Learn about Car Title Pawns

If you have a relatively nice vehicle, and you're in need of quick cash, then you might want to consider pawning your car title. Below are a few things to consider.

Pawning Your Car Title

One obvious advantage to pawning your car title is that it avoids the need for extensive credit checks. Because your car itself is used for collateral, you can bypass all the hassle, all the extensive waiting, and most importantly, the fees for doing a credit check, only to be potentially denied anyway. The process to get started on pawning your car title is a brief and easy one. Simply login online and search for a reputable agent who can handle your request.

You can fill out the form online. This process generally takes less than five minutes. Be sure to specify the mode of contact and the appropriate time of contact for the agent to get back in touch with you. When the agent responds to you, you will then arrange a time to meet in person. In addition to bringing your vehicle and its title, other required documents include proof of insurance, a valid registration, proof of an income and proof of a current residence.

After filling out some forms, the agent will then inspect your vehicle. If it passes inspection, you will then go over the terms of the loan agreement. The value of the loan is determined by the amount in need, the appraised value of the car, and your ability to payback the loan. By federal law, the agent is responsible for disclosing all the details of the loan for pawning your car title. Be sure to research and question the different interest rates, for many of these can be quite steep. Most importantly, know whether or not you can fully repay the loan and pay it in a timely manner. Once you sign the agreement you are fully on the hook, and must keep up with the payments in a timely manner, otherwise your vehicle will be repossessed. The value is then taken from the appraised value of the vehicle along with the current payments made. If approved, you will walk out with the cash that very day.

Each state has its own specific requirements for pawning the car title, but generally speaking, you must be at least 18 years old, and you must own your vehicle flat out. Also, a clean driving record goes along way for improving your chances for receiving cash for pawning out your car title.