Car Title Pawns

What Is a Car Title Pawn?

Are you in need of a fast loan with little hassle? With an auto title pawn, you can secure fast funding by using the title to a qualifying vehicle as pawn collateral. Vehicle title pawn loans can be accessed at storefront locations called pawnshops in certain states, and can also be conveniently completed online using an online title pawn lender or loan service.

Regardless of the type of title pawn you are looking to get – whether online or in-store – the application process can be convenient and quick, even if you have bad credit. In some cases, especially when working with an online provider, you will be able to pawn a car title and keep driving your car during the loan.

What are the Pros and Cons of Pawning Your Car’s Title?

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Car Title Pawn Pros

Title pawns can come with pros and cons that you should be aware of if you are considering to pawn your auto title to get the cash you need:

• Access to fast cash: If you qualify for an auto title pawn, you can usually get fast access to cash when you need it most!¹ Providers of vehicle-based pawn loans usually have a quick application process and fast underwriting. In many cases, the proceeds of a car title pawn can be available within the same day or even just a few hours.³
• Suitable for bad credit: One of the most appealing features of a title pawn is the fact that you don’t need a strong credit history to qualify for the financial help you need.¹ Since you are using your car’s title to secure the loan, the application process can be flexible and straightforward.
• Continued access to your car: While pawning a valuable item normally entails dropping off the item at a pawn shop while the pawn loan is outstanding, many car title pawn providers don’t require possession of your vehicle. Rather, they merely hold on to the vehicle title until the title pawn loan is paid in full.

Car Title Pawn Cons

There are a few potential disadvantages that can come with pawning your car title.

• Potential for loss of access to your vehicle: If you decide to pawn your car title at a pawnshop, the pawnbroker may keep your vehicle in their storage yard until the loan is completely paid off. But, if you work with a title pawn lender instead of a pawnbroker or car pawn store, you may be able to maintain access to your vehicle throughout the repayment process. No matter which option you choose, if you default on your loan and fail to catch up with your payments, the lender can repossess your car and sell it at auction to cover the outstanding loan balance.
• Repayment terms can be challenging: Depending on the pawn lender you end up working with, you may be faced with short repayment terms as little as 30 or 60 days. This can make the repayment of the pawn loan challenging as a short term results in a higher payment, all things equal.
• Interest rates: Depending on your individual credit profile and the pawn lender you end up choosing, interest rates for car title pawns can be on the high side, especially when compared to loans obtained through credit unions or banks.

Before you pawn your car title for cash, take a moment to weigh the pros and cons of title pawns. If maintaining access to your vehicle is important, you may want to consider applying for an online title pawn instead of a title pawn at a shop! If you are eligible for a title pawn online, you do not need to leave your car in a storage yard to access the quick funding you need. In fact, you can keep driving your car while you pay off the loan!

Title loans, like title pawns, are secured by the title to your vehicle, so it is possible to qualify for a car title loan without a strong credit history. Sometimes title pawns and title loans are used interchangeably, but a title lender generally does not take ownership of your car when the loan is made.

How to Pawn a Car Title Near You?

If you don’t know how to pawn a car title, don’t sweat it. Pawning your car title can be simple and straightforward! You can visit a pawnshop or a car pawn location to pawn your car title in person. Or, you can conveniently apply for a title pawn online with a title pawn lender.

If you prefer an in-person loan experience, just search for “car title pawn near me” on Google or another search engine. If stores are nearby, you should be able to see them on the map listing resulting from your search. If you are considering an online car title pawn, simply search for online options and fill out a prequalification form on the title pawn lender’s website.

How To Qualify for an Auto Title Pawn Loan?

In order to qualify for a title pawn, you will need to meet the loan criteria and have a few documents on hand to verify your information. Typically, a vehicle inspection is required during the application process to determine your vehicle’s current condition and value. In some cases, you will need to drive your car to a pawn store to complete a vehicle inspection in person.

Whether you are applying for a title pawn or a title loan, you will need to meet the following initial requirements:¹

• Be at Least 18 Years Old
• Have a Car or Truck Title in Your Name
• Be Able to Provide Proof of Income and Residence
• Have a Valid Government or State-Issued Photo Identification Card

There may be other requirements involved in the application process, but those are the main ones. If you want to pawn a car title or apply for a car title loan, the most important document you will need to have on hand is a car title in your name!

How Much Can I Get When Pawning My Car Title?

The amount of money you may be able to obtain by taking out a pawn loan against your vehicle depends primarily on the value of your car or truck, your income, and the pawn broker or pawn lender you end up choosing. You can typically expect to qualify for 25% to 50% of your vehicle’s value when pawning your title, whether at a storefront or online.¹

With title pawns serviced by LoanMart, there is no store visit required to apply for the emergency cash you need, and you could qualify for up to $15,000 in most states.¹ Just fill out a title pawn application online or call 855-422-7412 to apply. If you qualify for a title pawn loan serviced by LoanMart, you could get your loan proceeds in as little as one business day!^{1 3}

Choosing a Reputable Auto Pawn Provider

If you’ve decided that using your auto title as pawn collateral is an option to consider, choosing a reputable auto pawn provider can have a significant impact on your loan experience. Here are a few helpful tips you can use to research and identify reputable auto pawn options:

• Customer reviews and responsiveness: Research customer reviews on trustworthy platforms like Trustpilot or Google reviews. While you may not be able to find a loan provider with a perfect customer rating, reviews from real customers can be a good indicator of the loan experience you can expect. The lender’s responsiveness to customer questions or complaints on these platforms may also be a relevant factor to consider, as it may reflect their overall responsiveness to customer requests.
• Licensing: Depending on the state and specific service that the title pawn provider offers, the company may need to hold certain licenses. When researching potential title pawn providers, you can check and confirm if they hold the appropriate licenses.
• Industry affiliations and accreditations: Some title pawn lenders may be part of industry groups that promote fair lending practices and set industry standards. All things equal, it may be beneficial to choose a company that’s part of an industry organization.
• Time in business: While just being new to the lending business is not automatically a red flag, finding a title pawn provider that has been in business for years or decades could be an indicator that the company is a solid choice.
• The actual terms of the pawn loan: If you have the time, it’s usually a good idea to shop around for options before signing a loan agreement. If you are approved for several auto pawn options, be sure to compare them side-by-side.¹ See how the options compare in terms of the maximum approved amount, interest rate, Annual Percentage Rate and fees, and potentially ask for a sample loan contract up front so you can closely review the fine print!

Car Title Pawn FAQs

Here are some of the frequent questions that potential applicants have when considering whether to pawn their vehicle title for cash:

• Is pawning my car the same as a car title pawn? Many people use these terms interchangeably. However, some pawn stores may offer pawn loans that require surrendering the vehicle rather than the vehicle title for the duration of the loan.
• Do I have to give up my car during a title pawn? Usually, title pawn providers will only hold on to your vehicle title, and you get to keep driving your vehicle. Be sure to make your title pawn payments on time however, as the lender has a legal right to your vehicle while the loan is outstanding.
• Can I get a car title pawn online? Yes.¹ Online title pawn options are available to residents of certain states.
• Do title pawns require a credit check? It depends. Some car title pawn providers will require a credit check, while others may offer loans without credit check.
• What happens if I can’t make my payments? The title pawn provider has a legal right to the vehicle while the loan is outstanding. If you’re expecting to miss an upcoming title pawn payment, be sure to reach out to your lender or loan servicer. Potential consequences depend on the provider you end up choosing, and may include collection activity, a negative mark on your credit report, and potentially vehicle repossession.
• How fast can I get the money? Car title pawns are designed to be processed quickly. Many loan providers will strive to get your application finalized as fast as same-day.^{1 3}
• Can I get a title pawn if I still owe money on my car? Your vehicle could qualify for a title pawn even if it’s not fully paid-off.¹ However, it’s usually easier to qualify if you don’t owe money on your car or truck.

If you are looking to get cash as soon as today through a reputable title pawn option, apply online for a title pawn serviced by LoanMart.^{1 3}