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If your car's condition is good, you can automatically qualify for a larger amount and solve all your money-related problems. Equity Loans Canada offers car collateral loans in Mississauga to vehicle owners across Canada. You can borrow up to $60,000 by using your car as collateral while you keep driving it.


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The biggest risk of using your car as collateral for an auto equity loan is that if you default on the loan, your bank or lender can take possession of your vehicle to help repay your debt..


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Pros and Cons Factors to Consider Loan Collateral Alternatives FAQs If you're facing an unexpected financial hurdle and need funds quickly, your car may come to your rescue. In the financial world, "collateral" refers to an asset you offer a lender to secure a loan. If you fail to repay the loan, your lender can take the collateral as compensation.


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