Having a car is like a rite of passage for most people. It’s one of the first signs they’re becoming an adult. A car is also one of the most useful investments and assets you’ll ever have. Aside from being able to get around faster and more conveniently, you can also use it to get an easy bad credit loan Edmonton Alberta. One question people often ask is whether they can use their car as collateral if it’s not paid off in full yet.
Can I Get a Title Loan When I’m Still Paying for My Car?
Yes, you can still use your car to get a loan even if it’s not 100% paid off. But it will depend on the lending company. Every lender has its own distinct guidelines and requirements. While a lien-free vehicle is one of the main requirements, some lenders are willing to accept cars that the owners are still paying off.
But its equity should be substantial enough or if the payments are more than halfway done. Title loan specialists offer around 25% to 50% of the car’s value. If the equity isn’t enough, the amount you get won’t even be enough to be useful to you. The lender also has the right to repossess your car and sell it if you default. They won’t be able to get their investment back if there are legal moves a car dealer can.
The Best in the Industry
Get the best deals with Canadian Equity Loans. You can borrow as much as $50,000 without undergoing credit checks. Our company also has the lowest interest rates and monthly payments around. We also accept early payout without penalties. Sign up on our website or call our toll-free number at 1-844-586-6311.
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