What is a Title Loan or Title Pawn?
A title loan or title pawn is short-term financing that requires your car title as collateral to take out a loan. Like many other short-term loans, it is characterized by speed and convenience.
Do not give in just yet if you have been scouring the internet searching for a place with good loan offers or a lender who will accept your low credit score without luck. Contact iPaydayLoans, and let’s connect you with lenders who can credit you a few hours from now.
When Do I Need Why Would I Need A Title Pawn?
Title pawn loans are an important cash resource you can leverage when you are short of cash and need some money to cover expenses your regular paycheck can’t take care of. They are especially needed in emergencies and when your credit is not good enough to qualify for loans from traditional banks.
It’s important to note that the lender doesn’t keep custody of the car. The borrower is allowed to drive around with their car throughout the life of the loan.
Where Can I Pawn My Car Title Near Me?
You can pawn your car at pawn shops that take car titles near you. Start with a simple web search with the “near me” suffix. However, this only shows you lenders that are close by. There’s no way of verifying who’s reliable and who’s not; neither can you know who makes the best offers and who doesn’t.
On the other hand, an online loan service does the hard work of sifting through the available lenders and handpicking the best of the bunch. A service like iPaydayLoans can connect you with pawn loan lenders who can get you quick cash and make approval decisions in under 15 minutes.
|How much can I borrow?||$50-$35,000||No hidden fees or charges|
|I have bad credit. Can I apply?||Yes||Bad credit is considered|
|Over how long can I spread the repayments?||1-36 months||Fast decisions|
|Are credit checks involved?||Yes||Soft credit checks only|
|Chances of getting approvals||Good||256-bit encryption protocol|
|How to apply?||Apply online||Easy application|
Where Should I Apply For Car Title Loan - At An Online Lender’s Or A Title Pawn Lender Near Me?
While both options are fine, the pros of one may outweigh those of the other. Let’s see for ourselves. In the first place, online loans are characterized by quick approval and processing times. For instance, you can get approved for a car title loan online in as quickly as 15 minutes or even less.
You can also get quick approval from a lender near you. However, it’s only considered easy and fast if you do not consider the stress and time taken to get to the pawnshop in person.
Another thing with online applications is that you can reach a lot of lenders within a short time than if you had to meet them in person. iPaydayLoans gives you access to many title pawn lenders at the same time. In contrast, your scope is only limited to one nearby lender at a time if you had to see them physically.
What Are the Prerequisites to Be Eligible to Apply for a Title Pawn?
There are some requirements to be met for one to be eligible for a title pawn. Make a checklist and see how many of these boxes you tick.
- You must be 18 years or older.
- The car title must be in your name.
- You must have documentation showing you registered the car at the Department of Motor Vehicles (DMV).
- You must be financially capable of paying back the title pawn loan. This can be proven using pay stubs.
- The vehicle must be paid off.
- You must have a government-issued license.
Depending on the lender, you may also need some or all of the following documents:
- Original copy of car title.
- Copies of vehicle keys.
- Proof of valid insurance.
- A utility bill showing your resident’s address.
- Contact information and full details from two references.
How to Get A Title Pawn Online?
You can search the web for title pawn loan lenders near you and apply to them individually. However, this can be time-consuming, and it’s more difficult to compare offers from different lenders. An easier method is using a loan broker. With one application through a loan broker, you get lots of offers from different lenders. iPaydayLoans application process, in particular, is pretty easy and straightforward.
- Fill out the short, simple form here. You will be asked for basic personal, contact and financial information that can better helps us connect you to a suitable lender.
- Once submitted, we forward the form to willing lenders in our network who will run basic checks on your profile, and make an approval decision in under five minutes.
- Once approved, you will be sent an offer.
- Review the offers from different lenders, and sign only the offer that works best for you.
- Get ready for a cash deposit. It could arrive in the account whose information you provided as soon as within 24 hours.
How much would you like?
The Dos and Don’ts of Pawning Your Own Vehicle at a Car Pawn Shop
It’s important to take note of the following before taking your vehicle out to the pawnshop to avoid any hitches. Here are some of the dos and don’t of pawning your vehicle at a car pawnshop
- Get your car title ready.
- Make sure you do not have any other loans on the car title.
- Take your driver’s license along.
- Bring all documentation, typically pay stubs, to show you are financially capable of repaying the pawn loan.
- Have a list of personal references.
- Ensure you are the car’s lawful owner.
- Be sure about the exact amount you want to borrow.
- Before signing, take out time to read through all the paperwork and vehicle pawn agreement.
- Do not expect the full resale value of your car.
- Don’t repay your pawn loan if you are not interested in having your automobile back.
- Do not feel obligated to take out a pawn loan after having your car valued.
Does Bad Credit Stop Me From Getting Approved For An Online Title Pawn?
Yes, you can. You can get approved for a title pawn if you have bad credit or no credit profile at all. Title loans are based on the resale value of your vehicle than on how attractive or otherwise your credit profile is.
How Much Can I Access With A Typical Title Pawn Loan?
It all depends on the resale value of your car. You should get good cash for a low mileage car (2010 upwards) and something between $2k and $10k for cars valued over $25k. Other factors considered in calculating how much cash you get are your employment history and monthly income.
Can I Pawn a Car Without a Title?
It isn’t. How can you prove that you own the car if you don’t have its title? To be able to tender your car as collateral, the lender has to be absolutely sure the car is yours. A title proves you are the car’s owner, and so you can’t get the loan without that.
Can I Still Drive My Car When I Pawn It?
Absolutely! You are turning in your car title as collateral, not the car itself. So, the lender is not in possession of the car. You can keep the car and drive it to any part of town if the loan term is throughout the loan’s lifecycle.
Must My Car Be Paid Off?
Yes. The car has to be 100% yours. No liens should remain on the car. You must also be in possession of the car’s title. This can be gotten from the Department of Motor Vehicles (DMV).
How Can I Get My Title Back?
That’s easy. You can claim your title back once you pay up the total cost of the loan; that is, the principal loan amount plus the interest.