Stuck in a tough financial spot? You may be wondering what the requirements are to get an auto title pawn. If you have a paid-off vehicle, you’ve already met the first requirement! If you do not have a paid-off vehicle, auto title pawn alternatives, such as a title loan, could be a better option for you.
For car title loans, you will need to meet these other requirements:
- You Must Be of Age to Apply for a Loan
- Your Vehicle Must Have Equity
Not sure if your vehicle has equity? If you’re like most borrowers, you aren’t aware of what your car’s equity is. Luckily, ChoiceCash Title Loans offers an online title loan calculator that can give you an equity estimate of your vehicle before you apply for a loan. By answering a few questions about your vehicle, you’ll be able to get a market value estimate of your car. If your vehicle is still being financed, however, it can affect how much value your car has.
What is an Auto Title Pawn and Is it the Same as a Title Loan?
Title loans can be called a few different names:
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- Pink Slip Loan
- Car Title Loan
- Auto Equity Loan
- Auto Advance Loan
- Auto Title Loan
Title loans are called many different names, and they are similar to auto title pawns, but they are not exactly the same. Both title loans and auto title pawns will allow you to use your vehicle as collateral for a loan. A title loan often will allow you to keep driving your vehicle during the repayment process if you are a responsible borrower. When you are approved for an auto title pawn, however, the title pawn company will most likely want to keep the vehicle in their possession until the loan is paid back in full.
Will My Car Qualify for an Auto Title Pawn?
To qualify for a car title loan or auto title pawn, your vehicle must have a certain amount of equity. Equity is the difference between your car’s current market value and what you still owe on it. If you are financing your vehicle, it can still have equity! You will not be approved for an auto title pawn if you are financing your vehicle, however. Instead, you can apply for an auto title loan, which often allows borrowers that are still financing their vehicles to be approved for a loan.1 Title loans are based upon what your equity is, not how many payments are left on the vehicle.
There are many different types of vehicles that can have equity, so there is no all-inclusive list of cars that will qualify for an auto title pawn. However, there are a few factors that will help determine what your car’s equity is:
- The Make, Model, and Year of the Car
- Any Damage to the Vehicle- Cosmetic or Surface
- The Maintenance and Accident Record of the Car
- The Mileage on the Odometer
- The Style of the Car
Why Should I Choose a Title Loan over an Auto Title Pawn?
There are many different types of alternative loan options out there to consider when you find yourself short on cash. While an auto title pawn is a convenient option in a pinch, a title loan can offer many benefits outside of cash! Take a look at some of the advantages that come with choosing a title loan for funding:
- Payments Start Low, and Can Get Lower: Wouldn’t you like to be rewarded for being a responsible borrower? While other types of loans can feel one-sided and transactional, there are loan options that give back. With ChoiceCash Title Loans, your loan payments can start low and get even lower as you pay back your loan on time.2 This perk can help you save money in the long run!2
- Keep Driving Your Car: Typically, you will not be able to hold onto your car if you are approved for an auto title pawn. What will often happen is that the vehicle will be kept in storage until you have paid the cash loan in full. With a title loan, however, responsible borrowers can keep driving their car like it is business as usual! No need to rely on Uber or friends to get you where you need to be if you are making consistent on-time payments to your loan.
- A Faster Way to Get Cash: If you’re facing a financial emergency, you need a loan that can keep up with your needs. When you work with ChoiceCash Title Loans, the approval process is streamlined to help you get cash in an emergency!1 Qualified borrowers can get their funds in as little as 24 hours.1
- High Approval Rates and a Flexible Approval Process: Applying for a loan shouldn’t be a big hassle for you. Auto title loans can be a faster and more efficient way to get your cash! Title loans have high approval rates and can accept borrowers from all different types of credit histories. The approval process is flexible and fast for your convenience!1
- Avoid In-Person Inspections: Many times, pawning your vehicle means you might have to attend an in-person inspection with the auto title pawn company. With an online title loan, you can skip this by simply submitting recent photos of your vehicle.
Do I Need a 9-5 to Apply for an Auto Title Loan?
Many traditional loan options will require a borrower to have a traditional type of employment. An auto title loan is a unique type of alternative loan that does not! To qualify for a title loan, you must have:
- A Title to A Vehicle in Your Name
- A Steady Income Each Month
- The Ability to Afford Consistent Payments
If you do not have a traditional form of employment, so what! As long as you have a steady income each month and the ability to afford a title loan payment, your type of employment isn’t an issue. Here are some of the commonly accepted forms of alternative income when applying for a title loan:
- Workers Compensation
- Self-Employment or Small Business Owners
- Annuity Payments or Retirement Income
- Disability Payments
- Social Security Payments
- Pension Income
What Documents Will I Need to Apply for a Car Title Loan?
Every loan you apply for will need some documents to prove your identity and verify your information. While this can be a hassle with other loans, a title loan has a streamlined approval process for your convenience.
When applying for a title loan online, you can submit your documents to a loan agent via email or fax and skip the in-person application process. While auto title pawns will often ask a borrower to complete this step in- person, you can conveniently do it online when you apply for a title loan!
Here are a few documents you can expect to need when applying for an auto title loan:
- Proof of Income: Many borrowers use pay stubs, bank statements, and even disability award letters as proof of income.
- Proof of Residence: If you have recent mail to your address, you may be able to use that! Utility bills, rental agreements, and even recent mail like a credit card statement will qualify as proof.
- Photos of the Collateral: You can skip an in-person inspection with ChoiceCash Title Loans by simply sending in photos of your car! The photos should be of the back, front, and sides of the vehicle. In some cases, you may be required to take photos of the odometer on your dashboard.
- Title to Your Vehicle: It must be in your name to qualify as proof of ownership.
- Photo ID: Typically, future borrowers will use their driver’s license or passport for verifying their identity.
What Can I Use My Title Loan Funding for?
Unsecured loans, auto loans, and other types of loans often have funding that is meant for a singular purpose. With loan options like auto title pawns and auto title loans, however, your funding can have more flexibility!
As soon as you receive your cash from a title loan, the money is yours to spend. Everyone has faced a financial emergency at some point. A title loan can be the perfect resource if you have found yourself struggling to make ends meet! There are no restrictions on what you can spend your money on.
However, here are a few common ways that borrowers choose to use their cash:
- Pay for a Funeral or Wedding
- Covering the Cost of Surgery That Insurance Doesn’t Cover
- Pay for Travel or a Vacation
- Covering the Cost of Home Repair or Car Repair
- Pay for Debt Consolidation
- Covering the Expenses of a Vet Visit
- Consolidating Medical or Credit Card Debt
Whatever your financial emergency is, a title loan could help cover it!1
Why Wait to Apply for a ChoiceCash Title Loan?
Applying for a loan with bad credit can be stressful, especially if you have been turned down previously. With an auto title loan, you can expect a hassle-free approval process and a flexible one!1
Get started on your loan today:
- Place a loan inquiry with ChoiceCash Title Loans online. It can take just minutes to do!1
- Call a loan representative at 855-277-4847. They are available for extended hours seven days a week to help you with any questions you might have!