Did you know that approximately 30 million Americans pawn their property each year?
For those who need cash fast, the best way is to pawn their property. Although most people pawn jewelry and technology, you can also pawn car titles.
Pawning car titles is not a difficult as you think. Here’s a complete breakdown.
How is the Process Works
Like any other item, you can bring in your car to a pawn shop to get cash for it. However, before you show up at a pawn shop, you should make sure they’re willing to take it.
The process of pawning the car is for those who are not convinced they want to part ways with their car forever. A pawnbroker might not offer you the exact value of the car, but it will get you cash fast.
Clean Up the Car Before You Sell It
If you show up at the pawn shop with a dirty vehicle, the pawnbroker might not offer as much as you want.
Before you take your car in, clean out the trash, wash it, and vacuum the inside. A clean car might get you a little bit more money.
You can buy new windshield wipers and air fresheners if your budget allows it.
Have the Car Title Ready
A pawnbroker won’t take your car if you don’t own the title. The title must be in your name if you hope to sell or pawn your car.
Take the car title in with you to prove it’s yours.
Establish the Value of the Car
You don’t want to go to the pawnbroker without knowing how much your vehicle is worth. Do your research to find out the value of your car.
You can look at sites like the Kelley Blue Book, or ask a car dealer how much they would pay for your car. Keep in mind that pawn shops are resellers and will offer you a price lower than the Kelley Blue Book price.
Will You Pawn or Sell?
Decide if you want to sell your car or simply get a loan? The amount you get for the car will depend on whether or not you want to pawn or sell it.
If you pawn the car, you will enter a contract to establish the time frame for repayment and fees involved.
The pawnbroker will need to inspect your car to give you a price.
Pay Back Your Loan
Let’s say you decide to take a loan on your car, you need to pay it back during the time frame you established.
If you don’t repay it, you might lose the car title for good. The broker might be in his right to sell it.
Pawning Car Titles: The Bottom Line
Pawning car titles is for those who need money at a moment’s notice. Before you go, make sure you own your car title, do your research, and sign the contract.