28 May The Best Way to Pawn Your Car
When you find yourself in that tight financial spot, and you need a quick loan, pawning your car could be a good idea if you own one. This is a much better idea than having to sell off your car to sort out whatever financial issues you might have. A pawnbroker is normally in the business of lending people secured loans against items that are valuable like expensive jewelry, cars, high-end electronics etc. The pawn shop owner sets a specific timeline within which the loan should be repaid, failure to which the pawn broker will keep the asset. At Pawn & More, you have 60 days to make your first payment. And you will always be able to redeem your valuable as long as you make the monthly payments. There is also the alternative to selling your valuables to the pawnshop directly. Here is a simple guide on the best way to pawn a car.
How does pawning a car work?
The process of pawning a car is easy. You hand over your car and title to the pawn shop and you get money in exchange. See that was easy! This might not be as much money as you would have gotten if you sold the car outright, which is also an option at Pawn & More. Both ways are fast and easy, but pawning a car is a way to get cash money and the ability to also get your car back with you pay off the loan.
Basic steps for pawning a car.
In every game there are rules. When it comes to landing the best deal when you pawn a car at the pawnshop, you must put a few things into perspective. Never be in a hurry to just pawn your car at any pawn shop. You need to be patient and look for the best pawnbroker. This is how.
Conduct your research.
You need to do your own homework, check Kelly Blue Book. Most pawnshops have assessors but it is wise to hire the services of your own personal valuer to assess the worth of your car. Nowadays it is much easier to find a good pawnshop, you can look online and check the customer reviews to see what other clients are saying about the pawn shop. You can also look for ads in the local newspaper. Once you identify a good pawnbroker, get their details and check whether or not they are registered and legit.
Do you want to sell or loan?
Decide on whether you want to sell your car or simply get a loan. Approach the pawn shop that you have identified and inquire on the process involved for pawning a car with them. The first thing most pawn shops would do is to find out whether you are the true owner of the car.
Have your car assessed.
The next step therefore is to have your car assessed. The pawn shop will instruct its assessors to inspect the condition of the car that you want pawned. This is to check the general condition of the vehicle in order to determine its market value. Make sure that you get a loan at least closer to the market value of the car.
In conclusion, there are other requirements that you need to meet before a pawn shop advances the loan to you. Apart from the title, you also need to have government-issued identification. As soon as you repay the loan without defaulting, the car will be yours again.