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Cobourg Auto Title Loans

Sep 27, 2014

Can I Take Cobourg Auto Title Loans Against My Commercial Vehicle ?

Do you have a personal business? If so, you perhaps are aware of how intermittent finances are while running your business. There will always be ups and down. Often, you will need to have another source of cash flow when you are not getting enough sales from your business. But where can you get cash when you don’t have other products to sell. Worse scenario is when you don’t have a favorable credit?

Fortunately, people with bad credit already have several options when it comes to their problematic finances. Among them are auto title loans in Cobourg. Question is: could you take out auto title loans in Cobourg against your commercial vehicle? Before I answer this question, let me tell some facts about auto title loans first.

Some Facts About Cobourg Auto Title Loans

Auto title loans are the type of loans where the lender won’t check your credit score. The loan is dependent upon the vehicle’s equity. As long as you own a fully paid car, you will have an auto title loan approved in no time. And during the loan term, you still get to drive your car while the vehicle’s title remains with the lender.

The most common condition for this type of loan is that the lender will have the right to repossess the vehicle in case you fail to comply the terms of the auto title loan. So whenever you see yourself struggling to pay your loan back, be sure to communicate with your lender so that both of you could work out a feasible option without you having to lose your vehicle to them. Lenders might give you a loan period extension or ask you to pay a higher interest just so you could get back on track in paying back the loan.

Now back to your question: Are commercial vehicles accepted as collateral for Cobourg Auto Title Loans?

The answer is yes. You can take out auto title loans against your commercial vehicle as long as you give a proof to the lender that such vehicle is registered under your name. It is also important that you don’t have an outstanding balance on such commercial vehicle. Always tell your lender the moment you apply for an auto title loan that the vehicle is a commercial one so that they will have a heads up. Otherwise, it would be taken against you which would result to you paying a penalty charge.