How Do Auto Pawn Loans Work
Auto pawn loans are just one of the options that most car title loan providers in the United States are offering. It is a loan option that is backed by the owner’s vehicle. As a type of loan, there are two things that it shares with most other options. First, it can provide immediate cash. Second, auto pawn loans can give you peace of mind.
The process on how this loan works is simple. It entails agreements between the involved parties with the driver putting up their vehicle to act as collateral to be granted with a cash advance. This is also the best option for car owners who do not qualify to get a title loan. With this option to consider, the simple fact that you completely own your vehicle would save you from your quick cash needs.
How This Car Loan Option Works
Auto pawn loans can be described as the combination of car title loans and pawn shop. As a result, vehicle owners obtain an alternative that allows them to get a fast cash advance by putting their car as the collateral. Our qualified applicants can get as much as $1,000 to $35,000, which may still depend on the borrower’s state of residence.
Owning the car outright, having easy access to the title and meeting all the other necessary requirements lets the applicant benefit from instant pre-approval. If you are planning to apply for this loan, you simply need to inform Auto Title Loan’s staff about your vehicle’s make and model. Be reminded that auto pawn loan type is based on the vehicle’s equity value.
Generally, when you use your car as collateral to get a loan, you will be required to leave the vehicle with the lender. It can only then be returned upon completing the payment for the borrowed money.
You are easily granted with the loan as long as you meet the requirements and you also get to keep driving your car. Again, you can easily benefit from it if you own your car’s title and are eligible for this loan.
If you wish to pursue your plan to apply for an auto pawn loan, We can grant it to you in three easy steps. First, you need to apply online and qualify your vehicle. Second, the company will find the perfect lender for you. Once they find that lender, you will only need to handle some simple paperwork to get the cash you wish to borrow. For the last step, this is when you can get the money you borrowed, which you will right after the loan application is processed and finalized.
Is this the Right Option for You?
There are several instances when it is ideal to apply for this type of car loan. A good example would be if your vehicle is not eligible for a title loan or you do not have a proof of income. Applying for this car loan option is also ideal if you have a vehicle that you are not using regularly. Even if you do, there is no need for you to surrender the car because it is not part of the requirement. Such reasons make it enough for you to consider an auto pawn loan during emergency purposes.
What Do You Need to Qualify Then?
If you plan on pursuing your decision to apply for this car loan, there are only a few simple requirements you have to meet. First, and the most basic of all, you need to be 18 years old or above, and must be employed or at least have a steady source of income. Keep in mind that there is also a minimum income that you must meet, which depends on the lender’s state. You must also have any valid ID that is issued by the government.
This summarizes the requirements you must meet to obtain your needed cash through a car pawn loan. Of course, the vehicle you plan on presenting as the collateral must also be ensured to be in good condition.
With Auto Pawn Loans, You Get to Enjoy More Benefits
Aside from the guaranteed cash you may get in the end if you meet all the requirements, there are more benefits that you will enjoy. With auto pawn loans, you easily find a way to have access to cash quickly. Such fact is beneficial particularly in cases of emergency.
Plus, this option is also less of a hassle for it does not have a lot of credit check requirements for lenders to proceed with the loan processing. This is because this type of car loan is secured due to the involvement of the vehicle collateral. For the best part, it involves lower interest rates. In this case, you can benefit from this as long as you make and complete the payment within the original term.
At Title Loans Union, you will benefit from a quick auto title loans processing. Within a few minutes upon the submission of the required information, your application is immediately sent out to their network of lenders. From there, you only have to wait for short period before you can have your borrowed money. But at most, you can expect to get it as soon as the following business day. So, if you are in need of quick cash right now and is willing to use your car as collateral, then there is no need to wait before you apply!