But before you hurry over to your nearest vehicle pawn shop, make sure you read through the following dos and don'ts of pawning your own vehicle. This will assist you in ensuring that everything is in order so that you do not experience any delays in receiving your funds.
Dos in Pawning Your Vehicle
Locate your vehicle's title
To receive a pawn loan on your car, you'll need your original title. No copies will be accepted. You can order a new automobile title from the Colorado Department of Motor Vehicles if you can't find yours.
Make sure your vehicle's title is clear and unencumbered
You can't receive a pawn loan if you have any other loans on your vehicle. If you already have a debt, you must pay it off first. If your initial auto loan has been paid off but your title has not been updated, you will need to bring a letter from your lender stating that they have been released from the car title.
Bring your driver's license with you
You'll need to prove you're a Colorado resident, and the quickest method to do so is to show your driver's license. Your driver's license must also be current.
Bring your pay stubs from the previous few months with you
You must present verifiable income in order to prove that you have the financial means to repay the pawn loan. Your pay stubs are proof of this.
Bring a list of personal references with you
It's possible that you'll be asked to supply three to five personal references, along with their names, addresses, and phone numbers.
Bring along your employment information with you
You'll need the address, phone number, and name of your supervisor.
Make sure your vehicle is clean
Take the time to detail your automobile to guarantee you obtain the greatest price and loan offer.
Make certain you are the vehicle's lawful owner
A car pawn business is required by law to verify that you are the legal owner of any vehicle you choose to sell or pawn.
Make sure you know how much money you want to borrow
For your pawn loan, you will be asked how much you wish to borrow. You are not obligated to borrow the whole amount offered for your vehicle; if that is all you require, you can request a lower amount.
You should place a high value on your vehicle
Before going to a car pawn shop, it's a good idea to figure out how much your automobile is worth.
Before signing, go over all of the papers and your vehicle pawn contract
It's critical that you know how long you have to pay back your loan and how much you'll have to pay back. This is the moment to ask any questions or express any concerns you may have. You are bound by the contract's terms and conditions after you sign it.
Make sure you pay off your pawn loan in a timely manner
You should make every attempt to pay off the loan by the due date if you want to avoid additional fees and/or interest. This will also expedite the return of your vehicle.
Make use of other automobiles that can be pawned for cash
RVs, boats, motorbikes, and other types of vehicles may be accepted as collateral for a car pawn loan by some pawn shops.
Don’ts in Pawning Your Vehicle
Don’t expect to get a pawn loan and drive your car home
You must leave your vehicle with the pawnshop until the debt is repaid if you take out an auto pawn loan. During this period, the pawnshop will secure your vehicle and store it in a secure area.
Don’t expect to get full resale value for your vehicle
On a pawn loan, pawnshops will not give you the full market value of your vehicle. Instead, they authorize you for a portion of the vehicle's value depending on the vehicle's condition and how much you can afford to repay, which is usually based on wholesale values.
Don’t expect to get a huge amount for older vehicles or vehicles in poor condition
The value of a car drops as it becomes older or worsens in condition. If you have an older or damaged vehicle, it is highly recommended that you call the car pawn shop directly and inquire if you may use it to obtain a pawn loan.
Don’t believe all the bad things you may have heard about pawn loans and pawn shops
Most individuals are afraid of being taken advantage of, however, this is not the case. A plethora of federal, state, and municipal regulations, statutes, and laws apply to pawn shops. Most pawn shops are trustworthy enterprises that can assist you when you need money immediately.
Don’t pay off your pawn loan if you don’t want the car back
You can sell your car for quick cash if you just want to get rid of it. If you decide you don't want your automobile, just let the pawnshop know so they may end your loan and sell your vehicle.
Don’t be afraid to ask questions if you don’t understand anything
If you have any questions about how a pawn loan works, how much you owe, deadlines, or other information, ask.
Don’t feel obligated to get a pawn loan
You have the option to change your decision after having your vehicle valued and learning how much you can collect by pawning it. You are under no obligation to secure an auto pawn loan at any time.
Don’t let your car insurance lapse
Even if your vehicle is in the pawnshop, you must keep auto insurance on it if you intend to keep it.
Don’t let your plates expire
Even if you have a pawn loan, you must keep your plates valid, much like car insurance.
Don’t be afraid to ask for an extension if you are having problems paying back your pawn loan
If you are unable to repay your loan in full by the end of your car pawn contract, most pawn shops will allow you to extend it. Keep in mind that each time you extend the loan, you will be charged an extra price. It's possible that you'll have to go back to the pawn store and re-sign your paperwork.
As you can see, acquiring a car pawn loan has a lot of dos and don'ts. Most significantly, a car pawn store with experience in auto pawn loans, such as Cash Fast Loans, is an excellent choice. We are here to assist you in obtaining the funds you require while providing excellent customer service.
Get in touch with Cash Fast. We're located in Sydney at North Parramatta.
Contact us for further information
Phone – 1300 227 432
Email – [email protected]
Source: massapawn.com
