Can I Pawn My Car?

Can I Pawn My Car

The short answer to the question of “can I pawn my car” is “yes.” However, you’ll have to make sure that you have the proper proof of ownership and a clean and clear title in hand before you can consider pawning your car. You’ll also need to make sure that your vehicle is in running order, legal to drive, properly licensed and tabbed, and insured before you can pawn your car. 

If you need money in a hurry for an emergency, to pay a bill, or for some other reason, you may wish to consider a car pawn. As long as you own your car outright and have a clear and clean title in hand, you can pawn your vehicle for a percentage of its value. You won’t get the full value of your car by using this method, but if you’re only in need of a small amount of money for a short period, this is a good route to go to get some cash fast. 

Pawnshops are federally regulated and work by taking in collateral for a percentage of a loan. Pawn Shops loan money to people who bring in collateral, typically items like jewelry, tools, musical instruments, firearms, and other valuable items. Occasionally, a person will look for a pawn shop that will allow them to pawn their car. 

Pawn Shops that take in cars as pawn items have some specific requirements regarding the pawned car. These requirements include the following:

The person must be of legal age to pawn items. This is typically 18 years of age.

To pawn an item, it must be owned outright and left with the pawnshop in exchange for the money.

The vehicle’s title must be in the person’s name that takes out the loan. The pawnshop then stores the item in a safe location until the loan is repaid; typically, this loan period is for 90 days. During this 90 loan period, the person will not have any access to their car. Once the loan is repaid, they can then take their car back. 

How It Works

If you require money fast for an emergency or to pay a bill, and you don’t need your car or heavy equipment during this time frame, you can pawn your car for cash. On average, a car pawn will receive anywhere from 30 to fifty percent of the low Blue Book value of the car. Typically the loan process will take 30 minutes from start to finish. You’ll need to have your identification with you and, of course, the title (which must be free and clear and in your name), the item (car, heavy equipment) with you at the time of the pawn. 

Upon approval and completion of the paperwork, your car will be stored in a safe place until the loan is repaid. Customers usually have 90 days to pay off their loan, and there is typically no issue if the customer chooses to repay the loan sooner. 

Can I Pawn My Car Online?

You can call the pawnshop and access the application online. You’ll have to fill in all of the information in the application to be approved. This information will include the make, model, and year of your car, as well as the VIN, mileage, and current condition of your car. If you can provide pictures, that is even better. 

Based on the information that you provide, we’ll then make you a cash offer. If you choose to accept this cash offer, you will then bring your car to the pawnshop for inspection and further processing. You’ll sign the documents that we have prepared, and then you will leave the car with the pawnshop and leave with your cash. Typically this can all be done within about 30 minutes from start to finish. 

How Does The Loan Work?

The loan works just like any other loan. You’re given a cash offer. If you choose to accept the cash offer, you’ll sign the paperwork and receive your cash. You’ll have 90 days to pay off your loan, or if you choose, you can just pay the interest due and extend your loan for another 90 days. You can also pay your loan off before the 90 days if you so choose and retrieve your collateral (car). It’s that simple. 

How Do I Know An Auto Pawn Is The Right Choice For Me?

What Kinds Of Vehicles Can I Pawn?

If you don’t have a bank account, if you have poor credit or no credit, or if you’re in a hurry for cash to pay a bill or due to an emergency and you don’t qualify for a regular loan, you may wish to consider an auto pawn loan. Using your car as collateral, you’ll receive your money the same day to use as you want to. There’s no need to wait for a credit check or a loan approval that may take days to complete. 

Auto pawns accept all kinds of vehicles, including passenger cars, classic cars, trucks, construction equipment, motorcycles, and other commercial equipment or vehicles. The vehicle must be in running order, legal to drive (that is to say, it must be currently licensed/tabbed and insured), and the title must be free and clear and in your name. 

How Long Do I Have To Have Been At My Job For A Car Pawn?

We do not have any job requirements for a car pawn. However, you’ll want to ensure that you have some source of income in order to repay your loan when it is due. 

Do I Have To Have A Specific Credit Score To Be Able To Pawn My Car?

No, you don’t have to have any specific credit score in order to pawn anything. 

Will Pawning My Car Harm My Credit Score?

Pawning your car will not affect your credit either way. If you fail to pay your loan, you’re simply forfeiting your car to the pawnshop. If you have no credit or bad credit and pay your loan, it still won’t improve your credit score because pawn shops don’t report the loans that are paid to the credit bureaus, nor do they report loans that aren’t paid to the credit bureaus. 

Are There Any Specific Requirements To Pawn My Car?

You must be of legal age to pawn items in your state. This age is typically 18 years of age.

Yes, you must have valid state identification. 

A clear title to the vehicle.

The vehicle must be in running condition and worth at least $4000.

You must have valid liability insurance on the vehicle. 

You must maintain the registration/tabs/plates on the car, even if it’s pawned at the time of renewal.

Where Will My Car Be Stored While I Take Out My Loan?

We store your car in a safe location out of view of the public. The location is secured and locked and under surveillance at all times. No one else will have any access to your car during the time of the loan period. You may not access your car during this time. You won’t be able to access your car again until such a time as the loan is paid off in full. 

How Long Is My Loan Period?

Typically the loan period is for 90 days at a pawn shop. After 90 days, your loan is due. If you choose to extend your loan, you’ll be required to pay the interest for the first 90 days, and then you can extend the loan for an additional 90 days. 

What Happens If I Don’t Pay My Loan Back?

If you fail to pay your loan back on a car pawn, you will forfeit your car. If you’re unable to pay your loan back within the 90 day loan period, you may be able to pay the interest on the first 90 days and extend your loan for another 90 days. After the second 90 days, you’ll be required to pay your loan back. If for any reason, you’re having a problem paying your loan back, you can call the pawnshop and see if it’s possible to make any arrangements to pay the interest and extend the life of the loan so that you’ll have time to make your payment on time.

Do I Have To Have My Title To Get A Car Pawn?

Yes, in order to get a car pawn, you’ll need to have your title in hand. The title must be in your name, and there must be no other liens against the car at the time of the car pawn. If you don’t have your title, you can go to the department of motor vehicles and get a copy of your title issued to you for a fee. Once you have your title in hand, you can then return to the pawnshop and proceed with the loan process.

What If My Plates Are Expired?

If your car plates or tabs are expired, you’ll have to update them before you can pawn your car. One of the requirements to pawn your car is that the tabs/license plates and registration must all be current at the time of the pawn and during the time of the loan. 

Can I Allow The Car Insurance To Lapse While My Car Is Pawned?

No, it’s important to maintain your liability insurance on your car during the time of your car loan. You will be required to have proof of insurance at the time of the loan, and the insurance must be maintained during the entire time of the loan in order for the loan to be valid.

How Much Will My Loan Amount Be For My Car Pawn?

We typically offer 30 to 50 percent of the low Blue Book value of your vehicle. Upon inspection of the vehicle, this amount may be adjusted up or down accordingly. 

Can I Pawn A Car If It’s Not In My Name?

No, the car must be in your name, and your name must be on the title and the registration in order for you to pawn your car. This helps to protect others as well as you should your vehicle ever be stolen. Pawn Shops are under federal, local, and state regulations regarding buying and selling stolen property. If they are found to be not in compliance, they will be shut down until they can be brought into compliance. There are laws in place regarding selling and receiving stolen property. It’s a felony to sell items if they aren’t yours and to be in possession of the stolen property. 

How Can I Make Sure That I Won’t Be Ripped Off If I Pawn My Car?

It’s important to understand that pawnshops are very heavily regulated by federal, local, and state regulations. If they are found to be in violation of any of those regulations, they will be shut down immediately until they comply with those regulations. If you have any questions or concerns regarding a pawn shop, be sure to ask them at the time of the loan. Most pawnshops are more than happy to answer your questions and reassure you that your property is safe during the time that you’re leaving it with them. You don’t have to sign anything until you are confident that your property is safe and that you’re not being ripped off. 

What If I Don’t Want My Car Back?

If you don’t want your car back, be sure to tell the pawnshop this information at the time of the loan. If you choose to sell your car outright to the pawnshop, they can close the loan out and go with a purchase instead. That doesn’t mean that you’ll receive more for the car than if you were to pawn it, so be sure to keep this in mind at the time of the loan. Many find that they can make more money if they simply sell the car themselves. The only advantage to going this route with a pawn shop is that you’ll have your money from the sale in hand much more quickly than if you were to wait for a buyer. If you need cash fast due to an emergency or to pay a serious bill, you may wish to go this route instead of attempting to wait for a cash buyer that will buy your car. A car pawn is typically paid back within 90 days, but sometimes, people opt to sell their car in this fashion instead. 

Can I Pawn My Car?

The short answer is a definitive yes, as long as your car is in running order, properly maintained, legally licensed, and insured. You’ll have to own the title outright in order to pawn your car.

If you need money in a hurry for emergencies, to pay a bill, for the holiday’s or for any other reason, you may wish to consider a car pawn. You’ll have to be the legal owner of the car, and you must have the title in hand with no liens against the title. 

Just as other items can be pawned, so can a car as long as you have the above-mentioned requirements in hand.  There are specific requirements in regards to pawning a car, so you’ll want to either go to the pawnshop’s website or give them a call and make sure that your car will qualify to be pawned. 

You’ll want to keep the following in mind as well if you’re planning to pawn your car: 

The person must be of legal age to pawn items; this is typically 18 years of age.

In order to pawn an item, the item must be owned outright and left with the pawnshop in exchange for the money.

The pawnshop then stores the item in a safe location until the loan is repaid; typically, this loan period is for 90 days. During this 90 loan period, the person will not have any access to their car. 

Once the loan is repaid, they can then take their car back. 

Not all pawn shops will take a car as collateral on a pawn. Those that do accept cars are in compliance with all federal, local, city, and county regulations to accept a car as collateral on a pawn loan. If you choose to pawn your car, you’ll take your car to their location and leave your car there for the duration of the loan. Typically this is 90 days unless you choose to extend the loan for an additional 90 days. If you extend the life of your loan, you will still be required to pay the interest on the loan before you can extend it for an additional 90 days.

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