Most people use traditional lending channels like banks and credit cards when they need a cash loan. The banks offer decent to high-interest rates. The problem is you can only get a loan if your credit rating is good. If you have missed a payment or two chances are that you will get declined for a loan. People with low credit score or blacklisted are not able to get a loan. One easy way to receive cash instantly even with bad credit is to pawn your car for cash. You can also pawn Gold or diamonds or anything else of high value that you won’t need anymore.
So how do you pawn your car?
Here’s How You Pawn Your Car?
1. Do Research
When you decide to pawn your car, it is important to do research so you can find the most reputable pawn brokers around. Fortunately for you, Capital Pawn happens to be one of these reputable pawn brokers as we have all the right licenses, our customer service is amazing, and we offer just the right rates and cash for your valuables.
2. Valuate Your Car
For you to pawn your car, the pawnbroker will have to take a look at your vehicle first. This process of evaluation involves looking at your car’s age, the market value, the resale value and then only can an offer be made.
3. The Offer
The pawnbroker can only make you an offer. Sure, you can try and bargain with the pawnbroker, but as this is what they do for a living every day, they are very good at giving the right price the first time around. So trust your pawnbroker, you have your best interest at heart.
4. Are There Tons Of Paperwork?
One you’ve agreed to the suggested amount; the pawn transaction can begin. There is some paperwork, and it’s to protect both parties involved. You can then sign the credit agreement with the pawn broker; this agreement just specifies the given period in which the loan should be paid back. You’ll then receive a receipt which you’ll need to keep to show that you own the item. (Some pawn shops do this, and others just take your cell and ID number.)
This is probably the easiest part of the entire transaction. The pawn broker is not a loan shark that will hunt you and your family down until you pay back the loan. This is not a movie, so things are much easier. The interest is quite manageable which make repayment easy as well. Should you not be able to repay the full amount, talk to your pawn broker. They will make the loan amount less but will probably increase the interest on the amount that needs to be paid back. Should you stop paying them back all together, they’ll keep the car as collateral to make money back which they lost through you.
Contact us today for a free valuation and get cash instantly.