Can You Use a Car that’s Not Paid Off as Collateral in Bad Credit Loans Kelowna British Columbia?
Bad credit loans Kelowna British Columbia can be a good solution if you have an emergency and need cash fast. Since this is a type of secured loan, lending companies typically work quickly. You can even get the money you need in a day. The requirements are fewer too. However, the main one is having your own vehicle and a lien-free title. But what if you need a title loan but you’re still paying for your car?
Can I Still Get a Title Loan?
Yes, you still can. It’s true that a lot of lending companies will only accept vehicles that are fully paid as collateral. However, there are also a large number of lenders that are willing to provide financial assistance even if the borrower is still paying for the car. Certain conditions must be met though. For instance, the borrower must already have substantial equity on the vehicle.
This is to ensure that the collateral can cover the fast loan amount and reduce the risk on the lender’s side. The lender will also want a vehicle that is in good shape. Lastly, the company will also consider the owner’s pending balance. Applicants will have a better chance of getting their loan approved if more than half of the total price has been paid.
The Best in the Industry
Only Canadian Equity Loans can get you top loans at low-interest rates. It’s why the company is considered as one of the best lenders in the country. Borrowers can avail of up to $50,000 in loans, without worrying about credit checks or employee requirements. Canadian Equity Loans are also known for their low monthly payments and flexible payment plans. Log on to their website to apply or call their toll-free number at 1-844-586-6311.