Can You Use the Family Car as Collateral for Special Financing Auto Loan Mississauga Ontario?

Many families have one car that members share. They can save on gas and other expenses by having a designated family car. It’s also not unusual for partners to share vehicles. While there are many advantages to this, it could cause problems if you apply for a special financing auto loan Mississauga Ontario.

Is It OK to Offer a Shared Vehicle as Collateral?

No, title lending companies do not accept jointly owned vehicles. A non-negotiable requirement of car collateral loans is that there’s only one name on the title of ownership and it should be the borrower’s name. You can’t use the vehicle as security for a loan if you’re not the registered owner even if you declare that you’re the main user.

Title loans are considered a secured loan because the applicant will have to put collateral on the table. However, they will retain possession of the car and will just surrender the title to the lender while the loan is active. Most lenders will demand that the title should be lien-free and that there are no questions regarding ownership. If your partner also uses it and wants to be involved with the loan, they can provide support as a co-borrower. As a co-signer, they will take over loan payments if the borrower cannot.

Trusted Car Loan Expert

Get the best deal by working with the experts, Premier Loans Canada. This trusted lender can provide you with as much as $45,000 in loans. They also offer low-interest rates, affordable monthly fees, and flexible payment terms. They’re also known for their fast approval process. You can even get the money you need within the day. What’s more, you retain possession of your car. Log on to their website to apply or call their toll-free number at 1-855-965-1650.

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