What Cars are Acceptable as Collateral for Bad Credit Loans Oakville Ontario?
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December 20, 2019Millions of people have taken advantage of the assistance provided by bad credit loans Oakville Ontario. It’s easy to qualify and apply for this loan, especially if you have the right collateral. Most lenders would accept all types of vehicles, but there are certain criteria that must be met. Read on to find out what’s acceptable collateral.
What Cars are Acceptable as Title Loan Collateral?
The majority of lenders will accept any vehicle as collateral for hassle free car loans. Aside from the medium-sized cars, you can also use vans, trucks, RVs, motorcycles, and even boats as collateral. But just because you have possible collateral it doesn’t mean you’ll automatically qualify. Your vehicle must:
- Be a model that’s not older than 20 years old.
- Be a personal car. Lenders don’t accept commercial or business vehicles.
- Be registered in your name or to the one stated in the application form. All taxes and fees in the state you’re currently living in should be fully paid.
- Have the proper insurance. However, the lending company might insist on additional insurance to make sure it has the proper coverage.
- Have a “clean” title. Salvaged titles are usually not accepted, but there are companies that would be willing to accept it. Don’t expect to receive a high amount though.
- Be lien-free or free from any leasing obligations.
Lowest Possible Payment in the Industry
You can use any car as collateral when applying to Canadian Equity Loans. The company is one of the best in the industry. They can provide as much as $50,000 in loans. They also offer low-interest rates, affordable monthly payments, and early payouts without fear of penalties. Their fast approval process ensures you will receive the money you need within 24 hours. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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