A title pawn is an easy way of getting additional cash to sort your bills or other projects you wish to execute. Pawning a valuable at a pawn store is quite different from pawning your car title with a car title loan provider. Although they work in a similar manner but in the case of pawning your car title, the lender assumes ownership of your car until the loan is fully paid off.
Another difference this has to pawn your valuable is that you will not give up your car as you can still drive your car however you like to wherever you wish but the lender takes possession of the title of your car until you repay the money borrowed. Hence, for car owners, title pawn can be a great way to access quick cash loans for emergency situations.
Obtain Title Pawn Basis
In order to qualify for a title pawn with your car title, you need to fulfill the following;
- Own a car-free and clear
- The title of the car must be in your name
- Have other sources of income that can help you easily pay the loan
- You must be above the age of 18
How to Get Car Title Pawns
To get a car title pawn is easy, fast, and affordable. You can apply online with your lender from the comfort of your home or office; it is that easy to secure a car title pawn. Once you submit your application online and you provide all required documents, a representative from your loan provider will get in touch with you for further steps to be taken. They will go through your application in order to let you know if you qualify or not. They will also evaluate the worth of your car and assess you if you have the ability or capacity to repay the loan. It is based on the ability to pay the loan and the worth of your car they will decide on the loan amount you can get.
What do I need to Apply for a Car Title Pawn?
You need the following to apply for a car title pawn;
- Age declaration
- Proof of residence
- Proof of ID
- Proof of a source of income
- Bring your car for inspection
Paper Work Requirements
After you have applied and gotten approval to get a loan with the title of your car as collateral, you will be required to bring your car for inspection, sign the title pawn agreement, and you will be credited with your cash. Note that the loan amount you can get is dependent on the current market worth of your car.
Your lender will loan you a certain percentage of the worth of your car; some lenders can loan you up to 50% of the equity on your car and it could be more or less than 50%.
Another factor that comes into play in determining how much you will get is how much you earn based on your source of income. Going for a title pawn is a great way to get quick cash assistant when you need cash.