For most people, a vehicle can be their most valuable asset. Pawn shops can be a venue to get the cash you need by pawning valuables, such as:
- A Car Title
- Vintage Goods
By pawning an asset, you could obtain the emergency cash you need. Financial problems come and go, but when they arrive, they are often unexpected. You might be wondering- where can I pawn my car title?
Instead of relying on a pawn shop to get the job done, consider taking advantage of your car and applying for a car title loan!
What is a Title Loan instead of Pawning My Car Title?
Title loans are a type of secured funding that can allow you to borrow cash based off the equity in your car. The more equity your car has, the more there is to potentially borrow from if your income allows it!
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With loan options like ChoiceCash Title Loans, borrowers can use their car’s title to their advantage to get the cash they need.1 Unlike traditional loan options, a title loan can accept borrowers from all different kinds of financial backgrounds and credit histories. Title loans are secured loans, meaning that they are secured through a form of collateral. For a title loan, the collateral would be the title to the vehicle.
While you can pawn your vehicle’s title at a pawn shop, it may be to your benefit to take advantage of a car title loan. If you make your payments on time, you can keep driving your vehicle like it is business as usual!1
Do I Need Great Credit to Get Title Loans if I Don’t Want to Pawn My Car Title?
If your credit has taken a hit due to a tough financial situation, you may not have the credit to qualify for every loan. Fortunately, you do not need a perfect credit history to apply for a car title loan!
If you are looking to pawn your car title, you do not need to meet traditional loan requirements. While your credit may be considered, it will not be the main focus of the title loan approval process. Since car title loans are secured through collateral, the collateral will assume the risk to lend to a borrower that does not have a strong credit history.
During the approval process, these two factors are the focus for loan eligibility:
- The Value of the Collateral
- The Borrower’s Income
Your funding amount and your eligibility for a title loan will depend on both factors. The more your collateral is worth and the higher your income, the higher your funding amount could be through a car title loan.1
What Documents Will I Need for a Title Loan if I Want To Avoid Pawning My Car Title?
While title loans can be a flexible alternative loan to apply for, there are a few documents needed during the approval process. With loan options like ChoiceCash Title Loans, the process can be completed online for convenience! A loan agent can use these documents to verify a borrower’s information and vehicle ownership.
Typically, you can expect to need:
- Proof of Income: Your eligibility for a loan and your amount will depend on your income, so proof is required. Pay stubs, bank statements, and even disability award letters can be used to prove your income.
- Proof of Address: If you have a recent utility bill or credit card statement, you can submit those as proof of your residence.
- Recent Photos of the Vehicle: While some title loan providers will require an in-person inspection, ChoiceCash Title Loans does not. You can opt for an online inspection by sending in a few photos of your vehicle and the odometer reading.
- Car Title: To qualify, it must be in your name during the time of submission.
- Photo ID: A government or state-issued ID is required to prove your identity. Typically, most borrowers will use their driver’s license or passport as proof.
How Much Cash Can I Get with a Title Loan if I Don’t Want to Pawn My Car Title?
If you’re in a financial bind, you may be concerned about more than just where to pawn your car title. You may need a specific funding amount to solve your financial needs! With a car title loan, you could access up to 75% of your car’s equity if your income supports it.1
With a vehicle, equity is simply the difference between the market value of the car and what you owe on it. The less of a difference there is between the two, the more positive equity you may have to borrow.
While you may not know the status of the equity in your vehicle, you do not have to when you apply for a car title loan! ChoiceCash Title Loans can offer an online title loan calculator that does the hard work for you. Simply submit a few details about your vehicle to receive both an equity estimate and a free title loan quote!1
What are the Benefits of a Car Title Loan?
While your focus may be to look for cash for your car title, you may not know of the other benefits of title loans! ChoiceCash Title Loans can offer borrowers more than just fast cash.
Take a look at some of the benefits you could take advantage of:
- Keep Your Keys: Although you will use your vehicle’s title to secure funding, you do not need to give up your normal driving habits! If you continue to make your payments on time, you can keep driving your vehicle like it is business as usual.
- Get Your Cash Fast: Qualified borrowers of a ChoiceCash Title Loan can get their cash in as little as one business day!1
- Have More Time to Pay: Need more time to get back on your feet? Talk to your title loan agent at any time during your loan about extending your terms, or even refinancing all together!
Where Can I Inquiry About Title Loans Instead of Pawning My Car Title?
If you’re stuck financially and need cash, you might be wondering- where can I pawn my car title? Instead, go for a better option and look into a ChoiceCash Title Loan. To see if you qualify for cash today, you can get started on your loan by: