If you are finding yourself a little cash strapped from unforeseen financial pressures, your car may be able to come to your rescue. "Pawn your car and still drive it" is an easy way of accessing some much-needed cash when you need it most.
The process is really quick and easy to do and you'll find this option available at a variety of pawn brokers throughout the country. It may just be the short-term solution to your financial problems.
Should you consider pawning your car?
Whether it is for business, personal or everyday life, we've all been in situations where we have been in desperate need of cash. Many people, would rush out to list their vehicle for sale and often settle for the first offer they get. As a result, they will land up losing their vehicle for next to nothing.
In such situations pawning your vehicle could be a great solution. By simply handing over your vehicle papers you'll get the cash you need as well still be able to drive your car.
How does it work?
Before you can get started you will need a fully paid-up vehicle or asset. Most pawnbrokers offer this service on a variety of assets such as cars, trailers, boats, caravans and sometimes even earth-moving equipment.
You will then need to contact your local pawnbroker and give them your vehicle with your details, including your vehicle papers, bank statements and proof of residence. The broker will then evaluate your vehicle and offer you a loan amount. If you accept the offer you'll sign the paperwork and a tracking device will be inserted into your vehicle. Once this is all done you'll be paid by the broker and you will be able to still drive your vehicle. As soon as you have paid back the loan in full you will receive your vehicle papers back and the title will be transferred back to you.
What are the benefits?
It goes without saying that the number one benefit of this arrangement is without a doubt the fact that you get the benefit of pawning your car (ie. Money in your pocket) as well as still keeping your car and being able to drive it. No more leaving the vehicle at the pawnbroker, you get to keep it.
How to qualify
The pawning your vehicle and still having the option to drive it arrangement is quite different to a conventional loan and the respective requirements. It is however possible the simplest way to get a loan on your vehicle.
To be able to qualify, you will have to meet the following requirements:
- Possess a valid driver's license
- Have a functioning fully-paid vehicle or asset
- Have the vehicle papers
- Basic vehicle insurance
- Have details of the vehicle such as the make, model and mileage.
- Agree to and adhere to the pawnbroker's terms and conditions.
To conclude, a few questions answered
Are you able to pawn a vehicle that is financed
- Unfortunately not – the vehicle needs to be paid up and in your name
How quickly are you able to get the cash?
- Provided that you have all the required documentation when you walk into the pawn shop and make the necessary arrangement to get the tracking device installed, you'll get your money within the same day.
Can I settle this loan at my earliest convenience?
Yes, you may. You do however need to have taken the loan for at least 30 days to not incur additional penalties.