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What's the Difference Between a Title Loan and a Title Pawn

March 25, 2020

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Many consumers need cash fast and have very few options. For this reason, a lot of them are willing to do almost anything to get the money they need, including using a pawn shop. Pawnshops might have a purpose, but using a pawn shop to get cash when you are under financial strain might not be the best idea. What's the difference between a title loan and a title pawn? Many consumers confuse the two, but there are big differences that you need to know about.

What Is a Title Pawn?

A title pawn refers to pawning your car title to get money. What actually happens with a title pawn is that you take your car to a pawn shop and they give you a loan. The loan they give you is never even close to what your car is worth and the risks involved are huge. First, keep in mind that when you do a title pawn, you have to leave your car and the title for the vehicle with the pawnshop. You have a specified time to return to pay off the loan you were given. The time frame is typically 30 days, although it can vary from one pawn business to the next. If you don't return, the pawnshop has the right to sell your car immediately, without any kind of warning whatsoever. Most pawnshops don't rely on giving loans to make a profit. They get their money by selling the property consumers use to obtain the loan, so if you pawn your title (your vehicle), you will likely lose it as soon as you don't return to pay back the money the pawnshop gave you. Very rarely will a pawn shop work with you to avoid having to sell your vehicle. They want to sell your vehicle. For them, that's where the money is.

Pawn Car Title

What is a Title Loan?

A title loan, or car title loan, is a loan you obtain from a car title loan company like TitleSmart. Unlike pawn shops, car title loans can be obtained from car title loan companies using your car title. At TitleSmart, we won't ask you to leave your car with us to qualify for a loan. We know that you need your car, even more so when you are under a financial strain, so all we ask is that you leave your car title with us.

Car title loan companies aren't in the business of selling cars, so unlike pawn shops, you don't need to worry about losing your car the minute you have an issue with a loan payment. At TitleSmart, we don't want to sell your car. Our business is making loans to consumers who are in need of cash fast. We understand that an occasional issue might arise that could prevent you from paying your loan payment on time. At TitleSmart, we work with you to ensure you can pay your loan back.

Car Title Loans are Safer
Unlike pawnshops, you have up to a year to pay off your loan from us. That allows you to get the money you without stressing about turning around and paying it back a month later as you do with car title pawn options.

How to Get a TitleSmart Car Title Loan

Getting a car title loan from TitleSmart is super easy. Our title loan experts are here to help you when you need us. We go out of our way to give you the best loan experience you'll find anywhere. Here's what you need:
  • Original vehicle title.
  • Government-issued identification matching the name on your car's title.
  • Proof of residence, such as recent utility bill, cable bill, or credit card statement.
  • Proof of vehicle insurance: We will call your insurer to confirm the details of your policy and have our company name added to the policy as the payee in case of loss. We can also help you get insurance if you don't have a policy!
  • Proof of income or ability to repay the loan, such as bank statements or paycheck stubs.
  • Personal references.
  • Detailed photographs from all sides of the vehicle.
  • Photos of the VIN plate and the odometer.
TitleSmart Title Loan
It's that easy to get a car title loan from TitleSmart. Stop by our office, call us at (954) 404-7306, or fill out the form here on our website. Our car title loan experts are waiting to help you get the money you need today, no credit check involved.

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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