What do you mean by Car Title Pawns?
There is basically very little difference between car title pawns and car title loans. The best thing about this type of loan is that it is much secured .In order to secure the loans they use the borrower’s pink slip or vehicle title as a guarantee. For people who have very bad credit can take car title pawn easily because the value of the pink slip or vehicle title will be taken as their credit. The time period of car title pawns is very short and the borrower can complete the repayment procedure within thirty to ninety days.
The terms and condition of this loan is not the same in different states. The money lender keeps the pink slip (vehicle title) until and unless the borrower returns the money to him within the given time span. If he fails to pay the money then the money lender takes control over the car to cover the amount not paid by the borrower.
Working method of Car Title Pawns
In the 21st century, people can run out of cash due to various reasons and they might need instant cash. For those people car title pawn is the perfect choice, because they provide the cash very quickly and the entire process is much secured as well. Borrowers can use their two wheelers like motorcycles or trucks for getting money up to $50000.
The plus point of this is that even after borrowing the money they can continue using their vehicles and repay the money within 90 days. After the entire repayment is done, the borrower can get back his car title ownership. The companies who are providing car title pawn have made the entire process of loan taking very quick and hassle free.
Procedure for getting Car Title Pawn
The entire process is done online because eventually the application procedure becomes easier and less lengthy. Another advantage of online application is that it provides safe transaction. Firstly, the customer has to fill the online application form and immediately after that one of the company employees will contact them and provide them with the terms and condition along with the estimated amount of money they can borrow.
Once the borrower has taken the final decision and signed all the documents, he will have to bring his car for a thorough check and he can take the cash home along with his car if everything goes fine.
Things to remember
The borrowers should bring the following documents if he/she wants to apply for this-
Firstly they need their car or other vehicles, secondly they have to show their income certificate and government id to the officer in charge so that they can be assured that the employee has ways of paying back the money. The borrower should keep in mind that while he is applying for title pawns he should not be under any military duty. There are many companies who provide title pawns to only those people who have their own cars.