Pawning vehicles and equipment of all types is a growing trend that allows you to access the equity in your vehicle while still retaining full use and ownership. An easy way to get money fast is to go a Denver Auto pawn.
Typically, liquidating equipment or vehicles consists of two choices-sell or trade it in. In both of those scenarios you no longer have the use of the vehicle, and the lending bank or dealer will earn a profit on the transaction which cuts into your available funds.
Pawning is a totally different concept.
Your vehicle is appraised, and you request a specific dollar amount, your vehicle is appraised, and if the value of your vehicle covers the amount you need you will be issued.
There are no credit checks because the vehicle is the only equity the pawn dealer needs to secure the loan.
There are no restrictions on how you can use the funds and the only requirement, as in any form of loan, is that you repay the amount in a specified amount of time including interest.
Failure to repay the loan will, like any other type of loan, result in forfeiture of the vehicle so it is wise to be conservative in the amount you are requesting and be sure the payment schedule is something you can manage. Pawning is simply a short-term loan based on the equity in your car or equipment.
What You Will Need to Pawn Your Vehicle or Equipment.
The vehicle must be owned by you, and not leased. First, it has to be your vehicle which means a clear title, paid in full without any other liens on the vehicle whether from a bank or another dealer.
Next, this does not apply to leased vehicles because leased vehicles are not owned by you, but by the leasing company.
Finally, you may be able to pawn your vehicle even if it is not fully paid off. The amount you can receive is based on the residual value of the vehicle. If your car is worth $20,000 and you owe $10,000 that is equity you can borrow against. In any Pawn loan or Title loans, you will not receive the full amount of the equity in the vehicle because the Pawn Dealer needs a safety cushion in the event that you default.
Here is what you will Need
- Your Car or equipment
- A Clear Title
- There are a few other documents, insurance papers, registration etc.
Additional Documentation Including
- Any valid government-issued ID
- Proof of your current residence
- Any document to validate your monthly earning
- The insurance document of your car
What Types of Vehicles and Equipment Can be Pawned?
Generally, any type of vehicle, construction equipment, Recreational vehicle and even boats can be Pawned,
Condition is everything and remember that the dealer is risking his or her capital to give you the loan. If the dealer has to repossess the vehicle, they will have to sell it to recover their losses. That means that generally, only vehicles in good, operational condition will qualify.
Other types include:
- On-the-road vehicles: cars, trucks, motorcycles, limousines, etc.
- Recreational vehicles: RVs, ATVs, golf carts, snowmobiles, etc.
- Watercraft: boats, sail boats, jet skis, etc.
- Construction vehicles: front-end loaders, backhoes, etc.
The Advantages Of Pawning
- Fast approval process
- You will get your cash within 24 hours
- There are no hidden feed or points as with some bank loans
- Low and affordable interest rates
- No application fees
- No Prepayment penalty
- Apply online with no credit checks.
What Are The Interest Rates?
Interest rates range from a low of 5% to 25% or more. All Pawn Stores are state regulated. The terms vary widely, but most shops set four to six months as the repayment time. Remember, that if you fail to pay, you will forfeit your possession.