Title loans are ideal solutions when you need money fast. Their application process is easy and the approval process usually only takes several hours. And since there’s collateral involved, most lenders don’t look into the borrower’s credit score or history. However, they will look deeper into the vehicle’s equity. This has raised questions on whether a fast loan St. John’s, Newfoundland & Labrador will be approved if the vehicle isn’t 100% paid off.
Can I Apply for a Title Loan Even if I’m Still Making Payments on My Car?
The most important thing in a title loan is the collateral being informed. It’s why many potential borrowers are wary about applying for a loan if their car isn’t fully paid off.
Whether you can put up this type of car up as collateral will depend on the lending company. Some lenders will only accept vehicles that are lien-free and with a title that’s in the borrower’s name. But there are also lending companies that are willing to extend a quick car loan despite a pending balance on the car. However, the car’s owner must have enough equity to cover the loan amount. After all, it’s the vehicle’s value that will determine whether the loan application will be approved and for how much. The lending company will take into consideration the remaining payments on the vehicle when determining the loan.
Lowest Possible Payment in the Industry
Premier Loans Canada is dedicated to assisting people in need. Considered as one of the best lending companies in the country, they offer loans up to $45,000. Their interest rates are one of the lowest in the industry and they offer the lowest monthly payments. Sign up on their website or call their toll-free number at 1-855-965-1650.
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