Can You Use a Shared Vehicle as Collateral for an Easy Bad Credit Loan Ottawa Ontario?

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A car is one of the biggest investments you’ll ever make in your life. Because it can get pricey, some people prefer to share their car’s ownership with their partner. After all, the arrangement can be likened to sharing a house. However, there are questions as to whether this arrangement can affect your application for an easy bad credit loan Ottawa Ontario.

Is Sharing OK?

Yes, a shared vehicle can be used as collateral for a title loan. However, your name should be listed on the title. Lending companies require that the person applying for the loan should be the owner on record. If your name isn’t listed as the owner, you can’t put the vehicle up as collateral, even if you are the primary user.

This is because an auto finance loan is considered as a secured loan and the lending company will be holding on to the title during the duration of the loan. In order to minimize the risks on the part of the lender, they would demand that everything is cut and dried. If your partner wants to be part of the loan, they can opt to be a co-borrower. They will also sign the contract and will be obligated to shoulder payments in the event that you cannot.

The Best in the Industry

When you sign up with Premier Loans Canada, you’re assured that you’re working with the best lender in the industry. The company can offer up to $100,000 in loans and contract terms of up to eight years. They also have the lowest interest rate and monthly payments. You don’t even have to worry about credit checks. Log on to their website to apply online or call their toll-free number at 1-855-965-1650.

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