The budget falling short and being unable to pay some bills is a nightmare. You’ll be playing catch up for months or be forced to dip into your savings. You can also consider applying for a special financing auto loan Brantford Ontario. The latter is a sensible option since you’ll get fast cash and still retain use of your car. However, many lenders ask for lien-free collateral. Does it mean this avenue is closed to you if you’re still paying for your car?
Can I Use My Car As Collateral?
The requirements for an auto title loan are fewer than those for a bank loan. It includes a car that’s 100% paid off and a clean title. However, many lending companies are amenable to accepting collateral with an outstanding balance. It will depend on how much car equity you have though. Lenders will require that you have paid off more than half of the vehicle’s selling price.
Your application will be denied if you just bought the car and only have a few months of payment under your belt. This is to assure the lender that your collateral’s value is enough to cover the money they’ll lend you. There are other conditions you should meet as well. Your collateral must be well-maintained and running properly. It should also be insured. The type of coverage will depend on the lender.
Faster than the Competition
You’re signing up with the best when you choose Canada Car Cash. This title loan specialist offers more money than other companies. Our interest rates are 70% lower and we also have affordable monthly payments. Sign up on our website to apply or call our toll-free number at 1-844-598-7631.
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