Advance America: How to Pawn a Car Title
LOS ANGELES, August 17, 2021 /PRNewswire/ — When people find themselves in a situation where they need extra cash immediately, title pawn, also known as title loan, can be a good option. Title loans are secured loans that allow car owners to pledge their car titles and receive cash, often within the same day. Additionally, the car owner can continue to drive his vehicle while he pays off the loan. Here is a quick guide on how pledge a title works.
How do title loans work?
Obtain a online securities lending involves surrendering the title of a vehicle to a lender in exchange for a loan. The borrower can then drive his vehicle while repaying his loan. With title loans, borrowers generally don’t need a great credit score to be approved, as they use their car as collateral to secure the loan. Once the borrower has repaid the loan, he will receive the title deed and can continue to drive his vehicle without worry.
Items needed to pledge a car title
Each state may vary slightly in its rules for pledging car titles. However, car owners usually only need a few things to do this:
- A vehicle
- An auto title with the borrower listed as the owner and no privileges
- Proof of income – Bank statements, W2, social security documents, etc.
- Government-issued ID — state ID, driver’s license, passport, etc.
Additionally, car title lenders may ask borrowers for documentation showing the borrower’s address and steady employment.
Pawn a car title online
Today, many car title lenders offer online applications for convenience. In addition to the items listed above, the borrower will need to provide information about the car, including:
- To do
- Trim level
Pawn a car title in person
If the borrower goes to the car title lender with their documents to apply, the company will have an employee inspect the vehicle and consider the make, model, and year. They can also use the Kelley Blue Book to help determine the value and whether the car qualifies for a loan.
Once the employee is done, they will provide the borrower with the loan amount and terms. If the borrower agrees, he will receive the money that day while keeping his vehicle.
Paying off the car title loan
Many car title loans last 30 days. If the borrower repays on time, plus a monthly fee, he can keep his vehicle. If they can’t repay, they can sometimes roll over the loan by paying another monthly installment.
However, borrowers should be careful with deferral, as they can quickly find themselves stuck repaying the loan for a long time. Before taking out a title loan, they need to make sure they can get the funds to pay it off quickly.
Pawning a car title offers quick cash
Pledging a car title provides a quick way to get a loan when someone needs money fast. Vehicle owners can apply for a title loan in person or online with just a few details and can continue to drive their car while they pay off the loan. As long as the car owner can reliably repay the loan, this could be a suitable method of covering cash shortfalls.
Notice: The information provided in this article is provided for guidance only. Consult your financial advisor about your financial situation.
SOURCE Moving America Forward