Frequently Asked Questions

What is a Vehicle Title Loan?

  • A Vehicle Title Loan is a loan using a paid off vehicle as collateral or security. No liens. No leases.
  • Must be fully insured.
  • Full use of your car during the loan period for as long as payments are made.
  • Usually eligible for larger loans and lower rates of interest than unsecured personal loans.
  • Can be paid back over usually longer periods of time depending on lender. (Prudent allows 12 to 24 months or less. All our loans are open and can be paid off early.)
  • Higher end vehicles (BMW, Lexus, Cadillac, etc) can be older than 6 years.

What is a Vehicle Repair Loan?

A loan to repair body or mechanical damage on your vehicle. Unfortunately, we do not finance any customization such as engine or exhaust modifications. Nor upgrades on audio equipment. The Vehicle Repair Loan has the same vehicle qualifications as the Vehicle Title Loan: vehicles must be fully paid off without any liens or leases.

Click here to learn more about Vehicle Repair Loans.

How do I apply for a loan?

You can apply online or call one of our loan professionals at 416-223-9300 who will help you with the application process.

On the first loan, you must come in to our office. On subsequent loans, you can sign the loan documents and fax them to us, and we will deposit the loan money into your bank account.

How quickly will I get the loan when I come into the office?

If you have all the required information, the whole process could take up to an hour.

How long can I expect to wait for a reply to my online application?

We will contact you on the same day you send in your application if we receive it during business hours. We will respond to after-hours applications on the first business day following the application. We will use the phone numbers and/or email address entered on your application to contact you.

My credit history is very bad, would I still be eligible to get a loan?

Well, let’s put it this way. Prudent Financial Services started in 1984 and was the first lender in Ontario to give loans to bankrupts, both undischarged and discharged. Today, Prudent is still the leader in the lending industry for the lowest cost bad credit personal loans to people in bankruptcies, proposals or bad credit histories. Prudent has helped thousands of people across the GTA.

So I would qualify if I were still in a bankruptcy and a consumer proposal even though I am not finished or discharged yet?

Yes, as long as you have a vehicle that would qualify for a Vehicle Title Loan and meet our criteria.

How quickly will I get the loan when I come into the office?

If you have all the required information, the whole process could take up to an hour.

What type of vehicle qualifies to be used for a Title Loan?

Cars, vans, trucks, SUV’s. All are eligible for a Vehicle Title Loan as long as they are 6 years or newer, currently plated, in your name, registered in Ontario and fully insured. We also finance higher end older cars such as BMWs, Cadillacs and Lexus.

What if the vehicle is in my company’s name?

We can still give a Title Loan using a vehicle registered in your company’s name if you own the company and it can be verified.

What if the vehicle is not in my name?

You must then bring in the person whose name is registered as the owner of the vehicle and this person must be willing to act as a co-signer on the loan and give written permission to pledge the vehicle as collateral.

Are there any fees in addition to interest charged?

Lenders charge small fees for a car history report as well as for a lien search.