Using Your Vehicle for a Pawn Loan
April 20, 2014
If you own a second vehicle or are just strapped for cash, you can get some extra money very quickly by pawning your possessions. You’re probably thinking of bringing your stereo, television, jewelry or some other possession to a pawn shop. Did you know that you can also pawn your vehicle for cash?
You can pawn your vehicle through a car title lender. At Car Cash Loans, you can get a loan for as low as $500 by doing so. Let’s explore this process in detail.
How Much Can I Borrow?
When you pawn your vehicle, you can generally borrow amounts starting at a few hundred dollars. As mentioned, Car Cash Loans offers loans in amounts beginning as low as $500. They’ll also go up to $2,499 on a pawn loan if you need that much money and meet certain qualifications.
Of course, you can borrow more than $2,499. Car Cash Loans offers loans of up to $50,000. At this point, your loan would be considered a car title loan.
Will My Credit Be Checked?
Traditional lenders tend to run credit checks before deciding whether or not to lend money to a potential borrower. However, many title lenders do not require credit checks. In fact, Car Cash Loans will never check your credit.
Not having to go through a credit check can be great if you have credit problems or just want to avoid the extra hassle. It’s not fun to hear that you’ve been rejected for a loan because your credit score is too low. Also, credit scores are not always used fairly, as there are millionaires with low scores that would keep them from taking out a loan, even though they could pay off the loan – and maybe buy the lender’s entire business – with a check.
So, don’t worry about having no credit or poor credit if you need money. You can get the cash that you need by pawning your vehicle.
Will I Have to Surrender My Vehicle?
To obtain a pawn loan, you’ll have to surrender your vehicle. So, it may not be a good idea to pawn your vehicle if it is your only source of transportation. However, this is probably not news to you, as it wouldn’t be good to give up any other item that you need, either. After all, you wouldn’t pawn your computer if you needed it for work or any other necessary item, would you?
That being said, if you own multiple vehicles, have a friend or family member that you can ride with or have access to mass transit, pawning your vehicle can be a great way to get some necessary cash. Sure, it may be an inconvenience, but your finances could spiral out of control if you don’t get some extra money soon.
Should I Pawn My Vehicle?
Whether or not you should pawn your vehicle is a decision that you’ll have to make on your own.
If you are just looking for money to spend on an unnecessary item, it may be best not to get a pawn loan. However, if you need money to pay for a necessary expense – such as groceries, utilities, or rent – then a pawn loan can be a great source of cash. Sure, you’ll take on a bit of risk with a pawn loan, but it is lower than the risk of not paying for most necessary expenses. Just think about it: which would you rather risk – losing your vehicle or losing your home? Would you rather risk losing your vehicle or not having enough food? Most people would rather ride a bus than live in a homeless shelter or starve.
So, pawning your vehicle does involve some risk, but the rewards can outweigh it. Be sure to take out just enough to cover your expenses and make every effort to pay your loan ahead of schedule. Doing so will minimize your interest payments and you’ll have your vehicle back soon enough.