Let’s say you have a medical emergency or this month’s budget took a hit and you can’t pay your bills. A quick car loan North York Ontario can be the perfect solution to your problems. Because you’ll be providing collateral, you’re almost guaranteed approval. But what if you still have a balance on the cars you’re driving?
Can I Get a Title Loan If I’m Still Paying for the Car?
Yes, you can still get cash for car. It is true that the majority of lending companies are only accepting cars that are fully paid. But there are some that do accept vehicles with an outstanding balance as collateral. However, the borrower has to satisfy certain criteria. For one, the equity on the car must be substantial. The borrower must have paid off more than half of the selling price. The lender wants to make sure that the collateral can cover their investment and minimize their risk.
The vehicle should also be properly maintained. This means minimal dents, a working engine, clean interiors, etc. Finally, the car should be insured. This is to add another layer of security of both the lender and the borrower. Talk to your lender about what type of insurance they accept.
Faster Than the Competition
Premier Loans Canada has always been at the forefront of the title lending niche. It’s why they’re one of the country’s most trusted companies. You can borrow as much as $100,000 and not have to worry about credit checks. The company also offers low-interest rates, affordable monthly payments, and personalized payment plans for every customer. Their fast approval process means you can get the money you need within the day. Log on to their website to apply or call their toll-free number at 1-855-965-1650.
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