The number of lending companies offering vehicle title loans has risen. It’s not surprising as this type of loan have gained prominence over the years, thanks to its quick approval process and simple requirements Borrowers who can produce a car’s title are essentially assured of a loan. However, there are questions as to whether a vehicle that’s not 100% paid off can be used as collateral for bad credit loans London Ontario.
Can I Use as Collateral a Vehicle with On-going Payments?
Whether a lending company will accept a vehicle that’s not fully paid as collateral will depend on the lender.
The majority of lenders will only accept as collateral vehicles that are lien-free. After all, your special financing auto loan will depend on the car’s equity. However, there are title lending businesses that are willing to take the risk and accept vehicles with pending payments as collateral. But this is also dependent on whether you’ve been able to build substantial equity on your car. Lenders will typically focus on that and not on how much you still owe for the car. Although, the outstanding balance will be considered when it comes to determining how much the company is willing to loan you.
The Best in the Industry
You don’t have to worry about your employment history or credit score with Premier Loans Canada. As one of the best lenders in the country, they’re more interested in the type of collateral you’re offering. The company is willing to lend as much as $45,000 to those with clean titles. They also offer low-interest rates and affordable monthly payments. Applying is a breeze with this company. Just log on to their website or call their toll-free number 1-855-965-1650.
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