The Pros And Cons Of Getting A Car Title Pawn For Late Rent
When you're dealing with the prospect of late rent (or you have already missed a payment), it can most certainly raise your stress levels. However, if you have a lien-free vehicle title to use as collateral, you can get car title pawns from us at Alabama Title Loans, Inc. to help you out. But while this sounds like a good idea, the question you need to ask is should you choose this option? To answer this, you need to know about the pros and cons of title pawns for late rent. Keep reading to learn more now.
What Are The Pros And Cons Of Using Car Title Pawns?
Pro: Access To Fast Funds If Approved
One of the arguably best reasons to get car title pawns is the fact that you get access to fast funds if you are approved. In fact, if you are approved, you can get the money either later that same day or the next bank business day, making them a good option if you have late rent to deal with quickly. This is a far cry from traditional loans that can take weeks to gain approval and give you access to funds.
Pro: Bad Credit Welcome To Come In
Beyond quick access to money, the low credit requirements are a definite plus. What we mean by this is, unlike bank loans and other financial aids, you don't need to meet stringent credit requirements to gain approval. In fact, you can qualify with just a fair credit rating, as we use other factors to establish whether we can offer you a title pawn. While this doesn’t mean we’ll never have to check your credit, it does mean we won’t turn you down automatically. Instead, to get a title pawn, you will need:
- Identification: your driver’s license or state-issued photo ID to prove you aren’t a minor.
- The vehicle: a car, truck, or van in your name that we can inspect quickly.
- Your title: the lien-free vehicle title in your name to use as collateral for the money.
Pro: Car Title Pawns Are Easy To Understand
The finance world is packed to the brim with confusing jargon and hard-to-understand terms, but title pawns change this industry pain point. Contracts are written plainly, ensuring you understand every sentence. And if you aren't quite sure about something, all you need to do is ask one of our title pawn representatives. We're always on hand to help alleviate any concerns, answer general questions, or rephrase things that may sound confusing.
Pro: The Process Is Simple To Get Through
Car title pawns' simplicity extends beyond their wording and requirements, reaching their process. You don't have the spend hours trawling through paperwork or having long-winded meetings with representatives. Instead, you just need to follow these steps to find out if you qualify for a title pawn here in Alabama Title Loans, Inc.:
- Fill out the online form found on the homepage of our website.
- Wait for us to give you a call. We'll discuss the process and arrange a face-to-face meeting at a location of your choice. There's no need to come into your local store; we're happy to come to you instead.
- After the call, have your requirements ready for the meeting. Make sure your name matches across both your ID and your vehicle title. Otherwise, we won't be able to proceed with the process.
- We'll evaluate your vehicle to decide how much you can qualify if you are approved. We will also assess the other items to determine if you qualify for approval.
- If you are satisfied with the amount we can offer and we determine you qualify for approval, we'll help you finish the process. This involves going over the loan terms and signing a few of our final forms.
- Finally, the money will be released on the same or the following business day. Just be aware that timings vary on a case-by-case basis!
Pro: You Get To Keep Your Car
Unbeknownst to many, you keep your car while repaying your title pawn. We will place a lien on your previously lien-free title and hold onto it to secure the Alabama title pawn money, so we don't have to hold your car in a compound or put a tracker in it. You're free to use it as you normally would! Just be sure you are sticking to the title pawn repayment plan so there are no issues at all.
Con: Borrowing Amount Linked To Your Car’s Value
As we mentioned earlier, we use the value of your vehicle to determine how much we can offer you. So, this means your car's worth and condition can significantly limit the amount of money you could borrow if you are approved – which could be anything between $300 and $15,000. This also means you should make sure your vehicle is in good condition before you come in so you can get as much as you want – if you are approved, of course.
Con: The Title Pawn Is Short-Term
Car title pawns are short-term help. They were designed to help with emergencies – like late rent – and not to permanently fix your finances. This is why it is important for you to consider the pros and cons of title pawns before you get them. If you were looking to permanently fix your financial situation, you need to look at another option.
Con: It Is Another Debt To Repay
Lastly, getting a title pawn does add another repayment to your potentially lengthy list of financial obligations. Just like with any financial obligation like a loan or a bill, you have to repay your car title pawn on time to avoid any issues. Before getting one from us, ensure you can comfortably afford the repayments without the risk of being late. You can always come in and see how much you could get before you decide to proceed with signing the loan agreement at any time.
Get Car Title Pawns From Alabama Title Loans Inc. Now!
By weighing the pros and cons of title pawns in this article, you can decide whether they're the best option to help you pay your late rent. If you deem them right for you, don't hesitate any longer! We are always here for you at Alabama Title Loans, Inc., so make sure you get the help you need right away. As soon as you are ready, fill out the online form so you can begin our simple title pawn process now!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.