Car Title Pawns

What Does it Mean to Pawn a Car Title?

Looking to pawn a car title to get emergency cash? With an auto title pawn, you can secure fast funding by using the title to a qualifying vehicle as pawn collateral. Title pawns can be accessed at storefront locations called pawnshops in certain states, and can also conveniently completed online using an online pawn lender or servicer.

Regardless of the type of title pawn you are looking to get, the application process can be convenient and quick, even if you have bad credit. In some cases, you will be able to pawn a car title and maintain access to your vehicle throughout the repayment process.

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 a 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.
• 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, and not having access to the item while the pawn loan is outstanding, many car title pawn providers don’t require possession of your vehicle. As long as you can provide the originals of the vehicle title and make all your pawn loan payments in good standing, you can maintain access to your car or truck even while its title is pawned.

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, you may be able to maintain access to your vehicle throughout the repayment process. Additionally, 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. If your vehicle is repossessed by the lender and you lose your primary method of transportation, it will be tough to commute to work.
• 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 for cash, take a moment to weigh the pros and cons of title pawns. 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. Visit the LoanMart FAQ page to learn more about title loans.

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 storefront 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 are looking for a nearby title pawn shop, just open the internet browser on your phone or computer and type “car title pawn near me” into the search bar. 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 use your smartphone or computer to fill out a prequalification form on the title pawn lender’s website.

In order to qualify for a title pawn, you will need to meet the initial 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 storefront location to complete a vehicle inspection and the application process in person.

What Do I Need to Pawn My Car?

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

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

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 Will A Title Pawn Give Me?

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. Just fill out a simple prequalification form online or call 855-422-7412 to apply. If you qualify for a title loan serviced by LoanMart, you could get your loan proceeds in as little as one business day!¹ ³