Specialized car equity loans London Ontario are a fast and relatively painless way to utilize your vehicle’s value for some quick cash. With title loans, you will be using your car’s title to qualify. There’s still a lot of confusion about the collateral despite the loan’s basic premise, with many people using a bill of sale in lieu of a clean title.
Can You Use a Bill of Sale for a Title Loan?
No, you cannot use a Bill of Sale in place of a clean title in this fast loan. By definition, a bill of sale proves that you have bought the vehicle legally. It’s a contract that transfers ownership and is undoubtedly crucial, particularly if you’ve bought the car from a private individual instead of a dealership. However, it cannot replace a car’s title.
Regardless of whether you’ll be using your car as collateral or not, it’s a good move to secure a clear title. To do this, you must first get a surety bond to confirm there’s no lien attached to your car. You can get this at your local DMV. You’ll have to bring the bill of sale and other documents. After discussing the price of the bond, you can then buy it from an insurance provider. Once that’s done, you can apply for a bonded title and be listed as the new owner.
The Best in the Industry
You’ll be working with the best lender in the business with Canada Car Cash. This title loan specialist can offer loans higher than what other companies can give. They also have the lowest interest rates around and have flexible payment plans. Their fast approval process ensures you get the cash you need within the day. Log on to their website to apply or call their toll-free number at 1-844-598-7631.
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