Is Getting A Title Pawn Or Selling Your Car A Better Option For You?
Your vehicle is a valuable asset that can be used to get access to quick cash in case of an emergency, but selling your car is not the only option you may have.
A title pawn is generally a faster way to receive urgent money, and you will also get to keep the car!
Let’s dive deeper into the topic and figure out whether selling or pawning the vehicle would be a better decision in your specific case.
Is Getting A Title Pawn Or Selling Your Car A Better Option For You?
Lenders are typically able to offer up to 50% of the vehicle’s value which can end up being quite a lot if your car is in good condition. Although, if you urgently need to get your vehicle’s full cost, then selling might be your only option.
However, there are a few important things that you would have to bear in mind.
It Might Take You Ages To Sell The Car
On average, it can take over 2 months to sell a vehicle, unless you are ready to seriously lower the price. If your car is not new and is not in great condition, you might not be able to find a buyer for even longer.
If you’re dealing with a financial emergency, you may not have that much time, which is where title pawns take center stage.
In case you go for such a lending option, you might be able to receive the cash as soon as the following bank business day or, in some cases, the day of the application.
You Get To Keep The Car When Taking Out A Title Pawn
If you sell the car, you will be left without a vehicle which can be especially inconvenient if you’re used to driving quite regularly. Also, selling the vehicle might not be a great idea if it is a necessity for you and your family's everyday life, which is the case for many people.
When taking out a title pawn, you will get to keep your four-wheeled friend while repaying the amount and continuing to live the life that you’re used to.
When To Consider A Title Pawn?
If you urgently need money to deal with medical bills, unexpected travel expenses, or house repairs, then a title pawn can become a fast way to get the much-needed amount.
Do bear in mind that you must be at least 18 years old to take out a title pawn. You should also own the car outright and the vehicle has to have your name on it.
How To Apply For A Title Pawn
Taking out a title pawn with Alabama Title Loans, Inc. is as simple as it can be.
Just follow this step-by-step guide and you might receive the loan amount in the shortest timeframe:
- Prepare the required items – your driver’s license or state-issued ID, a lien-free title to the vehicle, and the actual vehicle.
- Fill out an online inquiry and a loan representative will soon give you a call, or call the lender directly.
- The friendly staff member will tell you more about the process and set up a time to meet with the verification agent. You can choose to either come to the store or meet up with the professional at a location of your choice.
- The in-person meeting might take just 30 minutes. During this time, the verification agent will inspect your vehicle, verify your documents, and determine whether you qualify and for how much.
- If you do get approved, sign some paperwork and get your cash as soon as the same day or the following bank day.
FAQs About Title Pawns
How Much Cash Can I Get?
Depending on your vehicle’s value and condition, you might be able to qualify for up to $15,000 with Alabama Title Loans, Inc.
Can I Get Approved with Bad Credit?
You might qualify for a title pawn even if your credit is non-existent or bad.
Should The Title Have My Name On It?
The lien-free title has to have your name on it, otherwise, you will not get approved. If the title is not in your name, you would have to get it transferred before taking out a title pawn.
Get Your Fast Cash Today!
Debating whether selling car or applying for a title pawn would be better for you? If you need to get the cash as soon as possible and keep the car, then a title pawn is the way to go.
With Alabama Title Loans, Inc., you might be able to qualify for up to $15,000 in just 30 minutes. Ready to get started? Then submit the inquiry form right now.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.