan, you don’t have to give up your vehicle. While the lender will hold the title and a set of keys to the car, you still have full access to the vehicle. This is a big advantage as you can continue to drive your car to work, school and anywhere else that you need to. There is no change in your lifestyle other than that you have received the loan.

Have questions? Give us a call or apply online. Contact us here



Why Get a Car Title Loan from Prudent Financial?

Why you should get a car title loan from Prudent Financial?

Because Prudent Financial Services offers the lowest rates bad credit car title loans.

Second of all, Prudent loans are open. So if you decide to pay off your loan early, you will get full refund of the remaining interests. (discharge fee for lien release of $250.00 may apply).

Finally, we report to credit bureaus. So start improving your credit history today!




Use the equity in your car to borrow money now.

Many of us have cars.  And many of us find ourselves in a situation where we need money quickly.  There are a few choices:

  1. Go to a bank.  However if, for whatever reason you find your credit score is a bit lower than what the bank is comfortable with this may not be an option.
  2. Go to a pay day loan type company.  We highly recommend against this option.  The pay back times are very short and the fees are extremely high if you are not able to pay back in the short times agreed on.
  3. is owned by Prudent Financial.  BWYC is a company that specializes in helping people borrow using the equity in their car.  If you need money for a short time, you can pay off the loan early.  And all your positive loan payments are reported to the credit bureau, which goes towards your total credit history and can eventually lead to a better credit rating. Prudent Financial has been lending money to people with lower credit scores since 1984.  Their rates for lower credit lending are the lowest in the GTA. Need some money quickly and still want reasonable rates and pay back periods?   Call or click to   and Think Smart.  Think Prudent.

Check us out!




How does My Credit Score Work?


How does my credit score work? Understanding your credit is the first step to repair bad credit.

Watch this video to get some valuable tips on understanding what determines how your credit score is rated in Ontario.


Best Place for your Car Repair

Looking for the best place for your car repair. Not sure, if you should use an independent garage or a car dealer to repair your vehicle. Watch this video to determine whether you should an independent garage or dealer to fix your car. Save money by making the right decision.



Bad Credit Warning Signs

Home Equity Loans

Bad Credit Warning Signs — that you must know!

A bad credit score can negatively affect many different aspects of your life. It can make it more difficult to get a loan, buy a car, rent a home and even to get a job. It can cause lenders to avoid lending to you or to charge you higher interest rates on loans. If you have bad credit, rebuilding your credit score can be time consuming and confusing.

For these reasons, it’s important to keep an eye on your credit score and to make sure that it stays healthy. In order to do that, you’ll need to know what can cause a negative impact on your credit score and take steps to avoid those situations.

Here are a few signs that you may have bad credit and what you can do if you’re in one of these situations.

You Haven’t Seen Your Credit Report

It’s important to review your credit report regularly. Everyone should review their credit report at least once a year. Not only is it important to know what’s on your credit report, but you should also check your report for errors or inaccuracies.

There are two national credit bureaus in Canada: Equifax Canada and TransUnion Canada. You should check your credit report with both of them.

You’re Not Paying Attention to your Credit Limit

If you don’t know how much credit you have, you can’t possibly use it responsibly. You might even end up going over your credit limit without knowing it.

Find out how much credit you have available to you and take steps to better control how much you spend. Your “credit utilization rate” is the amount of credit that you have compared to the amount that you are using. Most lenders want your credit utilization rate to be under 30%. This means that if you have $10000 in credit available, for example, that your outstanding balance should be $3000 or less.

You Don’t Have Enough Credit

If you don’t have much of a credit history, lenders may be hesitant to trust you. This probably affects younger people more often, but it can be a problem for just about anyone who doesn’t use credit frequently. Not having enough credit can make it difficult for you to get credit which makes it difficult for you to build your credit score and so on and so on.

What can you do in this situation? Get a secured credit card. These cards require a cash deposit as collateral, but all activities that take place on a secured credit card are reported to the major credit bureaus, which helps you build your credit. Once you’ve shown that you can regularly and responsibly use credit, you’ll be able to get a new credit card and other types of credit in the future.

You Have Too Much Credit

Having a large number of credit cards can be a problem. Not only can it cause you to lose track of exactly how much you owe on each card, but it can also lead to high debt and missed payments. All of these things are bad for your credit rating.

To solve this problem, assess your situation, consider closing some unused cards and come up with a strategy for paying down the debts on the remaining cards.

You Only Use Credit Cards

It’s important to have a good mix of credit, not just credit cards. You obviously shouldn’t take out a loan if you don’t need it or can’t pay it back, but if you do need a loan and you can pay it back on time, it will benefit your credit score.

You’ve Missed Payments

Payment history is a big factor in calculating your credit score. Even missing one payment can cause damage.

You can avoid missed payments by setting up automatic payments or by creating reminders in your calendar or phone to make payments before they are overdue. If you’re having difficulty making your payments, set up a budget that allows you to meet all of your financial obligations and stick to it. You may have to cut your other spending in order to make payments on time.