Arizona Auto Pawn Loans

An auto pawn loan is a type of secured loan that uses a vehicle title as collateral. Pawn shops are present in virtually every city and town in America, and they all operate on the same principle. Pawn brokers lend customers money for a fixed period of time and hold onto a valuable asset as collateral until the cash, plus interest, is repaid. If the debt does not get paid, the broker gets to keep or sell the collateral.

Most pawn transactions use jewelry, electronics, firearms and other small valuable items as collateral, but an auto title can also be used. Unlike traditional pawn deals, however, often the borrower gets to keep and use the car while repaying the loan. Most lenders who deal in what are also known as auto equity loans will lend up to a certain percentage of the vehicle's value to ensure they will make their money back if the loan falls into default.

Get an Auto Pawn Loan in Arizona

The easiest way to get an auto equity loan is to use an online lender with an online application interface. Applying online saves time and provides added convenience, though verbal communication with the lender is usually required at some point in the process. Approval or denial is typically quick when working with an online lender.

Wilshire Consumer Credit offers auto pawn loans in Arizona and several other states. This lender promises to get cash to approved customers as soon as possible and usually within 48 hours.