Borrow Against Your Car And Still Drive It

Published: 08th May 2020
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Starting from July 1st 2015

We at Money Mega Mart MMM Inc. will be offering car title loans at 2% monthly interest (our normal interest rate is 5% monthly) for all Ontario Government and Non-Profit Organization employees (e.g. Canada Post, RCMP, Municipal/City employees, Health Canada, Military, National Defence, Department of Justice, etc.). Isn’t it time being a government employee started paying off? We believe so, that is why we have cut our profit in less than half.

Eligibility

Leisure Car Title Loan rates are available only to employees of the Ontario government, and their immediate families. Immediate family members are defined as:

the spouse, parent, child, guardian, or grandparent of an employee; or
any person who lives with an employee as a member of the employee’s family; or
retired military personnel, provincial and municipal government employees.
Identification

Money Mega Mart MMM Inc. may request proof of employment. Acceptable identification will include valid business card, Ontario Government photo identification, Ontario Government email address, union card or pay stub.

Firm Terms

The leisure Car Title Loan rate will remain firm for the agreed loan term.

How much of the car do you really own? The auto equity is the amount of a vehicle's value the owner actually owns. If borrowers need quick cash, they can apply for auto equity loans using their automobiles as collateral for the loans. They will need to know the answer to this question to determine how much equity you have in your vehicle.

If you are to be approved by a lender for an auto title loan, the current value of your automobile must be higher than the outstanding loan balance. The lending company which financed the car loan owns a part of the auto equity in case if the car is not paid off. Most lenders will only approve your application if you own a vehicle that is paid off or nearly paid off. In other words, your vehicle title must be free and clear in order for you to qualify for a title loan.

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