Is a Bill of Sale Acceptable When Applying for a Poor Credit Car Loan London Ontario?

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There are times when we have a financial emergency and need cash quickly. If you don’t have an emergency fund or are unwilling to dip into your savings, you can use your car to get a loan. A poor credit car loan London Ontario is a fast and relatively painless way to secure the money you need. You’ll use your car as collateral. Instead of leaving it with the lender, you will surrender your car’s title. There are questions if you can use a bill of sale in place of a clean title. 

Bill of Sale vs Car Title 

The entire idea of a title loan revolves around the collateral. The lender will use your car equity as security for the loan. And one way to ensure that you are the sole and legitimate owner is through a clean title. A bill of sale is not a title of ownership. Thus, it won’t be accepted in place of a vehicle title. A Bill of Sale by definition only proves you bought the vehicle legally. It’s a contract that transfers ownership. It’s crucial but cannot replace a car’s title.

Whether you’ll use your car as collateral or not, you should take steps to get a clean title. Go to your local DMV and get a surety bond. Once that’s done, apply for a bonded title and be listed as the new owner.

The Best in the Industry 

Applying for a loan is easy and hassle-free with Canadian Equity Loans.  We offer as much as $50,000 in loans. We offer low-interest rates and affordable monthly payments. We also accept early payouts with no penalties. You even get to keep your car while the loan is active. Sign up at our website or call our toll-free number at 1-844-586-6311.

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