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How Does Pawning Your Car Title Work?

February 28, 2020

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You probably know what a pawn shop is. Pawnshops are a way to get a "loan" that involves leaving something of value in return for the loan. The pawnshop gives you a set amount of time to return for your property and pay off the loan. This is typically about 30 days. If you don't return to pay off the loan and pick up your property, the pawnshop will then sell your property to recoup the loan they gave you. Since pawn shops offer only a small fraction of what the property is worth, they not only make their money back for the loan, they get a very healthy profit on top of it.

If You Pawn Your Car, You Will Have To Leave Your Vehicle With Them

How Does Pawning Your Car Title Work?

To start with, you don't pawn the title to your car. When you use a pawn shop, you don't leave the title to your car behind. Pawnshops actually require you to leave your vehicle with them as well as the title to the vehicle. Like anything you leave with a pawn shop, they have the right to sell it as soon as you miss the date for paying back your loan. Believe us when we say they will take advantage of the first opportunity to sell your vehicle. Unlike car title loan companies, pawn shops are not truly in the business of issuing loans. They get more money by selling the property they hold while you have a loan out with them. Pawnshops don't even make an attempt to contact customers and work out a way to get the loan paid off. In most cases, as soon as the loan payment date passes, your car will be sold. That's how pawn shops and pawning your car title works.

Legitimate Car Title Loan Company
We don't recommend pawn shops unless you want to sell the property you're leaving with them. In the case of a car, you're better off selling it to a used car lot. When you need a loan fast, car title loans are your best option. When it comes to car title loans in Florida, there's no better option than TitleSmart. Getting a loan with us is fast and easy. All you need is a car title in your name that doesn't have a lien on it, proof of income, proof of where you live, and a vehicle we can inspect. We don't run credit checks, so you can get a loan through TitleSmart regardless of your credit score. If everything is in order, you can typically have a loan in as little as 30 minutes. We won't even ask you what you need the loan for because we don't stipulate how the money is to be used.

The best part of getting a car title loan with us is that you won't be asked to leave your car behind. All we need to do is hold your title until the loan is repaid. We know that having your car is super important to you. With a TitleSmart loan, you continue to drive your car like you always have. You can still get back and forth to work, buy groceries, take your kids to school, or whatever else you need to do with your car. You also won't need to pay the loan back as quickly as you do with a pawn shop or a payday loan company.

TitleSmart is a Car Title Loan Company
TitleSmart is here to help when you need a loan fast. Our qualified loan experts work with you to get you the loan you need without putting undue stress on you. Whenever you have a financial emergency and need a loan, TitleSmart is the right choice. Call us today at (954) 404-7306 and find out how a TitleSmart car title loan is exactly what you're looking for. You can also fill out the handy form here on our website to get the process started. If you'd rather sit down and speak with one of our car title loan experts, drop by our office. We look forward to getting you the cash you need when you need it. Our competitive interest rates, superior customer service, and straightforward terms make TitleSmart the best choice for a fast loan when you need it.

If you found this article helpful then let us know in the comments section below. Likewise, feel free to share it using the share options below. Want us to cover another topic of your interest pertaining to auto title loans? If so, then like us and follow us on social media, and post to any of our social media profiles the topic you'd like us to discuss: Facebook TitleSmartFL, Twitter @TitleSmartFL, and Instagram @TitleSmart.

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TitleSmart INC makes use of the phrase "Auto Title Loans" for the sole purpose of advertising. We provide auto equity loans. TitleSmart INC is licensed under the "Florida Consumer Finance Act" under Florida Statute 516. For this reason, lender's loans are exempt from licensing requirements under the "Florida Title Loan Act." This lender's approval of loan is based on the consumer's ability to repay the loan and the condition of the vehicle being used to acquire the loan.

Fees: $89.00 Lien Fee, $25.00 Application Fee, and a Document Stamp Tax which changes according to the amount of the loan. The fees are built into the life of the loan. APR: Annual interest rate ranges from 18% to 30%, depending upon current market.

Repayment: Our convenient payment options are designed to fit the consumer's ability to repay a loan. Those options currently range from 6 months to 24 months.

The table below represents an example of the overall cost of a loan. If you have questions or need further information, we are always happy to be of assistance. We want you to fully understand the terms and cost of your loan before you get one.

Loan Amount$1,000$6,000
Interest Rate(APR) 30% - $214.7318% -$733.25
Lien Holder
(One Time Fee)
$89$89
Application
(One Time Fee)
$25.00$25.00
Doc Stamps
(One Time Fee)
3.8321.33
Term 12 months 14 months
Monthly Payment$109.40$489.24
Total of Payments$1,312.81$6,849.33
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