Many people who are struggling financially may be in need of fast cash. If you’re in this situation, it’s important to explore all of your options, including title pawns.
What is a title pawn? A title pawn is a type of secured loan that uses the title to your vehicle as collateral. Because your title is used as collateral, you may be approved for this loan even if you have bad credit or no credit at all.
If you need to get money quickly, here’s what you need to know about these secured loans:
What’s the Difference Between a Title Loan and Title Pawn?
The terms “title pawn” and “title loan” mean the same thing. Both of these terms refer to a secured loan that borrowers can obtain by putting up the title to their car, motorcycle, or RV, as collateral.
But it’s important to understand the difference between pawning an item and taking out a title pawn. If you pawn a valuable piece of jewelry, for example, the pawnshop will hold onto it until you have repaid your loan. This means you won’t get to wear or possess the jewelry until you have finished repaying the loan.
But that’s not how it works when you obtain a title pawn. You won’t have to give up your vehicle while you repay your loan. You can continue to use your vehicle as you normally would while you make payments. Your lender will only take possession of the vehicle if you fail to make payments on your debt.
What Do You Need to Pawn Your Title?
You will need to submit certain documents to the lender when applying for a car title pawn. The application requirements will vary slightly from lender-to-lender. But in general, you should plan on submitting:
- The clear title to your car, RV, or motorcycle
- Your driver’s license
- Proof of income
It’s important to note that the title to your car, RV, or motorcycle must have your name on it. You can still get approved even if you are not the only person on the title. It also cannot be a salvage title.
Can You Pawn a Car Title Without a Job?
Lenders typically require applicants to provide proof of their income during the application process. This is necessary so the lender can verify that the borrower is capable of making regular payments if approved for the loan.
Many people assume that they won’t get approved for a car title loan if they are unemployed, but that’s not necessarily true. You need to submit proof of income, not proof of employment. You can get approved if you have any type of income, including workers’ compensation, unemployment benefits, or veterans’ benefits.
If you don’t have any source of income, you may want to talk to your lender about the possibility of getting a co-signer. Having a co-signer may help you get approved for a car title loan even if you are currently unemployed without another source of income.
How Much Can You Get for a Title Pawn?
The amount of cash you can get through a title pawn loan will vary depending on a number of factors, including:
- Value of your car: You cannot get a loan for more than what your car is worth. Your lender will need to inspect your car’s condition to determine its value.
- Your income: Your lender will also consider your monthly income when determining how much to lend you. This is because your lender will not want to approve you for a loan that you are not capable of repaying.
- Local laws: Some states have laws that set minimums and maximums for title loans. For example, the minimum title loan amount in Georgia is $3,010, whereas it is only $2,000 in Missouri. Your lender will need to take these laws into account when determining the amount of your loan.
If you want to find out how much you can get, it’s best to talk to your lender.
Can I Pawn My Car Title Online?
You can apply for a LoanCenter car title pawn loan online, over the phone, or in-person. To apply online, follow these steps:
- Fill out the simple application on our website.
- Submit all of the required documentation. Talk to one of our loan representatives to learn more about what you need to provide.
- Find out if you are approved for a loan.
- If approved, get your cash.
Taking out a car title pawn loan is a quick and easy way to get the cash you need. Start your application today so you can find out if you’re approved as soon as possible.