Are You Allowed to Use the Same Collateral to Get Another Car Pawn Loan Markham Ontario?

A car pawn loan Markham Ontario is a reliable and fast option when you have an emergency or sudden expenses. You’ll need to put up your car as collateral, but you will retain possession of it even while the loan is active. This is good news for you since you still have the means to get around. One question that’s often asked is whether one can use the same car to apply for another loan with a different lender. 

Same Collateral, Different Loan? 

As a rule, you cannot use your car to apply for a loan if you’ve already put it up as collateral. It doesn’t matter if it’s a different type of fast loan and with another lending company. Most lenders will never agree to this since they’re protecting their investment. A second (or third) line will cut into the money they’ll get if the borrower defaults and they have to sell the car. 

There might be lenders who are amenable to this. But you must talk to the original lender and double-check your contract. There will be provisions and explanations for this situation. For instance, it might have a clause that gives the lender veto powers on any additional lien. 

Same Day Cash 

Grow your business the easy way with Premier Loans Canada. You can borrow as much as $45,000 without any credit or employment checks. Our company also has the lowest interest rates and monthly fees around. We also offer flexible payment plans and extended loan terms Our quick approval process also means you get the money you need within 24 hours. Log on to our website or call our toll-free number at 1-855-965-1650

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