Your car is both a major investment and a valuable asset. It provides function and utility and is considered a long-term purchase. You can even avail of challenged credit auto loans Moncton New Brunswick using it. However, there are several conditions that lenders look at before accepting your car as collateral.
What Cars Can Be Used as Collateral for Title Loans?
Most passenger cars, regardless of the make and model, can be utilized as collateral. However, there are conditions that should be met, like:
- The car must not be older than 20 years. Most lenders prefer newer models, like those released in the past 8 years. While they will accept old cars, the car equity loan will be significantly lower.
- It should be a personal vehicle. Commercial vehicles or cars used for business are not allowed.
- The vehicle must be insured. You should talk to the lender regarding the type of coverage they prefer.
- It should be registered in the applicant’s name, which should also match what’s written in the application form. Any fees and taxes for the car should be paid in the state where the applicant is currently living.
- The car must have a clean title. Most lenders want collaterals to be fully paid and doesn’t carry any lease obligations. They also avoid salvage titles, although some will accept this type of vehicle.
Borrow More Money Than Any Competitor has to Offer
Is there an emergency? You can borrow what you need from Canada Car Cash. The company specializes in title loans and can lend you more money than their competitors. Their interest rates are 70% lower and they can offer extended loan terms. You don’t even have to stress over credit checks or employment requirements. Log on to their website or call their toll-free number at 1-844-598-7631.
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