Auto pawn is becoming one of the most popular ways of getting quick cash for those people who own vehicles. A lot of people have already benefited from taking a fast auto title loan since it doesn’t involve a lot of complications and paperwork. You get cash in exchange for your car title as the collateral security of the loan. Below are some of the benefits of car title loans.
Swift Access to Cash
Typically, an auto pawn loan application takes few minutes or an hour. You will have the approved money in your bank within 24 hours. Getting a loan involves simple steps and minimal paperwork.
You will only be required to make a formal application, present your car title to the pawn shop, arrange an appropriate time to get a representative take a picture of your vehicle and the requested money will be in your bank account within no time.
Quick Repayment Schedules
Another great thing about car title loans is that you will get to know how much you will need to repay and by when even before you start the application process. You are free to request for an extended pay period if you are taking a large loan.
Remember the fact that you are allowed to borrow any amount of money based on your car value. Alternatively, you can also borrow as little as you wish as long as you will be able to repay the money and reclaim your car title.
Easy Application Process
The loan application is usually simple and swift. Gone are the days of filling endless paperwork that will need every personal detail including when you had your last meal! With auto pawning, the application is straightforward and can be completed in a matter of few minutes. The dealer isn’t interested in your fine details. In fact, the only thing that dealer is interested in is your photo ID and your car title and nothing else.
Open to Anyone with a Car and a Car Title
Auto pawn doesn’t involve credit and other complicated background checks. As long as you have a car and the car title is in your name, you can get some quick cash. The dealer is giving you a secured loan, so (s)he isn’t interested in your credit status report.
Virtually, the dealer isn’t risking anything since the car title remains their property until the time you pay back the loan and any accrued interest. Most probably, a bank won’t give you a loan if you have a poor credit status but as long as you have your car and its title you can get a loan from any pawn shop.