Do Cash for Car Surrey British Columbia Companies Accept Shared Vehicles as Collateral?

It’s not unusual for couples or families to share vehicles. A car is a big investment after all and buying another one can put a dent in one’s budget. So, having a communal car of sorts makes a lot of sense. However, this might cause problems if you want to get cash for car Surrey British Columbia.

Are Lending Companies OK with Shared Cars for Collateral?

Title lending companies will accept vehicles that are jointly owned by a couple or two individuals as long as the borrower’s name is listed on the ownership papers. This is one of the non-negotiable requirements for quick car loan companies. Even if you state or prove that you’re the main user of the vehicle, you can’t use it as collateral if you are not registered as the owner.

Because title loans are considered are secured loans, the company has to hold on to the vehicle’s title during the term of the contract. It is in their best interest to have a lien-free title with clear ownership. The most that you can do if your partner is applying for a loan is to become a co-borrower. You will both put your names on the contract and share equal responsibility for paying off the loan.

Same Day Cash

If you want to work with the best, sign up with Canada Car Cash. The company specializes in title loans and can loan you a percentage of your car’s value. You can also enjoy extended loan terms, low-interest rates, and affordable monthly payments. You also don’t have to worry about mandatory credit or employment checks. Applying for this loan is easy. You can sign up at their website or call their toll-free number at 1-844-598-7631.

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