What Is a Title Pawn?
Sometimes, lenders may not seem like the best option to turn to for loans. They might refuse your request for your bad credit history. The solution for you lies in title pawns, wherein you use your car title as a collateral for the loan but offer it up to a pawnbroker.
These types of loans are usually for 30 days depending on the agreement made between you and the pawnbroker. The extensions can be requested on a 30-day incrementation basis.
Similar to title loans, if you, unfortunately, don't get to pay off the loan on time, the pawnbroker can immediately claim possession of your vehicle.
Where Can I Find Title Pawns Near Me?
To pawn your car title, you can use our website for a quick and easy search of title pawns near me. Pawnbrokers that are willing to loan you money for your car title will be listed and you can choose the one best suited for you. We make sure that you find the best agreements for your needs that are within your vicinity!
Our databases are chock-full of verified and trusted lenders that have proven to aid people through their financial issues and help get them stable once again. Using your information and your preferred state to be searched, we pick out the title pawns nearest to you and get you in touch with them.
Using state-of-the-art search engines fitted with client review ratings and accurate addressing, our customers always have something positive to say about their experience with our services.
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Why should you pawn your car?
There are situations where a person might need cash on a priority and urgent basis, not having the time to apply for a payday loan and waiting for a couple more days to receive the cash. They might need to pay off utility bills or finance an important trip or pay off some maintenance and repair costs.
Getting your car title pawned is the quickest solution as compared to the rest of the options in store, as no in-depth background credit score checking will be done, and depending on your agreement with the broker, you can get the direct deposit in your hands on your first visit to the store!
What's more, is that the broker will not take possession of your car! You can still drive around in it at your leisure and comfort. If you, for some unfortunate reason, default on the loan repayment, your car can be repossessed by the broker.
How to Pawn Your Car Title?
There are a few requirements that need to be met before using your car title as a collateral while pawning it. These requirements are prerequisites that will majorly impact your chances of getting approved for the loan by the broker. Though these are flexible, that all depends on the broker you decide to deal with.
The requirements are as follows:
Equity of your car
The difference between your car's current value and the amount that you have to pay off on it is called the car's equity. This can be of paramount importance while putting your car title up for pawning.
Clarity of the title
Your car title must be clear. If the title is in someone else's name, then you won't be able to put your car up for pawning. The car must be in your name, and you must have possession of it. Brokers are very particular about this, and it should be a basic document that you'll require.
You will require your government-issued photo ID. This is for our identification and cross-reference to verify your title. It can be a driver's license, ID card, or a valid U.S. passport.
All of the mentioned documents in collusion confirm your eligibility, validity, and solidity of your application for the loan so it is recommended to be very particular about their authenticity and completion.
Is it a Good Idea to Pawn My Car Title?
If you need money on an urgent basis that requires you to have cash on your hand in a very short period, then indeed, title pawning is a good option available to you. However, there are some things to consider before taking that trip to the pawnbroker.
Don’t have a good credit score? Then you can simply apply for a car title loan with bad credit using our website as it is a better option. The loan amount is higher, and the repayment time is a lot more flexible than going to a pawnbroker.
However, if you don't want your credit score to be checked thoroughly, then title pawns are what you should turn to. Title pawns don't come with very strict credit score requirements, for as long as you prove that you have a way to repay the loan, pawnbrokers will have no discrepancies in approving your request for a loan.
Moreover, the interest rates are lower than when you take out an unsecured loan, so pawning your car title is a much better option as it is a secured loan.