An auto title loan is a wonderful option if you need a fast loan Moncton New Brunswick. You can easily get the money you need without having to worry about credit checks. Once you have been approved of a loan, the lender will put a lien on your car. This gives them the right to repossess the collateral in case you default on your loan. The lien will be taken off once the loan has been repaid. But what if you need more money? Can you get a second lien on your car’s title?
Can I Get a Second Lien on my Car?
That would depend on the company. Most lenders won’t agree to have a second lien car pawn loan. It’s because they want to protect their investment, and a second lien means they will have to compete with another lender if the borrower defaults. However, there are lenders that would agree to it. It’s in your best interest to ask the original lender first. They have the option to veto any second lien on the car’s title. Some companies even include that clause in their contract. If that’s the case, you have no choice but to pay off the loan first before applying for another one.
Another option you have is to look for a lending company that’s willing to extend a second lien. This company would either pay the balance from the original lender and take over the lien or let it remain and let you pay off both loans.
Same Day Cash
Secure the money you need with Canadian Equity Loans. You can borrow as much as $50,000 without worrying about credit checks. The company also offers low-interest rates and accepts early payouts without penalties. Log on to their website to apply or call their toll-free number at 1-844-586-6311.
For more information, visit us on: