It’s not uncommon for partners or family members to share cars. It’s convenient and a good way to save money. However, it does raise questions if one is planning to take out a title loan. Many borrowers wonder if using a shared vehicle as collateral will have an impact on their application for an easy bad credit loan Regina Saskatchewan.
Are Shared Vehicles Good Collateral?
You need to be clear about what sharing a vehicle means. For some, it simply means taking turns using the car with a partner but only one of you is the owner. For others, it means sharing ownership of the vehicle, and both your names are on the title. It doesn’t matter if your partner or your teenage child is the primary user, and you just drive it occasionally.
If your name is on the title, you can use it to apply. However, it’s a bit tricky if the automobile is owned by two people. Some lenders are particular and would check if there’s an “and” between the two names.
Whether the car is owned by one person or two, the risks are the same. You must not miss a payment or you’ll be penalized. This could result in higher interest rates or an increase in your monthly dues. In the worst-case scenario, your car could be repossessed and used to pay off your loan.
The Best in the Industry
Premier Loans Canada will make sure you get the financial assistance you need. You can borrow as much as $45,000 even without credit checks. The company offers low-interest rates and affordable monthly payments. They also have extended loan terms and flexible payment plans. Sign up on their website or call their toll-free number at 1-855-965-1650.
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