Title or collateral loans are some of the most popular products offered by lending companies. After all, the requirements are easy to fulfill and in a lot of cases, car collateral loans Markham Ontario are approved quickly. You can even get the money you need in one hour. But with your car’s title being used as collateral, there are questions on whether a vehicle that’s not fully paid can be used for the loan.
Can I Get a Title Loan if My Car Isn’t Paid Off?
One question that a lot of borrowers ask is whether they can still avail of low monthly car collateral loans even if they’re still paying for their car. The answer will depend on the lending company you’re working with.
There are lenders that require a clean title that’s in your name before they consider your application. But there are also companies that are willing to provide financial assistance even if there are still pending payments to your vehicle. These companies are working on the premise that you already have substantial equity on your car, and loans are based on the equity, not on the remaining payments. Plus, any outstanding payments on the car will be taken into consideration when determining the amount you can loan.
Lowest Interest Rates in the Industry
There’s no need to worry about your credit standing or whether your car is paid off or not with Canadian Equity Loans. Known as one of the best auto loan companies in the country, they offer loans as high as $50,000. Their low-interest rates and flexible payment plans are reasons why they’re a favorite among consumers. Call them at their toll-free number 1-844-586-6311 or log on to their website to apply for a loan from the comfort of your home.
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