How Pawn Loans Work
How Do Pawn Loans Work?
A pawn is a flexible option for borrowing money against something you own. At Car Cash Loans, we’ll pawn your car, truck, motorcycle or other automobile, RV, or boat to get a check in your hand today.
Read about pawn loans from Car Cash Loans here to find out:
- If you’re a good candidate for a pawn loan.
- How much you can get from a pawn loan.
- What you need to pawn your car, truck, boat or other vehicle or asset.
To learn more about how to pawn a car or other vehicle, read on.
How Does a Vehicle Pawn Work?
Technically, a pawn is money you receive against the value of your property. You can decide whether to get the property back by repaying the loan along with the fees (like interest), after a four-month period.
But, you do not have to pay it back, and you have no liability or obligation if you decide not to pay. If you don’t pay the pawn back, the car, vehicle or other asset belongs to us, and we will then sell it to get our money back. It’s fast, simple and easy..
That means there are fewer requirements to meet to pawn your car. In other words, if you don’t qualify for an auto title loan, or you want to get more money fast than what you can get from a title loan, you can still get cash for your vehicle through a pawn.
Our pawns last four months, and you are not required to make any payment until the end of the four-month term. The repayment process for a pawn is flexible:
- You can pay back the amount in one lump sum or at the end of the four-month pawn. Or, if you want, you can make payments at any time before the end of the four-month pawn.
- Or you can rewrite your pawn at the end of the four-month pawn, extending the life of the payment period for an additional four months.
To rewrite a pawn, simply pay the interest due for the four-month period and then your pawn loan will be extended another four months. If you can’t rewrite your pawn loan and aren’t able to pay back the money in the agreed upon time, then we keep the vehicle instead of payment, and you have no further obligation at all. It’s that simple.
The amount you can get from a pawn depends on the value of the vehicle or asset. Find out more about how pawn loans work for each type of vehicle with our on-site resources here:
To talk with an agent about pawning your vehicle in Southern California, just call us at (800) 988-5020. We’re happy to answer any questions and get you closer to the money you need fast.
- No Credit Check