Unlike traditional loan options, an online title pawn can be a flexible option in an emergency. However, there are some things about pawns you should know about before you commit yourself to one. There may be a better option out there for you!
What is an Online Title Pawn?
An online title pawn is an alternative to traditional loans, since they do not require a borrower to have perfect credit to apply for one. With an online title pawn, you are pawning your vehicle’s title temporarily for cash.
For an online title pawn, your loan amount will be based on your vehicle’s value. The more your car is worth, the more you may potentially be able to borrow.
Generally, when you are approved for a title pawn, your vehicle will be kept within a storage facility with the title pawn company. Once the cash loan has been paid back in full you may receive your car, car’s title, and keys back.
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Can I Apply for an Online Title Pawn or Title Loan if My Credit is Bad?
If your credit is bad, you’ve likely been turned down for a loan by other lending options. Online title loans and online title pawns are alternative loan options for those with a poor credit history.
Traditional loans often based eligibility on a borrower’s income and credit history. But other funding options, like car title loans, are different. While your credit history is reviewed for a title loan or, it is often not the most important part of the approval process! Instead, these factors are the most important:
- Your Ability to Repay the Loan
- The Value of Your Car
As a borrower, your eligibility and loan amount are determined by your collateral’s value. For a title loan specifically, your income is a large factor, as it determines what you can afford for a monthly payment. If you have a steady income and a car with value, your credit may not get in the way of applying for a title loan or an online title pawn! If you have been turned down by loan companies or banks because of your credit history, there may be alternative loan options available to you.1
Why Choose a Title Loan over an Online Title Pawn?
There are many different alternative loan options to consider if you are short on cash. While an online title pawn can offer benefits to you, a title loan can be a more convenient option. When you are approved for a title loan, you’ll have access to more than just cash!
You can expect to take advantage of these benefits:
- Keep Driving Your Car: With an online title pawn, you will often not be able to keep driving your vehicle if it is being pawned. With a title loan, however, you can keep your keys and keep driving! As long as you are making consistent, on-time payments to your loan, you can keep driving your vehicle like it is business as usual.
- A Faster Way to Get Cash: When you work with ChoiceCash Title Loans, the approval process is streamlined to help you get cash in a financial emergency.1 Approved borrowers can often get their cash in as little as 24 hours!1
- Take Advantage of the Convenience of a Title Loan: Unlike an online title pawn, a title loan can be conveniently applied for without an in-person hassle. Instead of taking your vehicle in to get inspected for a title pawn, borrowers of a title loan can apply from the comfort of their own homes! By simply submitting photos of the vehicle, you’ll be able to skip an in-person inspection of your car.
- Use Your Funding for What You Need: Unlike mortgage loans and auto loans where your funding must go to a specified place, a title loan is different! As soon as you get your cash, you can spend it on whatever you need it for. Borrowers choose a title loan to help with all kinds of financial emergencies! Your title loan funds can go to anything from a funeral to a home repair.
- Payments Start Low, and Can Get Lower: Wouldn’t you like to be rewarded for paying back your title loan on time? With loan options like ChoiceCash Title Loans, you can! Your loan payments start low and can get even lower as you make your loan payments on time. 2 As a responsible borrower, you can get rewarded with lowered interest rates and other perks!2
Does My Car Need to Be Paid off to Apply for an Online Title Loan?
Unlike online title pawns, you can still apply for a title loan if your vehicle is being financed! While you cannot pawn a vehicle you are financing, you can still apply for a title loan. Even if your car is being financed, it may still have a considerable amount of equity.
Equity is the difference between what your vehicle is worth on the market and what you currently owe on it. Even if you do owe some, it can still hold value. A car title loan is based upon how much equity the vehicle has, not how many payments you have left on it!
While you may not know the exact amount of equity your vehicle has, there are ways to find out. Your car’s market value is determined by factors like these:
- The Make, Model, and Year of the Vehicle
- The Cosmetic Damage or Surface Damage to the Vehicle
- The Style of the Vehicle
- The Number of Miles on the Odometer
- Any Modifications to the Car
If you are like most borrowers, you may not know the easiest way to find out your vehicle’s equity. With online tools like the title loan calculator offered by ChoiceCash Title Loans, you can easily find out what your vehicle could be worth!1 By answering just a few questions about your car, you could potentially get a rough estimate of the value of your car and a free online title pawn quote.
What are the Requirements for an Auto Title Loan?
The requirements for an online title pawn and an auto title loan are quite similar! The initial qualifications for a car title loan are your title and your proof of income. While you do not need to have a traditional 9-5 job to apply for a title loan, you will need some form of steady revenue each month!
To apply for a title loan, you will need to meet these requirements:
- Be 18 Years of Age or Older
- Have a Vehicle Title in Your Name
- Have a Vehicle With Equity
In addition to these initial requirements, there are some documents you will need to submit during the application process to verify your information and vehicle ownership. Fortunately, when you choose alternative loan options like ChoiceCash Title Loans, these documents can be submitted online for your convenience!
While the exact documents you need may change based upon the state you live in, you can expect to need:
- Proof of Income: There are many different forms of proof of income that are accepted. Bank statements, pay stubs, and even retirement income statements will qualify as proof.
- Pictures of the Collateral: You can skip an in-person vehicle inspection by simply submitting photos of your car! Not only will this help verify the vehicle’s existence, but it also helps a loan agent identify the vehicle’s value to give you an accurate loan amount. The pictures should include the back, front, and sides of the car.
- Proof of Address: To verify your information, you must submit proof of your address. Many borrowers use recent mail to their homes to do so! Recent credit card statements or utility bills can be used as proof of address.
- Valid ID: Many borrowers use their driver’s license or passport as proof of a valid ID.
- Proof of Registration and Insurance: While you are repaying your title loan, you are allowed to keep driving your vehicle as long as you make your payments back on time. However, you will still need to provide proof that your vehicle is registered and insured.
How Do I Apply for a Title Loan?
Applying for an online title loan shouldn’t be a hassle! Unlike an online title pawn, you can conveniently apply for a title loan without an in-person hassle.
With loan options like ChoiceCash Title Loans, you can expect an easy, three-step approval process:1
- Place a Loan Inquiry Online or Over the Phone
- Send in Your Documents and Verify Your Information
- Get Your Cash!
Getting started on your loan can take just minutes to do online, or over the phone with a loan agent at 855-277-4847. So, what are you waiting for? Apply for a title loan today and get your cash in as little as one business day if you are approved!1