What Are Title Pawns?
In some states, like Georgia, the terms title loan and title pawn are often used interchangeably, but they are not exactly the same. Similar to car title loans, a title pawn allows you to secure funding by using your car title as collateral for the loan. If you choose to pawn your car title at a pawnshop, your vehicle may be kept in the pawnbroker’s storage yard until the loan is paid in full. If you qualify for a title loan, your car is not stored with the title lender, and you can continue to drive it during the repayment process.
You can pawn your car title at a pawnshop or pawn your car title online with a title pawn lender. The approval process can be fairly straightforward and simple even if you do not have a strong credit history. Generally, you can pawn your car title and continue to drive your vehicle during the repayment process if you work with a title pawn lender and not a pawnbroker.
Can I Get Title Pawns Online?
Yes, you can apply for title pawns online. You will need to fill out an application form online and upload the required paperwork in order to obtain loan approval.
But, if you prefer to apply in person, some title pawn lenders have storefront locations. Or, you can visit a pawnshop to complete a pawn transaction and get the cash you need if you qualify. One of the disadvantages of pawning your car title at a pawnshop, however, is that you may have to leave your vehicle in their storage yard until the loan is paid in full.
Do I Need Good Credit to Pawn My Car Title?
Typically, you will need a strong credit history to obtain approval for a traditional bank loan. Inflation is rising in America, and over 63% of Americans are reported to live paycheck to paycheck. It is easy to let your credit score slip if you are barely able to make ends meet every month.
But, you don’t need perfect credit to qualify for title pawns or car title loans. Since you are using the title of your car to secure the loan, the lender is taking on less risk, so the application process can be much more flexible. Additionally, since the loan is secured by your vehicle, your credit history is not the focus of the approval process, although it is still an aspect that is considered by the lender. Instead, with both title pawns and title loans, the primary focus of the loan application is on the following criteria:
- The Value of Your Vehicle
- Your Income and Ability to Repay the Loan
You can conveniently use ChoiceCash’s calculator tool to discover the value of your car and get a title loan quote, free of obligation.1
What are Two Reasons Not to Pawn Your Title?
If you choose to work with a pawnshop and not a title pawn lender, you may not be able to maintain access to your vehicle throughout the duration of the loan. But, if you choose to apply with a title loan lender, you can still drive your car during the repayment process.
Additionally, failure to repay the title pawn can result in vehicle repossession by the lender. The best way to avoid this potential consequence is by paying your loan on time! Set up an automatic withdrawal from your bank account to ensure that your loan is paid on time. Or, set a payment reminder in your calendar on the due date, so you don’t forget.
How Do I Get a Car Title Pawn?
Simply visit a storefront location to pawn your car title in person or begin the application process for a title pawn online with a title pawn lender. In order to qualify for a car title pawn, you will need to meet a few initial requirements and submit a little bit of paperwork to verify your information. You may be instructed to bring your vehicle to a title pawn location in order to complete a vehicle inspection and the remainder of your application.
What Do You Need for a Title Pawn?
You will need to provide a government or state-issued photo identification card, proof of income / residence, and a car title in your name. Whether you are applying for a title pawn or a title loan, a vehicle inspection is required to determine the value of your car and its current condition.
Typically, you can access up to 50% of the value of your car through a car title loan, so a vehicle inspection is an important part of the application process! If you apply for a ChoiceCash title loan online, you can easily upload a few photos of your vehicle during your application! These photos serve as the virtual car inspection, so you don’t need to drive anywhere to apply for a title loan. Simply upload them on the ChoiceCash website during your loan inquiry or send them via email / text message to a title loan agent.
Frequently Asked Questions About Title Pawns
What are the Requirements for a Title Pawn?
Typically, the required items to get a title pawn are:
- Be 18 Years of Age or Older
- Have a Title to a Vehicle in Your Name
- Be Able to Provide Proof of Income, Residence, and Government-Issued Identification
There may be additional requirements to get a title pawn, but those are the main ones to be aware of.
What are the Benefits of Title Pawns?
Title pawns can provide qualified borrowers with fast access to funding, which is one of their most valuable features. Additionally, you do not need a strong credit score to qualify!
Can You Pawn a Car Title Without Insurance?
Yes, you can potentially apply for a title pawn without insurance as long as you can find a lender that does not require it and is willing to work with you.
Can You Pawn a Car Title Without the Car?
Typically, you will not be able to pawn a car title without showing the car. A vehicle inspection is a part of the title pawn application process to verify your car’s value. You will need to drive your car to a location for a physical inspection or submit photos of it online during your application.
How Can I Apply for a Title Pawn Near Me?
You can apply for a title pawn online or in person! There may be some title pawn lenders with storefront locations in your area, so you can apply in person if you want to.