When you have an emergency and need cash fast, a car pawn loan Charlottetown PEI might be your best option. This secured loan is easy to apply for and lenders only ask for a few documents. The most crucial requirement for this loan is your car’s title. But what if you just bought the vehicle and only have a bill of sale?
Do Lenders Accept Bills of Sale?
No, they do not. You can’t use a bill of sale in place of a car title. To be fair, a bill of sale does prove that the vehicle was legally bought. It also serves as a form of contract that indicates the car’s ownership has been transferred to you. The bill is critical if you purchased the vehicle from a private party instead of an auto dealer. While it proves you paid for the car, it’s not the same as a title.
Even if you have no plans of getting an auto loan, you should still secure a title of ownership. To do this, you should first secure a surety bond to confirm the car is fully paid. You should bring your bill of sale and other pertinent documents to the local DMV. Talk to them about the surety bond you have to buy from an insurance company. Once you have it, you can start applying for a bonded title and register as the new owner.
The Number One in the Industry
When you need a loan fast, Canada Car Cash is the company to turn to. They specialize in title loans and can loan you more money. Their interest rates are 70% lower than their competitors and you’re assured of affordable monthly payments. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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