One of the most often misunderstood concepts about pawn shops deals with automobile pawn loans. Oftentimes, people confuse auto title loans and car pawn loans as they do bear some similarities. However, the major differences are easy to pinpoint, such as pawn loans offering a short-term loan solution to problems and don’t require a credit check.
For most people, getting access to fast cash in case of an emergency is not only embarrassing but, more often than not, impossible. Asking to borrow money from friends and family often fails, and those without a steady income or bad credit history are denied traditional loans. A lot of people with credit difficulties should seek credit counseling before entering into any loan. For this reason, many choose to deal directly with reputable pawn shops such as PawnKings because they offer a timely resolution, and you can have cash in your hands in as little as a few hours.
How Exactly Do automobile pawn Loans Work?
Getting personal loan terms from a pawn shop for your car is a very basic and straightforward process. In fact, filling out the personal loan paperwork once you have the necessary information handy shouldn’t take more than 10 minutes!
It all starts with contacting a pawn shop directly. Usually, it is best to do this online as most will answer you within minutes or mere hours of making contact. During this phase, make sure to ask for details about how the process works, as all states have different rules and regulations pertaining to pawn shop auto title loan. Once you receive adequate reassurance from the company and enough information to make an informed decision, you’re ready to take the next step!
Complete an application process online in under 10 minutes to get approved for the PawnKings expensive title loans with high-interest loans. It’s crucial that you have the necessary information handy at this point such as the year, make, and model of your vehicle, vehicle title, and the VIN number. Once you click submit, a friendly employee will get in touch with you directly and make a cash offer for your car. This offer encompasses all of the information you’ve provided in your online application and will also ensure that you get a fair market value loan.
Once everything is set in motion, and you agree to a price, the last step is finalizing the paperwork in person and handing over your vehicle as required collateral for the loan. When dealing with PawnKings, just make sure to visit one of the California or Seattle locations! Your car will receive an initial inspection, and once cleared; you will receive cash.
What Happens To Your Car Once You Hand It Over?
One of the biggest concerns that consumers have about getting a pawn loan is ensuring that their vehicle is well taken care of. As you sign your car away for the duration of the loan term, your car is safely stored inside a garage. This ensures that your vehicle is safe from the elements, prying eyes, or anything that may cause undue damage. All facilities where cars are housed are monitored via state-of-the-art surveillance systems for safety.
Once you repay your personal loan amount in full with the agreed interest competitive rates, you receive your vehicle back in the exact condition it was dropped off in. It is also possible to extend the duration of the short-term loan beyond 90 days if you need extra time to ensure that you can repay your debt.
What Is Required For An automobile pawn Loan?
Unlike traditional title loans work, there’s less work for you involved when you apply for an automobile pawn loan.
Here are a few of the things you will need to ensure that you have:
- In order for your application to get accepted, your vehicle must have at least a $4,000 market value. This is to ensure that it offers adequate collateral should you default on the loan terms. It is also a requirement that your vehicle runs and is functioning.
- You will need to have a clear title in your name in order to apply for an automobile pawn high-interest loan. This means you cannot have any outstanding debt on your vehicle, and you should have the pink slip ready when dealing with the pawn shop.
- A valid state driver’s license and a basic insurance policy are also necessary when applying for your pawn loan.
- You do not have to have steady employment or even current work in order to get approved for this minimum loan amount. Your pay stubs and work history bear no weight when applying for an automobile pawn loan.
- No credit checks are involved in the decision to approve you for the new car title loan. This means that if you have ever previously filed for bankruptcy or have bad credit report history, it doesn’t deter PawnKings from giving you cash advances for your car. It is also worth noting that by taking out a car title loan, your credit card cash advance credit limit by credit card companies is not affected in any way, even if you don’t pay the loan back on time or default.
The Advantages Of An automobile pawn Loan
Unlike a car title loan, there are a handful of reasons that an auto title pawn loan may work for you. There is a wide range of title loan agreement advantages, such as:
- Keep your valuables while getting a payday loan. There’s no reason to sell the things you love. As long as you pay back your loan payments history, your vehicle is yours.
- You can pawn other modes of transportation besides your vehicle. If you have a motorcycle, RV, commercial van, or even a boat, all of those will also qualify you to get a 3-month pawn car title loan.
- You get access to cash without having to borrow money from friends or borrowing money from family. This is a discreet way to handle financial problems without worrying those closest to you!
- The process is simple and straightforward while being minimally invasive. You only need to provide basic information to qualify for the secured loan, and there’s no way to get declined!
Automobile pawn Loans Versus Title Loans: Which Is A Better Option For Me?
Automobile pawn loans are easy to apply for and even easier to get approved for! Unlike car title loans, your credit report history doesn’t determine your ability to get approved, and most importantly, when and how you pay back the loan doesn’t have a direct bearing on your credit scores. Pawn loans have set interest rates that are in line with industry standards, and unlike car title loans, you will pay less money to a pawn shop than you would to any other online lender.
Although you have to surrender your vehicle when you get a pawn loan, you don’t have to concern yourself with the possibility of repossession. As long as you either pay the loan off on time or extend your loan period, your vehicle is clear with your name on the title. Additionally, you don’t have to contend with skyrocketing monthly fees when dealing with a local pawn shop.
How Is The Worth Of My Vehicle Determined?
One of the most commonly asked questions is about consumers wondering how much their vehicle is worth. When filling out the online data sheet and submitting the make, model, and year of the vehicle, the pawn shop team does some preliminary research into the Kelley Blue Book value of the vehicle. As you’re dealing with a pawn shop, you can usually receive anywhere from 30% to 50% of the low adjusted Blue Book value.
Of course, when assessing your vehicle, it isn’t always an exact science. For example, the mileage on the car and its current condition does significantly impact the cash loan amount offered. Bear in mind, however, that the car outright does need to have a value of $4,000 or higher and remain in functioning condition in order to qualify for a lien-free car title.
Why Choose PawnKings?
Unlike other pawn shops, PawnKings will always treat customers with respect and dignity during the entirety of the process. We recognize how easy it is for life to throw a curveball your way and how hard it is to gracefully cope when dealt a bad hand. Our friendly team members will always treat you the way you deserve, and we pride ourselves on working with every customer to achieve the best outcome possible!
If you have any questions or concerns, never hesitate to ask. Our friendly team members will do their utmost best to answer to the best of their ability and allow you to make an informed decision.
In light of the pandemic, it is also essential for us to accommodate the needs of every customer.
For this reason, we also have a zero contact option! Just head online to fill out your Unsecured personal loan application form, and once approved, a pawn shop representative will visit your residence to pick up your vehicle. Your funds are directly wired to your bank account to eliminate hands-on contact, and during the entire process, you can rest assured that enhanced sanitation practices are in place.
Now that you understand what automobile pawn loans are, it’s essential to consider whether they work for your needs. From getting easy access to cash to ensuring your credit report history is safe from harm and help to get a Payday alternative loan. There are many reasons to choose this option!