Factors That Determine if You Can Use Your Car as Collateral for Fast Loan Saint John New Brunswick

Last Updated on September 28, 2023 by Andrew

It’s difficult to secure extra cash when you have an emergency. While you can apply for a bank loan or ask help from friends or family, there’s no guarantee you’ll get the money you need. Your best option would be to pledge your car as collateral and get a fast loan Saint John New Brunswick. Here’s how you can tell if your car is eligible to use as collateral:

4 Signs You Can Use Your Car as Collateral

• The vehicle is registered in your name. This is one of the most important qualifications to meet. If your parents paid for that car or you inherited it from another relative, make sure the title and registration are placed in your name.

• You have the title on hand. You should have a physical copy of the title with you. Take steps immediately to order another copy from the local DMV if the title is lost or has been misplaced. You’ll have to pay a fee and it will take several weeks to process, but it’s something that must be done.

• The title is lien-free. You can only use your car as collateral if it’s fully paid and lien-free. If you’re still paying for it, then there’s an active lien on it

• The car is in your possession. Lenders require a vehicle inspection before they approve a car pawn loan. You’ll need to have access to the car and be able to either bring it to the lending company or take photos of it.

The Best in the Industry

Premier Loans Canada can help you if you need extra cash. You can borrow as much as $100,000 without worrying about credit or employment checks. The company also offers low-interest rates, affordable monthly payments, and flexible payment plans. Sign up on their website or call their toll-free number at 1-855-965-1650.

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