Can Cars with Outstanding Balance be Used as Collateral for Hassle Free Car Loans Nepean Ontario?

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Your company closing for a few weeks or a brief hospital stay can ruin your monthly budget and cause you to scramble for extra cash. An auto title loan can be a good solution, especially if you need the money immediately or you have a low credit score. Hassle free car loans Nepean Ontario are easier to apply for and have fewer requirements. One of these requirements is having your own car and a clean title. But what if you still have several months of payments to go?

Can You Use Your Car as Collateral If It’s Not Fully Paid?

One of the hard and fast rules about title loans is that the borrower has to put up collateral and that it should be lien-free. However, many lenders are willing to bend this rule depending on the remaining balance. You can probably use your car as collateral if you only have a few months left on the payments and if the equity is enough to cover the loan amount. If the outstanding balance is about half or more of the car’s total value, you won’t be able to use it as collateral.

Remember that communication is the key here. Talk to the lender beforehand and be upfront about your needs and that you’re still paying for the car. You’ll know immediately if the lending company is willing to offer you a fast loan, thus saving time.

Same Day Cash

Canadian Equity Loans can help you get the loan you need. The company is one of the best in the industry. They can offer as much as $50,000 in loans, along with low-interest rates and affordable monthly payments. They also accept early payouts without any penalties. Log on to their website to apply or call their toll-free number at 1-844-586-6311.

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