How to Tell If You Can Use Your Car as Collateral for an Easy Bad Credit Loan Saint John New Brunswick

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No one wants to be in a position when they need money but don’t have the cash to spare. While you can always ask for help from friends or family, there’s no guarantee they can assist you. One option that’s open to you is an easy bad credit loan Saint John New Brunswick. You can get the money you need within the day if you’re approved. But your car should be eligible to use as collateral for that to happen. 

How to Tell if You Can Use Your Car as Collateral

  • The car’s title is in your name. This is a key requirement for a car pawn loan. It doesn’t matter if you bought the car yourself or if it was a gift from your parents. The title of ownership must bear your name. 
  • You have a physical copy of the title. You’ll need to surrender the car’s title to the lending company if your application is approved. The lender will hold on to it until the loan has been paid off. You should immediately take steps to have another copy of the title made if you misplace it. 
  • The tile should be lien-free. Most lenders only accept cars that are fully paid and lien-free as collateral. However, there are companies that will accept a car even if it’s not yet paid off as long as the equity is substantial. 

Trusted Car Loan Expert

There’s no need to stress over finances when Canada Car Cash is around. We specialize in title loans and can offer you more money than other lenders. Our interest rates are 70% lower and we offer affordable monthly payments. You don’t even have to worry about credit checks. Log on to our website or call our toll-free number at 1-844-598-7631.

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