A car is a good investment. It’s not a cheap one though. Like a house, you’ll spend years paying for it. The cost might cause some people to share in the purchase, maintenance, annd use of the vehicle. It’s not an unusual situation when it comes to partners. But it might cause problems if you use it to apply for an easy bad credit loan Surrey British Columbia.
Can a Car Shared by Two People be Used as Collateral?
Yes, you can use a car that you’re sharing with another person as collateral for a refinance car loan. There’s a caveat though. The vehicle must be in the borrower’s name. The car’s value is instrumental in a title loan. It determines approval and the amount to be borrowed. As it will act as security for the loan, the lending company will require proof that the applicant has the right to do so.
You can still use your car even if the car’s title shows your name and that of another person in the title. But there should be a “and” in between the two names. The car’s title will be surrendered to the lender while the loan is still active. The document will be returned once the loan is paid in full.
Lowest Interest Rates in the Industry
Premier Loans Canada is one of the country’s top lenders. You can borrow as much as $45,000 without worrying about credit checks. Our company also offers low-interest rates and affordable monthly payments. You can also choose the payment plan that’s best for you. You’ll even get to keep your car with you. Sign up on our website or call our toll-free number at 1-855-965-1650.
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