What is an Auto Pawn?
When someone pawns an object it simply means that they are using the value of the object in exchange for a short-term loan. Generally, you are able to pawn items with any form of value. This can be anything from jewelry, tools, electronics, as well as your vehicle’s title. An auto pawn is simply a loan using your car title as collateral.
Auto Pawn: A Short Term Loan
When you pawn your vehicle’s title, we can offer you a loan based on the value of the vehicle. There is a set period of time of when the loan must be repaid. Most payment terms are from 24 to 36 months. During this time, you can continue driving your vehicle as you make payments and we will hold on to the title of your vehicle until the loan is paid in full. Even though we have your title, you will be able to drive your car as usual. You may not sell your vehicle or transfer ownership while you are paying back a loan. However, nothing will change in regards to using your vehicle in your day to day life.
Auto Pawn Eligibility
In order to pawn your car title, you must be able to meet certain requirements. Your vehicle must meet the minimum wholesale value of the state. In California your vehicle must have a wholesale value of $4,000, but in Arizona and New Mexico your vehicle must have a $2,000 wholesale value. Generally, you can borrow up to 50% of the wholesale value of the vehicle. When you apply we will ask for some pieces of information before funding is released. You will need to provide proof of income, residence, full coverage auto insurance, official state identification and your vehicle title. You will also need to provide six references with at least one family member.
A loan specialist will review all of the submitted documents and if everything is in order you can usually receive your funding by the end of the day on which you applied!
For more information give us a call at 800-737-0900
You may apply online and get approved in just 15 minutes!