Do Pawn Shops Take Cars?
Getting access to how much cash is within your reach as long as you have certain assets that you can pawn. Though many people are avid users of pawn shops, very few actually understand that pawn shops, specifically PawnKings, do allow people to pawn their cars. Unlike a title loan that’s slightly harder to qualify for, pawning a car yields numerous advantages, but first and foremost, it allows for quicker access to cash.
How Does Pawning A Car Work?
Pawning a car is fairly simple, and in this instance, the pawn shop is the lender, and the car becomes the collateral for the loan. The amount of money you can borrow from the lender using this method is based on the current resale value of your vehicle. At the end of the borrowing period, if you repay the automobile pawn loans effectively, the clear title of the car is transferred back to you. However, if you choose not to repay the debt or default on loan, your car’s title is kept by the lender and sold to recoup costs.
Get Cash ASAP For Your Car From PawnKings!
One of the most significant advantages of pawning your car is that you don’t have to concern yourself with in-depth credit checks or wait for days to get access to money. Customers with credit difficulties should seek credit counseling before entering into any title loan or high-interest loan transaction. At PawnKings, you can get quick cash or cash fast for your car in as little as a few hours just by filling in some simple paperwork. This is a great way to get money when life throws you a curveball. As very few people have access to emergency funding, you can pawn your car and get paid the exact same day.
Pawning Vs. Title Loans: What’s The Difference?
Many people assume that car title loans and pawning a car are the same thing, as both types of lending have similarities. Though both use your car title as collateral and your credit score is not a major decision-making factor, that’s where the similarities end.
Pawning a car means using the title as collateral and having the pawn shop provide a loan amount for a short period of time. Pawn shops do not look at your credit score at all, whereas title loan companies do take into consideration your credit history. The downside to pawning a vehicle is that, meanwhile, there are no negative effects on your credit score; it doesn’t positively impact your history either if the loan is promptly repaid.
Another major differentiating factor between the automobile pawn loan is that pawning vehicles only requires about an hour’s worth of paperwork. Pawning is also a short-term loan with a deadline of approximately three months, unlike title loans, which can last longer.
At the end of the several-month loan process, you must essentially “buy back” your vehicle. This entails paying off the loan amount with interest as well as the fees that were agreed to in the contract.
Will Pawning A Car Affect My Credit Score?
As briefly touched upon, your credit score remains wholly unaffected by the entire process of pawning your car. This is greatly due in part to the fact that a physical object of high value is used as collateral should you default on the loan. Additionally, most people are also surprised to learn all the details that going this route also doesn’t require a steady income or even having pay stubs ready!
Are Cars The Only Thing You Can Pawn?
Though often referred to as pawning a vehicle, the fact is that your car isn’t the only thing you can pawn! If you have an RV, boat, truck, van, or motorcycle, they’re all eligible for a pawn loan through PawnKings.
How Does The Process Work?
You can go online and fill out the application car title pawn in under 10 minutes. This will get you qualified for the pawn loans before you visit the actual shop location. The application will require you to have the following data handy: the make and model of the vehicle, the year of manufacture, the number of miles driven, and the VIN number.
After carefully reviewing your paperwork, PawnKings will submit an official cash offer for your vehicle. The offer amount is based solely on the research performed after the basic information about your vehicle is submitted.
If you agree with the loan amount, you will need to physically bring the car to one of our California or Seattle locations. Our trusted team will perform an inspection of the vehicle, and you will sign off on the paperwork to finalize the process.
You receive your cash loan for your car for 90 days at a time. You will need to leave your car behind, which will get safely stored in a garage until you repay the full loan amount plus interest. You also have the opportunity to extend the loan if you need more time beyond 90 days.
Will Pawning A Car Work For Me?
If you need access to cash in less than two hours, pawning is your best option. It won’t negatively affect your credit score to bad credit, and we don’t consider your work history. It is a fantastic way to get access to funds without having to go through a traditional lender where your chances of getting declined are high.
Your car is safely stored away from prying eyes and the elements. That means you don’t have to worry about your vehicle suffering any amount of damage while you work to repay the loan. If you need more time, it is also possible to extend the repayment terms beyond the industry standard and allow yourself the ability to adhere to payment guidelines.
Ready to get started?
If you need a loan right away and you have a motorcycle, car, truck or even a boat, you can get access to cash right away! With just the simple click of a button, PawnKings can help broaden your horizons and allow you to get out of a tight spot. All loans are based solely on the worth of the vehicle, and no one is discriminated against!