What are the Requirements for a Vehicle to be Used as Collateral for a Car Pawn Loan Ajax Ontario?

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A car pawn loan Ajax Ontario is a sensible solution when you need fast cash. It’s easy to qualify and apply for this secured loan. The collateral you’ll put up helps determine approval and the loan amount. Most lenders accept all types of vehicles, but they should meet certain criteria before they can be used as collateral. 

Factors That Determine a Good Collateral

You can technically use any vehicle as collateral for a refinance car loan. The standard car is most commonly used. But lenders also accept vans, trucks (even the heavy-duty ones), RVs, and motorcycles. Some companies even accept boats. But lenders also consider the following before they accept a vehicle as collateral: 

  • The vehicle should ideally be less than eight years old
  • It should be a personal vehicle. Most lenders don’t accept cars used in business (ex. fleet cars)
  • It should be registered to the borrower. All taxes and fees levied on vehicles in the state the borrower is living in should be fully paid. 
  • The vehicle must have the proper insurance. Lenders might require additional forms of coverage. 
  • The title should be clean. It must be in the borrower’s name. It should also be lien-free and not a salvaged car. 

Get You More Money than the Competition 

You can face emergencies with confidence with Canada Car Cash. Our company specializes in title loans. We offer more money than other lenders. Our interest rates are 70% lower and we have affordable monthly payments. Our company also offers loan terms of up to seven years. You can receive the funds you need within 24 hours. Log on to our website to apply. You can also call our toll-free number at 1-844-598-7631.

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