Take Control of Your Finances with a Secured Loan
Get pre-approved at a branch for up to $25,000.
How Secured Loans Work
When you need extra money, consider what you’re driving. If you own your vehicle, you've earned equity you can use as collateral to secure your loan. When you borrow with your car, you could qualify for more than a Line of Credit. And with timely payments, you could build credit.†
Secured Loans Vs
Unsecured Loans
A Secured Loan is backed by collateral or secured by something of value that the borrower owns. The collateral, which is your vehicle, has value. The value or equity is the amount you own outright in your vehicle. An Unsecured Loan doesn’t have any collateral to back it up.
Drive your vehicle to your LendDirect Home Branch with the required documentation to discover what you qualify for with no impact to your credit score.§
The Benefits of Using Your Assets as Collateral
Help build your credit†
Up to $25,000 with vehicle-secured loan
Approval for more credit than a Line of Credit
The Benefits of Using Your Assets as Collateral
Why Choose a Secured Loan?
Our car equity loan could help you unlock the value of your car while you continue to drive it.
- Same payments every time
- More time to repay
- No penalty for early repayment
- Age 18 or older
- Ownership documentation
- Valid ID
- Steady source of income
- Open chequing account
- Phone number
- Proof of insurance
- Vehicle on site
What information will we gather about your vehicle?
When you bring your vehicle into a LendDirect location, bring along your ownership documents. We will document the vehicle identification number (VIN), licence plate number, current registration number, and mileage.
How to Apply for Secured Loans
1
Apply at a BranchVisit your LendDirect Home Branch.
2
Bring Your Vehicle & DocumentationDrive to your Home Branch in the vehicle you want to secure to your personal loan. Bring your ownership documents and required information.
3
Get a Decision & Sign DocumentsQuickly receive a lending decision and sign your loan agreement, once approved.
4
Electronic FundingUse direct deposit to your bank account, or you could get your funds in as little as 15 minutes through Interac e-Transfer®.
5
Make PaymentsRepay your personal Secured Loan in a timely manner. Set up AutoPay so you never miss a payment which could help build your credit.†
How to Apply for Secured Loans
Frequently Asked Questions about Secured Loans
Currently, we are only offering Secured Loans on Customer-owned vehicles. We accept standard passenger vehicles such as hatchback cars, sedans, off-road trucks, SUVs, pick-up trucks or vans.
We're happy to help Customers with various credit scores. A credit score is just one of many factors we consider when processing loan applications.