While having your own vehicle is a dream come true for many people, it’s also a major investment. It’s why some split ownership of a car with a partner. Some would argue the arrangement is similar to sharing a home as we do divide driving time and chores with a spouse, family, and friends. While the arrangement is ideal in some aspects, it might cause problems if you apply for a car pawn loan Victoria British Columbia.
Are You Allowed to Use a Shared Vehicle as Title Loan Collateral?
Yes, providing that it’s your name on the title. As per a title lender’s requirements, the individual applying for a loan should have their name on the vehicle’s title. It doesn’t matter if you are the primary user, if your name isn’t on the title then you can’t put up the vehicle as collateral.
Remember that a special financing auto loan is a short-term and secured loan used by people who might be currently unemployed or who have poor credit scores. As part of the loan terms, the lending company will hold on to the vehicle’s ownership papers during the duration of the loan and will return it once payment has been given in full. If another person co-signs the contract, they will also be required to shoulder the loan payment.
Lowest Interest Rates in the Industry
Applying for a title loan is quick and easy with Premier Loans Canada. Borrowers can apply for loans as much as $45,000 without worrying about credit or employment checks. The company also offers the lowest interest rates around as well as flexible payment options. You even keep the vehicle for the duration of the loan. Log on to their website to apply or call their toll-free number 1-855-965-1650.
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