Do Car Equity Loans St. Thomas Ontario Lenders Accept Titles Signed Over to the Borrower as Collateral?

People who need quick cash to deal with emergencies and sudden expenses can always use their car equity loans St. Thomas Ontario to get a title loan. This type of secured loan will require the borrower to pledge their vehicle as collateral. A clean car title is also a key requirement. But what if it’s an old family car that was given to you as a gift?

Are Titles Signed Over to the Borrower Acceptable Collateral?

Yes, as long as the title has been officially transferred to the borrower. These cases are not as unusual as one would think. Millions of people have an inherited vehicle as their first car. Maybe it was an old family car or a gift from a grandparent. Whatever the situation, the car’s title might be under the original owner’s name.

You can still apply for a car pawn loan even if the vehicle is old or initially belonged to someone else. However, the previous owner should transfer ownership officially to you. They will have to sign a specific document to do this. There are also instances when there are two names on the car’s title. If your name’s one of them, make sure there’s an “and” between the other name. This would indicate that two parties own the vehicle. You can still use it as collateral though.

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