If you need quick cash and you own a vehicle yourself, an auto pawn loan could be right for you. Auto pawns are evaluated based on the make and model of your car, so if your car is worth $15,000, you can borrow up to $15,000, all other things equal.
Auto pawn loans are advantageous for those with bad credit or no credit, since no credit checks are required before cash can be handed over to you. Anyone can qualify, the requirements are simple. What do you need for California car title loans? Check out our comprehensive list to be sure you don't miss anything:
Once you are approved for an auto pawn, you can generally expect cash instantly, depending on the source of your auto pawn loan. When you receive your cash, your car title will be used as collateral, so a defaulted payment means that you forfeit your ownership of your vehicle.
Making monthly payments is the key for keeping your vehicle during the course of your auto pawn loan, but there are some other things to keep in mind.
For one, lenders charge interest on auto pawns which accumulates monthly. So the sooner you pay off the loan, the cheaper it will be in the long run. However, lenders can also work up difficult contracts, so if you come into cash and want to make early payments (to stop interest from building up on your loan) you need to make sure that your lender won't charge you early payments or lump sum fees to cover the cost of your expected interest.
Other unexpected fees can be affiliated with auto pawn loans, but if you work with a lender you can trust, your auto pawn should be straightforward enough to work for you. If you need fast cash on bad credit, and you know a lender you can trust, an auto pawn could be the solution for you.
We wish you the best of luck as you invest in your future.
By working with our lenders, you could end up saving up to 20% on your repayment, and eliminate the risk of being taken advantage of.
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