We have all been in situations when we need to access cash instantly. From unplanned medical bills, an investment opportunity that can not be missed, or simply just feeling the pinch in our unstable economy, life is unpredictable and there are times when you need a short-term cash solution, fast.
Instant access to cash, worry-free process and complete confidentiality are just a few of the reasons I would pawn my car for cash. It can be the cleanest and cheapest form of lending.
Let me take you through the benefits of pawning your car, what to consider before you decide, what it involves and how to get the best deal. This will help you determine if you qualify to pawn your car and if it is the right choice for you.
We have all been in situations when we need to access cash instantly. From unplanned medical bills, an investment opportunity that can not be missed, or simply just feeling the pinch in our unstable economy, life is unpredictable and there are times when you need a short-term cash solution, fast.
Instant access to cash, worry-free process and complete confidentiality are just a few of the reasons I would pawn my car for cash. It can be the cleanest and cheapest form of lending.
Let me take you through the benefits of pawning your car, what to consider before you decide, what it involves and how to get the best deal. This will help you determine if you qualify to pawn your car and if it is the right choice for you.
Things to consider if I were to pawn my car
Ownership of vehicle
Provided you are the legal owner of the vehicle and don't still owe anything to the bank, you can pawn your car for cash. When you take out a loan against your car, the pawnbroker will take your vehicle into a safe and secure storage facility. Once you have repaid the loan in full, you will get your vehicle back.
Most pawnbrokers will offer loans against the following assets:
- Motor vehicles
- Motorcycles
- Trucks
- Boats
- Trailers
- Caravans
Go in with all the necessary documentation
It might come as a surprise but it was an incredibly easy process to pawn my car. Once you have decided on the pawnbroker you will be using, you make contact, and get your car approved and paid out in less than an hour. However, this was because I was prepared.
Make sure you take the following documentation with you:
- Identity document/car
- Driver's license
- Proof of address
- Registration document of car
- Service book
Before committing make sure you are comfortable with the payment plan
When I decided to pawn my car, the pawnbroker then determined the value of the loan based on my vehicle. It is important to note that the loan is charged with interest and can be paid back in 60 – 90 days. I was also given the option to settle the loan before the contract end date, without incurring any penalties.
Easily one of the biggest advantages to pawning my car for a short-term loan was the fact that my financial status was not important to the broker, it was not even checked. Pawnbrokers operate on the premise that the vehicle is their security and should you default on your repayments they have the legal right to simply just keep your car and sell it.
The top benefits of pawning my car
It is fast!
Unlike traditional loans which can take days or even weeks to be approved, pawning my car was so quick to do. You simply fill out a form, submit the required documentation, have a conversation with the pawnbroker amount the amount your vehicle allows you to qualify for and you'll have the cash in your bank account by the end of the day.
No credit checks
This is simply the best part – no credit checks whatsoever. This is because the car serves as collateral for the loan. The pawnbroker has no interest in financial history or credit record.
It's all kept completely confidential
The process is entirely confidential. Pawnbrokers do not supply any institutions with the information on the transaction, it is purely between you and the broker.
You'll get your car back
Nine times out of ten, if you opt to sell your vehicle in a hurry because of your financial situation, you will end up regretting it.
One of the reasons I decided to pawn my car was because I knew I would get it back once I have repaid my loan. So, it was a win-win.
How to maximise your loan value
Once I had decided to pawn my car, I wanted to get the best possible loan amount.
I ensured I had my service book up to date and ready, the tyres were in good shape as well as the spare and jack and that I had the spare key. These factors all helped me maximise my loan amount.
In conclusion, my pawn deal helped me get out of a short-term stressful financial situation. I was able to get the maximum amount of money in a really quick and hassle-free way.
