There are many situations that could have you thinking about taking out a loan. Maybe you’re working fewer hours due to the pandemic or you have a medical emergency. If you own a car, you can apply for a car pawn loan Ajax Ontario. Your car should be lien-free and have a clean title. But if it isn’t, there are ways to get around it.
Do Lenders Accept a Collateral with an Existing Lien?
A lien is interest in a car that the owner gives another party. For example, the auto dealer has a lien on a car until it’s fully paid. This acts as insurance and gives lenders the right to repossess your car if you default on the loan.
Most lending companies require that your collateral is lien-free because they need to hold on to the car’s title. They can’t do that when there’s an existing lien since the title won’t be in your possession yet. But there are lenders that accept collaterals with liens. You get auto finance from the lender to pay off the remaining balance. The loan you’ll get will cover that and still have enough left to meet your own needs. It’s an ideal situation if you’re not happy with your current lender or your loan balance is low.
Same Day Cash
Enjoy higher loans and low-interest rates with Premier Loans Canada. Our company can offer as much as $45,000 for your vehicle. Our interest rates and monthly payments are the lowest around. We also offer flexible payment plans and extended loan terms. You can even get the cash you need in less than an hour. Log on to our website to apply or call our toll-free number at 1-855-965-1650.
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