A 2020 study revealed that almost a third of Canadians are worried that they won’t be able to recover from the financial crisis created by the coronavirus. It’s likely one of the reasons more people have turned to auto title loans to get through the crisis. But what if you already have an active refinance car loan Ajax Ontario? Can you still apply for another one?
How Many Car Collateral Loans Can You Have Simultaneously?
You can apply for and get approved for more than one title loan at once. However, this will depend on your collateral. Bad credit auto loans require that you put up your car as collateral and that you surrender its title to the lending company. So as a rule, there is only one collateral per loan. But if you have more than one car and it’s also lien-free, then you can use that to apply for another loan.
While you can technically apply for multiple secured loans, it doesn’t mean you should. You must consider whether you can handle the additional debt. A second (or third) loan means another monthly payment to meet. The risk also doubles as missing a payment can result in penalties or repossession. It could also impact your credit score and credit history. Lenders will also see multiple loans as a red flag and reject your application.
Lowest Possible Payment in the Industry
Boost your chances of surviving the ongoing financial crisis with a loan from Canada Car Cash. The company specializes in title loans and offers more money than other lenders. Their interest rates are 70% lower and they offer affordable monthly payments. Their fast approval process means you can get the money you need within the day. Log on to their website to apply. You can also call their toll-free number at 1-844-598-7631.
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