An emergency can place you in a stressful and precarious situation. It’s good if you have money saved to weather this situation, but if not, you can always get a bad credit score for auto loans Surrey British Columbia. Applying for this loan is easy, as you only need a lien-free title for your own car. But what if you just made the purchase and only have the bill of sale on hand?
Can You Apply for a Title Loan Using a Bill of Sale?
No, you cannot. Even though a bill of sale proves you have bought the vehicle, it’s not enough to convince lenders to approve your loan. As the name implies, a bill of sale shows that you’ve legally purchased a car, usually from a private party. It works as a contract that transfers ownership of the vehicle. However, you can’t use it as collateral for quick car title loans.
There are steps you should take to secure a title for your car. First, you have to prove that the car is lien-free. You can do this by bringing the bill of sale and other pertinent documents to the DMV and getting a surety bond. DMV officials will talk to you about surety bonds that you should purchase from a reliable insurance company. Once you have that, you can then apply for a bonded title and have your name registered as the car’s owner.
Faster than the Competition
You’re always assured of good deals with Canadian Equity Loans. You can borrow as much as $100,000 in loans, without worrying about the mandatory credit or employment checks. The company offers low-interest rates, affordable monthly payments, and flexible payment plans. Their application process is faster than their competitors so you can get the money you need within the day. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
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