Keep Driving Your Vehicle with a Car Title Pawn

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Unexpected expenses, healthcare costs and home repairs all have the potential to cause financial hardship, but car title pawns provide customers with the opportunity to obtain the cash that they need quickly; while pawning jewelry, power tools or collectables require you to leave your property with the pawn shop, car title pawns permit customers to continue driving their vehicles. Whether you’re entirely new to the idea of a title pawn or you have considered it before, pawning your car’s title may help you regain control of your personal financial situation.

Turning Your Title into Cash

While every set of circumstances is different, pawning the title to your car in order generate the funds that you need to handle life’s unexpected situations is generally fast, easy and convenient. Car title pawns are handled much differently than regular pawns, and customers typically pawn through a lender instead of a pawn shop. It is also important to ensure that title pawns are legal in your state of residence; if they are, all you should need to complete the transaction is a piece of identification issued by the government, like a driver’s license, and the title to a car that’s in your name, paid off and free of judgments and liens.

After completing an application for your title pawn via the internet or in person, your vehicle will be appraised to determine its value and you will complete some paperwork; the lender will present you with the money for which you pawned your title, and you will leave the store or office with the cash that you need in your pocket.

Title Pawns and Credit Checks

While some lenders or states require a credit check for a title pawn, many do not. In fact, one of the most appealing parts of pawning a car’s title is the fact that the borrower does not need to have good credit to receive the money that they are looking for because their title, and therefore their vehicle, serve as collateral on the money loaned. Additionally, borrowers who work with lenders who do not complete a credit check can avoid the inquiry on their credit report; this means that a credit score will not be lowered by applying for a title pawn. However, those who do not make timely payments may see an impact on their credit score, and their vehicle, the collateral, may be taken to satisfy the borrower’s financial obligation.

Refinancing a Title Pawn

If you have already pawned your car title and wish that you had done a bit more research before signing a contract with a specific company, you may still be able to get a better deal, even if you haven’t repaid the total amount of the original pawn. Some lenders are willing to pay off the first pawn in order to refinance it at a lower interest rate for the client; check with a representative of your potential lender for details.

Loan Amounts and Payoffs

While the value of your vehicle will certainly impact how much cash you can receive for a title pawn, state laws also have an effect on the maximum amount; some states have maximums as low as $1,340 and others can lend up to $10,000 on a title pawn.

Finally, before choosing a company for your title pawn, ensure that the organization with which you choose to work does not penalize customers who wish to finish paying off their pawn earlier; while most companies are willing to accept an early payoff, clients who are planning to do so should be certain that they will not pay a premium for the option.