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One of the best things about title loans is its easy application process. You can actually do the whole process online and expect feedback in an hour or less. But what if the collateral you’re using isn’t fully paid? Does your car pawn loan Moncton New Brunswick stand a chance of getting approved?

Can I Use a Car That’s Not 100% Paid?

One question that a lot of potential borrowers want to be answered is if they can use a car they’re still paying for as collateral. The answer hinges on the lender.

A lot of lending companies strictly enforce their policy of only accepting clean titles as collateral. But there are also lenders who are willing to extend financial assistance even if the car is not 100% paid off. However, these vehicles should carry enough equity to cover the refinance car loan. It’s the equity that covers the loan and determines how much money a person can borrow. Borrowers shouldn’t expect to borrow a lot though, as the lending company will also take into consideration the car’s outstanding payments. It’s best to verify the company’s policy about collaterals first before you fill up an application form. It will help save time and effort on both sides.

Lowest Interest Rates You Can Find

If you’re looking for the best, then you’ve come to the right place. Canadian Equity Loans is one of the best lenders in the business. The company can lend you as much as $50,000. They can also offer you low-interest rates, flexible payment plans, and extended loan terms. You don’t even have to worry about mandatory credit checks. The company’s swift approval process means you can get the money you need within the day. Applying is so easy too. Just log on to their website or call their toll-free number at 1-844-586-6311.

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