Title pawns work using your vehicle title as collateral. Title pawn lenders will offer you a specific amount, which is usually based on the pawn value of your vehicle. If you agree to take out the pawn, you will need to complete a lien application to give access to your car’s title to the lender and then repay the money once it has been received. Title pawns are an easy way to access money quickly. Title pawn lenders allow you to borrow up to $5,000 or even more if your car is worth it.
Even if you are still paying on your vehicle, you could still qualify for a title pawn. Lenders like Jacksonville Title can offer you money for the remaining equity in your vehicle. For those that are experiencing some unexpected expenses and are located near Jacksonville FL this could be a great solution option.
How They Work?
Title pawns are secured pawns in which you borrow against your car. Title pawns are typically short-term pawns that may have the shortest payback period compared to other auto title lenders. Title pawns enable you to borrow money against your vehicle relatively quickly, usually within 30 minutes.
What is the Process?
The process to borrow money against the title of your vehicle varies between lenders. If you are located near Jacksonville, FL, Jacksonville Title can be a great solution for you to help with your financial needs. Applying is simple and fast. You can first apply online to see if you can qualify before you drive the vehicle with other required documentation to one of two locations near Jacksonville.
How Much Can I Borrow?
Title pawn provide quick access to money, so borrowers are often allowed to borrow up to a certain percentage of the car’s pawn value. Title pawns may also offer a fast approval process, so you could find yourself driving away with money in a very short time period.
How much you can borrow is depending on the pawn value in your vehicle. When you apply online you will provide the Year, Make, Model and mileage of your vehicle to help us determine the rough-book value. You could borrow from $200-$5000 depending on the rough-book value for the remaining equity in your vehicle. We will also need to inspect your vehicle for condition to get accurate pawn value prior to providing a firm quote.
Benefits of Getting a Title Pawn
There are some great benefits to getting a title pawn.
- As stated above you can still borrow money against your vehicle’s equity even if you still owe on the vehicle.
- The process is very simple. You can apply online to determine eligibility.
- After approval and signing your agreement, you will walk out with a check or in case you qualified for and have completed an online pawn, the monies will be deposited into your checking account within 24 hours. If you are within our service area you can start the application online, but we will require you to stop by one of our two locations to complete the process. If outside the service area you will be able to complete the process completely online.
- You can pay back the money borrowed quickly so you do not have to accrue additional interest fees on your pawn. At Jacksonville Title we offer a 30-day interest free promotional program for those that meet certain criteria and request this option from the title pawn representative. As well as benefits there are risks you should be aware of to help you make a sound decision of whether this option is the best solution for you.
Risks of Getting a Title Pawn
The biggest risk is that if you cannot repay the money borrowed you risk having your vehicle repossessed. This scares many people from getting title pawns. If you are a responsible borrower and only borrow the money you need to cover unexpected expenses, you could avoid defaulting on the agreement.
Also be aware that at Jacksonville Title our staff are here throughout the process to work with you to prevent default. We offer the opportunity to extend your agreement if you are struggling to meet the agreed upon terms but it requires making at least the minimum payment. A quick phone call to one of our two locations to discuss your options at (904) 880-2274 (East Location) or (904) 353-2274 (West Location) is key to preventing a default.
Although there are always benefits and risk to any type of pawn you will also need to understand all the terms of agreement such as payment amounts, payment frequencies, and interest rates, before signing an agreement.
Payment Amounts, Payment Frequencies & Interest Rates
Payment amounts are based on the amount of money borrowed. If you qualified for the 30-day promotional interest free program and pay back the pawn in full within the 30 day period, you will only pay the money you borrowed plus any fees.
If you are unable to pay back in the 30-day pay period, you have the option to pay just the accrued interest and then extend the transaction to for another 30-days. Your final payment to pay off the pawn in full will still qualify for our Interest Free Promotion if the terms are met
If you do not fully understand the terms of the agreement our helpful staff at Jacksonville Title are here to walk you through all the terms of the agreement to help you make an informed decision before signing the agreement.
Deciding to take out a title pawn has it benefits and risks but understanding how it works and working with the staff may be the right solution to get the money you need to solve your financial situation.