Here’s the deal–you need cash today, not tomorrow. This is where title loans come in, but you might be asking “do pawn shops give loans on car titles?” While pawn shops that do title loans are out there, what’s really important for you to figure out is if it’s the best fit for your situation.
In this guide we’ll see what pawn shop title loans are all about and why Max Cash? may be able to help you find the better option when you need emergency cash by unlocking the value in your car to get much-needed funds quickly!1 2 5
Do Pawn Shops Do Title Loans?
Yes, some pawn shops do title loans, but not all pawn shops give loans on car titles. Typically, it’s called an “auto title pawn loan” where the pawn shop takes possession of your vehicle’s title–and sometimes your car itself–and gives you cash based on the equity (or value) of your car. Basically, you bring in your lien-free title (it must be in your name) as collateral for the loan, and the pawn shop gives you cash, usually way below your car’s overall value. At that point, you’re given a loan term to pay off quickly, and if you fail to do that, the pawn shop can repossess your car–and it’s totally legal. Sounds simple? On the surface, it does, but pawn shop title loans usually come with sky-high interest, short repayments, and you can actually lose your car if you can’t pay the money back.
Instead of putting your car in the hands of a pawn shop, why not turn to Max Cash where we work closely with a network of lenders who can offer you better terms, better service, and better money, even if you’ve already been denied a loan by a traditional bank.5 Call 833-207-9052 to get started today!5
How to Find Pawn Shops that Do Title Loans Near Me
If you’ve Googled “pawn shops that do title loans near me”, you’ve probably gotten quite a few results, but the thing to keep in mind is that many pawn shops don’t really advertise if they do title loans or not.
In the event that you’ve found a pawn shop you think might work, be sure to give them a call first to see if they actually do title loans. If so, what are their interest rates and loan terms like? And the real clincher–do they keep your vehicle while you pay back the loan?
Also, every state has different regulations when it comes to whether or not a pawn shop is legally licensed to offer title loans or partner with title pawn lenders, and even if they do, the repayment terms may not necessarily be in your favor.
If you decide to do business with a pawn shop, read the fine print on the loan contract and repayment terms, and ask questions so that you’re 100% about what you’re agreeing to.
That said, if you’d rather not play pawn shop roulette, Max Cash has taken all the guesswork out of the title loan process with repayment terms that aren’t vague or difficult to understand.4 5 Start your application online today and see how quickly you can get funding when you need it most!2 5
Disadvantages of Pawn Shop Loans on Car Titles
Before you decide to work with pawn shops that do title loans, it’s important that you carefully consider the potential disadvantages. Although you might get cash fairly quickly when you really need it, there’s also some risky trade-offs involved, too. The biggest being the possibility of losing your car, or not having access to it while paying off the loan. Let’s take a look:
Your Vehicle Must Have Equity
Pawn shops that do title loans will require your vehicle to have adequate equity. So you must own it outright, with no other names on the title but yours, unless you are applying with a co-owner. The loan amount is based on the current market value of your car, and if there’s still a balance left to be paid on it, the pawn shop might turn you down on the spot, or you may receive a far smaller amount than what you/re really needing.
The Pawn Shop Might Keep Your Car
Depending on where you go, some pawn shops that do car title loans may need more than just your title. The pawnbroker may request that you leave it in a storage yard while repaying the loan. You guessed it, that means you’ll have no access to your car. That can be hugely inconvenient! It may even cause you to spend more money on either public transportation or ride sharing to get to where you need to be (like your job, etc.). That can be difficult if you’re already in a financial jam as it is.
Inspection
Some pawn shops that do car title loans will require a vehicle inspection, typically at the store location. This can turn into a huge hassle if you’re looking to get funding quickly but don’t have the time to drive on site for an inspection, which could take up even more of your time.
Repossession
The pawn shop can legally repossess of your car, even auctioning it off to recoup the cost of the loan if you end up in loan default – potentially without giving you much prior notice!
See Also: Title Loans 101: What You Need to Know Before Pledging Your Vehicle Title As Collateral for a Loan
Apply for a Loan Against Your Car Through Title Loans with Max Cash
Don’t rely on a pawn shop! Max Cash can help you get the emergency funds you need without the hassle.5
We’ve also streamlined the application process to make it easier than ever:2 5
- Begin Online: Simply fill out a quick and easy online form with some basic information about yourself as well as your vehicle (make/model, etc.). Once completed, a knowledgeable loan agent will contact you if you meet the basic title loan requirements. We’ll start looking for a lender that fits your unique needs.5
- Submit Documents: If you’re matched with a lender and want to proceed, you may be required by your lender to send in documentation via email or by uploading your lien-free vehicle title, valid government-issued ID, and proof of income (most recent pay stub) online. There may also be other documents needed by your state, depending where you live.
- Get Your Funds: If approved, you’ll be sent a contract agreement which covers the total loan amount, repayment date(s), interest rate, and any additional fees/penalties.3 4 5 After carefully reviewing the contract and asking any questions you may have, just sign and get ready to receive your funds as soon as the next business day.2
The best part about working with Max Cash to get connected to a title loan is that even if bad credit or past bankruptcy has prevented you from getting a loan elsewhere, we still may be able to help you get the quick cash you need.5 Just be sure to be honest and detailed with your application and we’ll take care of the rest–it’s that easy!1 2 5
Skip the Pawn Shop and Choose Max Cash for Title Loans
If you have questions about a pawn shop title loan? Call us at 833-207-9052 to speak with a loan expert about your options and to show you how you can use your vehicle’s equity for fast cash when you need it–without the hassle!5
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