Millions of people have turned to specialized car equity loans Edmonton Alberta during emergencies or unexpected bills. These loans are easy to qualify for and boast of a fast application process. Borrowers can even get the money they need several hours after applying. But this loan depends on your collateral’s value. So, what if one loan is not enough for your needs? Can you get apply for two loans?
Can I Apply for Two Loans Simultaneously?
No, you cannot. You technically can’t apply for two minimum credit score loans simultaneously using the same car as collateral. It’s because you’ll be surrendering your vehicle’s title to the lender once the loan has been approved. It will serve as security for both you and the lender. You won’t be able to use the title until you’ve finished paying off your loan.
However, there’s nothing stopping you from applying for another auto loan using different collateral. Perhaps your family has two or more cars in the garage? Maybe you have a motorbike or a boat? You can use their titles to get another loan. But if you are going to get a second loan, you have to be certain that you can make the monthly payments. The consequences are severe if you cannot. Defaulting on the loan will lead to repossession. You might end up losing two vehicles.
Lowest Interest Rates in the Industry
Need extra cash? Talk to Premier Loans Canada and get the loan that you need. Known as one of the most respected companies in the country, they can give you as much as $45,000 in loans. The company has the lowest interest rates in the industry, as well as the lowest monthly payments. Applying for this loan is so easy. You just sign up on their website. You can also call their toll-free number at 1-855-965-1650.
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