what is a title pawn

What Is A Title Pawn? Title Pawns Explained

If you are facing a financial emergency, you might be asking “what is a title pawn?” And the reason for that is probably since more and more Alabamians mention fast loans, such as title pawns, when dealing with financial troubles and need money ASAP. So, if you find yourself in a pinch and are out of options, Let us help you learn what a car title pawn is, how it works, and how to get one. Learn why resident's choose Alabama Title Loans, Inc. the trusted source for title pawns.

What You Need To Know About What A Title Pawn Is

What Is A Title Pawn?

The answer to “what is a title pawn?” is simple. A car title pawn is a way to access the emergency cash you need when you are faced with an unexpected expense. Title pawns work by using the lien-free title to your vehicle as collateral for the pawn.

Title pawns are not intended to be permanent solutions to long-term financial troubles, they are simply meant to be a way for you to get the emergency cash that you need when you are faced with an unexpected expense or financial emergency.

The amount of emergency cash that you can get with your title pawn depends on the value of your car title. You can get up to $15,000 in emergency cash based on the condition of your car, the year it was manufactured, its make and model, and its value in a nationally recognized guide.

How Do Title Pawns Work?

If you find yourself asking “what is a title pawn?” and are interested in applying for one, you need to understand how a title pawn works. The way title pawns work is that you bring your ID and a lien-free title to a lender and show your vehicle. A representative evaluates its condition and determines its value. Usually, the vehicle value is determined by subtracting the depreciation factors, such as wear and tear, age, mileage, etc. from its actual cost.

Based on the results of the inspection, a lender offers a certain amount of cash, and if you’re satisfied with it, you’ll be offered to sign an agreement. From that moment, a lien is placed on your title, and it stays with the lender.

The car stays with you, and you can continue driving it as usual as long as you don’t break the terms of the agreement. Your regular payments can be made in-person or online, like with Alabama Title Loans, Inc. After the price is paid in full, the lien is removed from the title, and the title ownership returns to you. With title pawns, the funds are usually available on the same day or the next day at the latest.

woman happy from getting a title pawn

How To Get A Title Pawn From Alabama Title Loans, Inc.

The first step in applying for a title pawn with Alabama Title Loans, Inc. is filling out the easy online inquiry form. This form sends your basic information to the store location that is closest to you. You also have the option of calling your nearest store location directly.

Alabama Title Loans, Inc. understands the value of privacy, and we are committed to keeping all of your sensitive personal information strictly confidential. You can learn more by reading the privacy policy.

Once you do this, you will quickly be contacted by a loan specialist agent from your nearest Alabama Title Loans, Inc. location. They will confirm the information that you submitted with your online inquiry form, they will answer any questions that you might have, and help you set up an appointment to get your title pawn.

Additionally, your loan specialist agent will take this opportunity to make sure that you have all of the materials that are necessary to apply for an Alabama title pawn. These items are:

  1. Your vehicle
  2. Your lien-free vehicle title:
    • Your car title has to be in your name for you to be eligible to apply for a title pawn. If your car title is not in your name, you will have to go to the DMV to request a title transfer before you can apply for your title pawn.
    • Because your pawn is based on the value of your car title, you do not need to worry about your credit score when you apply for a title pawn with Alabama Title Loans, Inc. They are happy to accept good, bad, or nonexistent credit.
  3. Your driver’s license to prove you’re at least eighteen years old or older.

After this, it is time for your appointment. When you arrive for your appointment, you will be greeted by your loan specialist agent, who will then perform a quick inspection of your vehicle to determine the value of your title pawn.

The value of your title pawn is based on the loan specialist agent who is underwriting the pawn, the condition of the vehicle, the year it was manufactured, and the vehicle’s value in a nationally recognized guide.

After this inspection, they will answer any final questions that you might have, and they will walk you through the rest of the application process.

Once all of this has been completed, you just have to finalize the last bit of paperwork. Once your pawn has been processed you can have your emergency cash in as little as thirty minutes.

young man applying for title pawns online

Get Your Title Pawn Today!

If you are facing an unexpected financial difficulty or emergency expense, you might be wondering what your options are. You have probably heard of title pawns and are asking yourself “What is a title pawn?” A title pawn is simply a way to get the emergency cash you need to cover these stressful situations.

They are one option that you can consider when you need emergency cash. And if you think that now is the right time to get your title pawn, fill out an online inquiry form on our website and wait for a representative to call you and guide you through the rest. We’re here to help you!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.


Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.