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How does a title pawn work?
Do you need money fast to attend to critical financial needs? Are you considering taking a loan? Are you wondering if it will be difficult getting a car title loan? Here is the good news. Whether you are in Los Angeles, San Jose, Riverside, San Francisco, Sacramento, Fresno, or any other region in California, you can pawn your car title for a cash loan, and there is always a car title pawn shop that’s close to you.
It is not difficult to get title pawn cash advance. If you happen to be searching for a means of raising quick cash in time of emergency needs, it is most likely that you are considering a loan using your car title, which is probably the reason why you are here. Not only is getting a title loan easy, it is fast too, and you can find a title pawn office right there in your neighborhood.
Here in California, Car Title Loans California is your one-stop title pawn lender. Our loan services and programs, which involves pawning your car title or pink slip to receive a cash advance in exchange, are intended to help you get the emergency money you need in your pocket.
The days of standing in long queues in banks just to get a loan, only to be turned down because of one reason or another are over. As you already know, it is just not possible to get a loan from a bank or any other conventional lending institute on the same day you apply. Which is why auto title pawn loans have taken center stage in recent years.
Nowadays, there are loads of title loan lenders offering title pawn loan services in the US. But what then is a title pawn and how exactly does this work? Are there any title pawn locations in your neighborhood? How can you get a title pawn loan in California? Well, as you read on, you will see the answers to all these questions and lot more.
What are title pawns?
“car title loans” is a more familiar term everywhere you go. “title pawn loans” on the other hand raises some confusion. Well, first of all, you have to know that both terms refer to the same thing, but in the different perspective.
Let’s pause right here to establish one fact and clear the air. Title pawn loans are not the same thing as pawning your valuable in a pawn shop. Although they appear quite similar, they don’t work the same way. However, car title loans, title pawn loans, auto title loans, pink slip loans and title loans all mean the same thing.
A title pawn is a short-term type of secured loan which allows you a short period to completely pay back the borrowed amount. In this type of loan, your car title is what stands as the credit. What this means is that, whether you have a good credit or not, you can qualify for a title pawn cash advance as far as you have a car you own.
While a pawn shop involves giving up a value to get a cash advance in exchange, a title pawn loan, on the other hand, involves giving up just your car title in exchange for a loan amount, despite the fact that the valuable asset in question is your car. In fact, you continue driving your car even after taking the loan.
When it comes to pawning items, you leave your valuable item in the custody of the pawn lender and receive a cash amount based on the worth of the value in exchange. You only get back your valuable when you completely pay off the amount you're borrowed, plus a small interest.
Now, an auto title loan or a title pawn loan is one where you borrow cash using your car or vehicle title as collateral. You also receive cash based on the value of your car, but you don’t give up your car. That’s what makes title pawn loans unique. Now, let’s see how it works.
How do title pawn loans work?
It has already been established that a title pawn loan is an asset-based loan, usually with a relatively high-interest rate, but suitable for anyone who is ineligible for a bank loan due to bad credit. It requires that you own a car and a clear title of the car or vehicle in your name.
So, do you have an emergency? Do you need cash fast? Even if you need the cash within 24 hours, then go get a title pawn loan near you today.
Against all odds, and despite the cons, it is way better to get a title loan than staying stranded in your financial mess or being disappointed due to disqualification from a bank or credit firm. But before you go ahead with your decision, here is how a car title loan works, in the following steps below;
Step 1: meet a title pawn lender. This is where we come in. we are in every city, and we are just near you. By coming to us, you are saying that you are willing to offer us your car title to get a quick loan in exchange. More like a give-and-take process. You do this by walking into any of our title loan locations close to you, then, our title loan reps will direct and guide you to filing a formal application.
Step 2: apply for a title pawn loan. You can do this over the phone by calling us on 1-844-242-7467 to speak with one of our title pawn officers. We have an online platform where you can comfortably access our online application form right where you are. You are also free to do the formal title loan application in any of our numerous locations near you in California.
Step 3: provide your car, pink slip, and other vital documents. When you provide your car, we have experienced sales reps on the ground to properly evaluate your car. This is called car inspection. We will check the age, make, model and general road condition of your car. The other documents you provide is what we will use to approve your application, as well as determine how much you can get.
Step 5: get paid. After you have provided all the necessary requirements, we go through the terms of the agreement with you, and you sign. Then what follows is your collection of the loan amount. The cash you receive will be based on the value of your car. What we do is, we check your car’s current wholesale price using Kelley Blue Book and we let you borrow up to 85% of this amount.
Step 6: begin repaying the loan. After collecting the loan, your loan period starts counting. Title pawn loans may be short-term loans, but we allow you a payment duration of 24 to 36 months. We hold on to your title, with our name attached as the lien holder, while you repay the loan. You get back your title lien-free once you completely repay the loan, plus interest.
Simply put, this is how a title pawn loan works; the title pawn agency assesses your car or vehicle and lets you borrow a percentage of its value. This percentage is reached by an auto title loan calculator. And, you get to keep your car or vehicle while you repay the loan. And once you completely repay the loan, your vehicle or car will become lien-free again.
Is it possible to default?
Yes! It is possible to default. When you fail to follow through on the terms of the agreement which you signed when taking out the loan, then you have defaulted. But our policy does completely shrink the possibility of you defaulting. Since our loan duration is quite long, and our interest rates competitively low, you are on the safer side when you apply to our title pawn office near you.
Our policy, however, does not also give room for rollovers.
How can you get a title pawn?
As long as you are an American citizen, residing in California, and own a car, you can get a title loan right where you are. We have our offices in Fresno, San Jose, San Francisco, Los Angeles, Sacramento, Long Beach, Riverside, or anywhere within California. Our loan service products come in different forms across the US, including RV title loans, motorcycle title loans, auto equity loans, and motorcycle title pawns.
Getting a title loan involves applying and making all the requirements available. The faster you provide these documents, the faster you get approved and receive your cash. All things being equal, you will get the cash you need on the same day you apply, sometimes, within minutes.
It only takes a few minutes to fill out and complete the title pawn loan application. Once the application is complete, a customer service representative will follow up your application, guiding you through the entire process till we reach a loan amount for your car’s worth.
There are no restrictions whatsoever on how you can spend the loan. You are free to use the loan for any purpose you choose. Below are things you will need to get a title pawn loan.
What you need to acquire a title pawn
- Your car and title
- State recognized ID (example; driver’s license)
- Proof of your state of residence
- Proof of your earnings or income
- Photos of your car (interior, exterior, and odometer)
- Proof of insurance
- Any five references
Our representatives will need these requirements to process your title loan application, evaluate your loan amount, and get you approved.
You don’t need a regular salary to get a title pawn, but your income is also very important to us as your ability to repay is vital. It is simply our precautionary measure that you can afford to pay for your car title loan without any inconvenience.
If you are running a business, then you are at an advantage and have more negotiation power. If you have a job and you get paid in cash, then we will need to have a letter from your employer, stating your income.
We verify your income and using our car title loan calculator, we will be able to come up with how much you can qualify for. Your bank statements, pay stubs, or tax returns is okay for this verification.
Bad credit? No problem. We understand that you need the emergency money and we are willing to support you all the way, irrespective of your current financial history. We also want to be sure that you have the ability to pay for the title loan. So in the end, it will be a win-win transaction. We help you get back on your feet, and you keep up with your payments so we remain in business.