A lot of people share ownership of a car. It makes sense to split the payments with a long time partner or a sibling. After all, you probably already share a lot of things and split driving time and running errands with them. While you can still use a car you co-own with another as collateral for an easy bad credit loan Ajax Ontario, it could pose a potential problem.
Can You Apply for a Title Loan Using a Shared Vehicle?
Yes, you still can. Title lenders are pretty flexible when it comes to requirements. However, it must be clarified that while you can put up a shared vehicle as collateral, the borrower’s name should be the one on the title. You cannot avail of a refinance car loan if you’re only the primary user.
Title loans are short-term, secured loans where the lending company holds the car’s title as collateral. The deed of ownership will eventually be returned once the loan has been fully paid off. If you share a vehicle with someone, it also means that you’ll also be held accountable for paying off the loan. Non-payment will result in the car being repossessed and you and your partner will both lose your investment.
Borrow More Money Than Any Competitor has to Offer
No other company offers great terms and fast approval like Premier Loans Canada. You don’t have to stress over emergencies and sudden expenses. The company can provide you with loans as high as $45,000. They also offer the lowest interest rates around and flexible payment schemes. You don’t even have to undergo a credit check or worry about submitting countless documents. Just send in your application online or call their toll-free number at 1-855-965-1650.
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