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Title Pawns Online - What's Required

An online title pawn works similarly to a secured loan, but the lender secures the loan by holding the title to your automobile. Before the loan can be made, the vehicle must be free of liens and fully paid off. You can't have any cosigners on the car's title, and you will need to add the lender as a lienholder before you get the cash.

These title pawns are great for anyone who can't be approved for a traditional loan because there are minimal checks of your credit, and you can borrow $2,000 or more with just your vehicle's equity. Another benefit is that it doesn't take long to get approved. Some companies can underwrite and fund your application in less than 24 hours!

Title loan companies and pawnshops will always demand a lien free vehicle title and proof of income. The car's title has to be in your name, and you need current registration documents for your vehicle.

Your lender will also want to inspect the vehicle to ensure it's in decent shape and matches the current resale value. They'll ask you to bring the car in for an inspection, and while this only takes 30 minutes, they'll check the engine components, verify the VIN, and look for any exterior damage on the car.

 

How Does An Online Title Pawn Work & What To Expect

Title pawns work like title loans; you will add your lender as a lienholder on the car's title. That means you put up your vehicle as collateral for the loan amount, and your lender can repossess the car if you fall behind or miss multiple payments.

You can still drive the car as usual, and there are no restrictions on mileage or where you can go with a title pawn. Just a few years ago, a pawnshop would have required that you hand over the vehicle as collateral, but that's no longer necessary. Currently, they accept the car's title as collateral, and you don't need to give up the vehicle or hand over the keys.

 

The Drawbacks of A Title Pawn

Knowing what can happen if you default on an online title pawn loan is essential. If you don't do as agreed, the lender within the event can take possession of your vehicle. The lender has the inherent right to sell the title and hold any insurance policies on a vehicle. Although title pawns often have higher interest rates, some states have strict usury laws that cap interest rates and fees.

Another downside of title pawns is that you may need to submit your vehicle for a lengthy inspection, which is almost always done in person. Many lenders in Atlanta or other parts of Georgia are unwilling to offer loans unless they can visually inspect the vehicle and confirm the odometer reading. At Southeast Title Loans, we'll work to make the underwriting process as simple as possible. Yes, you'll likely need to bring in your car for an inspection, but we work with title pawn companies that offer same day cash, and many can underwrite and inspect your loan in less than an hour!

 

Loan Amounts & Interest Rates To Expect When Title Pawning

Loan amounts with a title pawn will vary between $500 and $10,000. Interest rates are often high; some companies will have 40 to 120% rates. The APR can be lower through Southeast Title Loans if you are trying to refinance, and we work with many title pawning companies, so you should get a fair deal if you want to repay the loan quicker. Most title loan refinance applications can be approved if you're on time with payment. Depending on your financial situation and vehicle condition, you may have a lower monthly payment with any new loan term.

Shop around for lower fees and interest with different title pawning companies, and try to limit your loan amount to 65% or less of the vehicle's value. If you decide this loan is right for you, we encourage you to read up on the subject of title pawning before deciding which company offers the best deal.

 

Apply With Southeast Title Loans For A Title Pawn

Call Southeast Title Loans at 1-800-308-1905 to see how much you can borrow with a title pawn. Keep driving your car after approval and borrow $4,000 with just the title for your car or SUV. We can also take your application online anytime, and we'll get you an instant quote for your loan! Apply now!