Pawn Your Car and Drive

If you are looking for a way to make some quick cash, it may be possible to pawn your car and drive away with full ownership of your vehicle. When you pawn your vehicle, you are allowing the lender to put a lien on the title. After the loan is repaid, the lender relinquishes the lien, and you are free to do whatever you want with your vehicle.

How Long Do You Have to Repay Title Loans?

Those who are approved for auto equity title loans Miami generally have 30 days to repay the loan in full. However, it may be possible to have the loan term extended or to flip the loan if necessary. Ideally, you will have the loan paid off by the original due date to avoid additional fees. Making partial payments may also help you to avoid paying interest on any amount that has to be extended.

Do You Need Good Credit for a Title Loan?

The pawn your car and drive strategy may be a good one for those with poor or no credit. As the loan is secured using the car as collateral, there is generally no need for a credit check. Those who have a history with the lender may be eligible for slightly better interest rates or other terms.

How Much Can I Borrow?

The amount of a pawn your car and drive loan generally depends on how much the car is worth. A car's market value may be determined by what condition it is in, the features it has and how old it is. The value of a car may also depend on where it is located as a truck may be more popular in a rural area compared to a suburb.

You can look up the market value of your vehicle prior to applying for a pawn your car and drive title loan. The actual amount that you will receive is anywhere from 50 percent to 100 percent of the car's value minus any fees. It may be possible to negotiate with a lender if you don't like an initial offer.

Is a Vehicle Inspection Necessary?

Since the condition of your vehicle is one of the main criteria in determining how much your car is worth, it may be necessary to have it inspected prior to receiving loan approval. However, it may be possible to submit photos of the car or forego the inspection in exchange for a lower loan amount.

Will I Need Insurance?

As a general rule, title loans do require that a borrower has comprehensive insurance in addition to general liability coverage. It may be possible to buy a temporary policy that covers the time period during which the loan is outstanding. Assuming that the loan is repaid in 30 days or less, additional coverage may cost $50 to $100.

Can I Get Multiple Title Loans?

It may be possible to use the same vehicle to get a title loan on multiple occasions. However, it is generally not allowable to have more than one title loan at a time. State and federal law may also limit how much a person may borrow at one time.

What Happens If I Don't Repay the Loan?

If you don't repay the loan, the vehicle may be repossessed by the lender. Alternatively, it may be possible to ask for more time to repay the loan or to work out other payment arrangements. Those who don't think that they can make their payment should contact customer service at their earliest convenience.

Are Payment Terms Transparent?

You will know exactly what your payment will be, what the interest rate is and when the payment is due before you sign any paperwork. This gives you the ability to make an educated decisions as it relates to pawning your vehicle. If you have any questions, you can talk to a customer service representative prior to accepting the loan.

A title loan may be an ideal option for those who need money in a matter of hours. In most cases, loan proceeds can be in a bank account 24 hours after a loan application is received and approved. Once loan proceeds are received, they can be used for any purpose that you see fit.