A bill of sale is a common, but crucial, document. It’s particularly useful when you purchase electronics, a car, or any item with a serial number. It also clearly states that you are the owner of the said item. That being the case, many car owners have wondered if the document can be used in lieu of a title when applying for a car pawn loan Calgary Alberta.
Can You Apply for a Title Loan Using a Bill of Sale?
While a bill of sale states that you have purchased the vehicle, it can’t be used to apply for a special financing auto loan. Lending companies clearly state that one of the critical requirements for this secured loan is a lien-free title. Applicants must be able to present a vehicle title, with the borrower’s name indicated in the document. If you are thinking of getting a loan, then you should take steps to get a car title.
The first thing you should do is check the bill of sale is signed by both the buyer and seller. You should then take it and other relevant identification documents to your local DMV where you’ll be informed of the cost of a surety bond. You need to buy one from a licensed insurance provider to get a bonded title. You need to present your surety bond to the DMV. Once the agency has verified all the documents, they will issue a vehicle title in your name.
Borrow More Money Than Any Competitor has to Offer
There’s no need to stress over money with Canada Car Cash. The company specializes in title loans and can offer more money than other lenders. Their interest rates are 70% lower, and they offer affordable monthly payments. Sign up on their website or call their toll-free number at 1-844-598-7631.
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