January 17, 2020 - Vehicles
Unforeseen medical bills, emergencies, and home repairs can all spring up—inciting the need for some extra cash, quickly. Many in this situation opt to pawn their car title. This is a quick and easy way to get tons of cash in your hand the same day.
When you pawn your car title, this approach won’t have a hindering credit check that can damage your credit score. You also won’t have to worry about not getting approved by a bank or other lender. Plus, you’ll have the convenience of being able to continue driving your car so there’s no disruption to your life!
As with any pawn contract, you’ll want to get the best deal. When you use the equity of your car title for a pawn it’s recommended you use PawnGuru. Instead of spending tedious amounts of time getting your car appraised by a dozen different pawnshops, you can list it once and figure out who will give you the best interest rates & payment plans. This is important! Your car is worth a substantial amount of money.
When you use the PawnGuru approach, you can comparison shop through loans, quick and safe.
If you decide to pawn your car title, you can get cash that same day by using your car as collateral. Depending on your state’s laws, you’ll need a government-issued identification, such as a driver’s license and a lien-free car title, along with your car. To ensure your car does not have a lien placed on it, check with the DMV. Some lenders also require proof of income such as social security, pension, or some other credible source of income. You may also need a utility bill to verify your address.
Once you’ve gathered these documents, you can list your car title. As with any equity used to pawn, you will be using your car title for a loan. A pawn dealer will discern the value of your car then write-up a loan and give you the cash you need. You can still drive the car while making interest payments.
Once you pay the loan back in full, the loan payment is fulfilled. For this reason, it’s important to get the ideal interest rates so you don’t end up paying a pawnshop more than what’s fair. PawnGuru allows you to quickly identify the best deal when you pawn your car title. Getting an honest loan contract should be straightforward with a favorable interest rate.
First, you will need to make sure your car is in the best condition possible. This can be as simple as going through a quick car wash and vacuuming the interior of your car. When you find the pawnshop willing to give you the best deal, your car will be appraised by an associate. The value of your car title is based on Kelly Blue Book and a quick inspection. This usually takes less than five minutes.
After this, a pawn dealer will formulate a contract and you will drive off with the cash you need. The loan amount is contingent on your car’s value and the amount of cash you need. It’s wise to only take the financial amount that you need since you’ll be making interest payments on the title. Reputable pawnshops will walk you through the process and explain the stipulations of the loan. However, you should always read the fine print and don’t hesitate to ask questions concerning your loan.
Millions have used PawnGuru to get the cash they need by pawning their equity and commodities for some-day cash. Not only can you get the money you need but you can ensure you’re getting the most money for the best interest rate.
1. List your car title for free with no obligation to pawn
2. Pawnshops will email you their offers
3. Choose the best offer and visit the pawnshop for approval
4. Drive away with cash in hand
Using PawnGuru can save you time and money. Instead of taking the whole day to drive around town—taking the time to have your car inspected by a dozen pawnshop agents, you can list your car title for free and go through the process one time. It takes minutes and you can even do it on your lunch break! With PawnGuru, you can also find amazing deals to buy or sell items you might need like a new phone or anything else you might want.
David Stiebel is one of the cofounders of PawnGuru. David was educated at MIT, where he studied Math. He subsequently worked at Bain as a data scientist before starting PawnGuru in 2015. He started PawnGuru to build a better tool for pawn shops and consumers to connect.More Articles