What Cars are Acceptable Collateral for Bad Credit Loans Sherwood Park Alberta?

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Borrowing money seems to be an inevitable part of growing up. Unless you have enough saved up, you’ll need a bank loan to buy a house or open a business. You can also use bad credit loans Sherwood Park Alberta if you need cash fast. This short-term loan is very popular since you can easily get money by using your car as collateral. But what kind of cars good for title loans?

What Cars can be Used as Collateral?

Passenger cars are the most common collateral used in auto finance loans. Most lenders will readily accept them regardless of their make or model. However, there are certain criteria that the car should fulfill. For one, it should be less than 20 years old. Many lenders don’t even accept cars older than eight years old because they have less value and are harder to sell. You can only use a personal car as collateral. Lending companies don’t accept commercial or business vehicles.

One key requirement is that the car should be registered in the borrower’s name. All taxes and fees should also be paid in the city you’re living in. It’s important that the car’s title is clean and lien-free. Lenders want to make sure they’re the only ones who will have a claim to it in case the borrower defaults on the loan. Most companies will also insist on the vehicle being insured.

Borrow More Money Than Any Competitor has to Offer

Applying for a loan is easy with Canada Car Cash. The company specializes in title loans and offers more money than other lenders. Their interest rates are 70% lower than the rest and they also offer flexible payment plans. You can even get the money you need within the day. Log on to their website to apply or call their toll-free number at 1-844-598-7631.

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