Before answering the question “When would a vehicle title pawn be a viable option?”, we first need to define what a vehicle title pawn is.
What’s a Car Title Pawn?
Your credit score is less important when you use your car’s title as collateral. The value of your car and the amount you are willing to repay it will determine the car title pawn. Your car will be tied to the pawn, but you can still drive it during the pawn period. Either the lender places a lien on your car title or takes physical possession of the title as collateral to the pawn. If you fail to pay your car title pawn by its terms, your lender could take possession of your car.
Once you have gotten the basics of a car title pawn, it is time to learn when this option should be available to you. You should decide whether to opt for a car title pawn instead of traditional financing with your credit score. These are the qualifications that will allow you to apply for a car title pawn.
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Is a Car Title Pawn Right for You?
- You have to borrow money quickly and don’t have any other emergency borrowing sources like a credit card.
- If you have poor credit and are having trouble getting traditional financing approved.
- You have paid off your car and you still have the title to it. At Lake Title you could still qualify even if your vehicle is not paid off.
- You can prove your income and ability to repay the auto title pawn. Lake Title may require proof of income, but it is not necessary.
If you need quick cash and are unlikely to be eligible for other types of lending, the car’s value can be used as a pawn. A credit score is a less important factor. Low credit scores could be a red flag for some lenders and financial institutions, and they may not lend to you. However, it is not always an indicator of your ability to repay the title pawn. Lake Title does not conduct credit checks. Your car could help you get a pawn and the money that you need depending on its value and your ability to repay it.
Car title pawns can be very risky as you put your car at risk if you are unable to pay the pawn back. You might lose your vehicle, which could make it difficult to get to work or school. You should not use a car title pawn except for emergencies or unexpected expenses. Even if you are eligible for more, you should only borrow the amount you can afford to repay. Lake Title will require you to repay the money within 30 days. However, you may be eligible for a title pawn with interest-free 30-day terms. It is important to choose the right car title pawn business. Lake Title can help you decide if this is the right choice for your situation. This pawn process is much faster than traditional funding options.
You will need to provide details about your vehicle for us to determine its value. To ensure that you are eligible, we ask for additional information such as your valid driver’s license or state ID. Next, you will need to bring your vehicle to either of the two locations where it can be inspected. We also require proof of residency using a current utility bill or phone with your current address. We will explain the terms and let you know what the repayment terms are once you have been approved for the pawn. You will keep your vehicle for the duration of the Pawn. We will also retain the title, vehicle registration, or receipt for vehicle purchase. The car title will be immediately returned to you, or the lien will be released back to you once the pawn has been paid in full.
If you think this is the right fit, you can apply online today. Based on the vehicle’s value, we will work with clients to get the best possible title pawn.
We are available to assist you from beginning to end with all aspects of the process. You can also call us at any of these locations:
West Location – (352) 692-2274
East Location – (904) 332-274
Quickly apply to determine if your application is eligible for a title pawn. Title pawns are a great option for those who need money for unexpected expenses. Make sure you fully understand the terms of the contract and that you can repay the title pawn within the terms of the contract. Being a responsible borrower is vitally important to a successful experience with a title pawn.
Recommended Read: Additional Title Loan products from Lake Title
