No one wants to be in an emergency situation and have little in the way of cash. While it’s stressful, it’s not the end of the world, thanks to vehicle title loans. Applying for this secured loan is simple and you basically just need your car’s ownership title. But what if you don’t have that yet? Can you still apply for a bad credit score auto loan Caledon Ontario?
Do Lenders Accept Collaterals Without a Title?
The requirements for a title loan are simple. Most lenders would demand a copy of your government validated IDs, your driver’s license, proof of income, proof of residency, proof that you have full insurance coverage, and the vehicle’s title. The latter is definitely crucial as the whole refinance car loan hinges on this. It’s also what you will surrender to the lender in lieu of the vehicle.
While most lending companies will require collateral that’s fully paid off, there are some that will accept an application even if the owner is still paying for the vehicle and doesn’t have the ownership papers yet. The loan that will be provided will depend on the car’s equity. The company will finance the difference if the car’s value is higher than the balance.
Same Day Cash
Applying for a loan is easy and straightforward with Premier Loans Canada. Considered as one of the most respected companies in the country, they offer loans up to $100,000. They have loan terms up to 8 years and their interest rates are the lowest in the industry. They also offer affordable monthly payments and flexible payment plans. Their fast approvals mean you can get the money within the day. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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