There are many types of loans that serve different purposes. If you need money for education expenses, for example, you should apply for a student loan. If you need to borrow money to purchase a home, you will need to apply for a mortgage. But if you are in need of fast cash, a title pawn might be the solution.
A title pawn, also known as a title loan, is a type of secured loan that allows the borrower to use the title to their vehicle as collateral. These loans are designed for people who are in need of quick cash. If you’re in this situation, it’s important to understand what steps you need to take to obtain a title loan. Here’s how to get a title pawn near me:
Who is Eligible For A Title Loan?
There are certain requirements that you must meet in order to be eligible for a title pawn, including:
- You must be at least 18 years old.
- You must own a vehicle, which means your name must be on its title.
- Your vehicle meets the minimum value requirement.
- You must have a reliable source of income.
If you meet these requirements, you may be eligible for a title pawn.
What Documents Will You Need to Apply For A Title Pawn?
Part of the application process involves submitting certain documentation to the lender. If you plan on applying for a title pawn, be prepared to submit these documents:
- A driver’s license or government-issued ID
- Proof of residence
- Proof of income
- Title to your vehicle
The documentation requirements may vary slightly from lender-to-lender. For this reason, it’s best to talk to your loan specialist to find out exactly what you will need to submit to apply for a title loan.
Can You Get A Title Pawn With Bad Credit?
Don’t let a bad credit history stop you from applying for a title pawn. Title pawns are secured loans, which means they carry less risk since the lender can recoup their money if you fail to repay your debt.
Because of this, your credit score will not play a major role in determining your eligibility for a title loan. The two main factors that will determine your eligibility is the value of your vehicle and your ability to repay the loan.
Can You Get A Co-Signer On Your Title Loan?
If you are not approved for a title loan, it is possible to add a co-signer to your application to increase your chances of getting approved.
The person who co-signs your title loan must fill out paperwork and submit documentation that verifies their identity and serves as proof of residence and income.
Your lender will keep your personal information confidential so your co-signer cannot see it, and vice versa. This means your co-signer will not have access to personal information you submitted to the lender as part of the application process.
Will You Be Approved For A Title Loan If You Owe Money On Your Vehicle?
You may be eligible for a title loan even if you are still making payments on your vehicle. In fact, many people who obtain title loans are still paying their vehicles off.
If you are still making payments, the lender will need to calculate your equity in the vehicle as part of the vehicle valuation process.
Equity is the difference between how much your vehicle is worth and how much you still owe on it. So if your vehicle is worth $12,000 and you owe $2,000, your equity is $10,000. You will not be able to borrow more than your equity in the vehicle.
How Can You Apply For A Title Pawn?
Applying for a title pawn has never been easier. Follow these steps to obtain a title loan:
- Start the application process by contacting us. You can either call us or submit the form on our website. If you submit the form, one of our loan specialists will contact you as soon as possible.
- Talk to your loan specialist to learn more about the terms of your loan. Now is the time to ask questions to ensure you understand the amount you are borrowing, the interest rate, the monthly payment, and more.
- Submit the required documentation via fax, email, or text message photos. Talk to your loan specialist to find out what documents you will need to submit to finalize your application.
- Pick up your money in-person at one of our convenient locations. You also have the option of getting the cash wired to you or sent via check.
That’s all it takes to get the cash you need to make ends meet, cover your unexpected expenses, and avoid financial hardship!