It’s not unusual to share ownership of a car. It’s similar to sharing a living space with a partner. Plus, you probably split car time and driving chores with your spouse, friends, and family. But when you’re short of cash and considering taking out hassle free car loans Halifax Nova Scotia, the fact that you’re sharing a vehicle could cause some complications.
Can a Shared Vehicle be Used to Apply for an Auto Title Loan?
It will depend on the name on the title. Remember that only the person whose name is on the title can apply for an auto title loan. So if your name is on the deed then yes, you can avail of a loan. However, you can’t apply for a loan if you’re just the primary user and not the owner.
Specialized car equity loans are short-term contracts often utilized by people who might have a bad credit rating. The lending company holds the vehicle’s title as collateral and will return it upon full payment. If another person shares the car title with you, they will also be held responsible for repaying the borrowed amount. Defaulting on the payments will mean that the vehicle will be repossessed, and you and the person sharing the title will lose the car.
Lowest Interest Rates You Can Find
Applying for a car loan is easy with Canadian Equity Loans. There’s no need to worry about extensive background credit checks. You don’t even have to submit proof of income. Just log on to their website and apply online or call their toll-free number 1-844-586-6311. You can borrow up to $50,000 and receive the money within the hour. You even keep your car during the loan duration. So sign up now!
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