Getting A Car Title Loan vs. Pawning My Car

Mar 10, 2022
Title Loans


If you're in need of some quick cash, you might be considering getting a car title loan or pawning your car. Learn more about the different ways of getting a car title loan, what to do if you can't pay off your car title loan, and how pawning your car works.

 

How a Car Title Loan Works

A car title loan is a short-term loan that is typically paid back over a shorter term, such as 12 months. You have your vehicle as collateral for the loan, so if you fail to repay the loan in time, your car will be seized and sold to pay off the debt. But it's important to note that you can only get a car title loan if you own a car and have a clear title to it--meaning there aren't any liens against the vehicle.

 

Pros and Cons of Getting a Car Title Loan

car title loan is an option for those who need quick cash. You won't need to prove income or meet certain credit score restrictions. While this is a seemingly easy solution, there are some downsides that you need to be aware of before making this decision. For one, if you can't pay off the loan in the allotted time frame, the lender will take away your car and sell it to cover the cost of what you owe.

 

What to Do if You Can't Pay Off Your Car Title Loan

There are a few things that you can do if you can't pay off your car title loan. Before you decide to take any action, ask yourself why you didn't pay the loan. Was there an unexpected expense? Did your hours get cut at work? Is your income too high for this type of loan? If the problem is temporary, then try to come up with a way to make extra payments on the loan. The lender might work with you before they start taking steps to repossess your vehicle.

 

How Pawning Your Car Works

Pawning your car is a simple process. In order to pawn your car, you would need to contact a local pawn shop and set up an appointment. Once you get there, you'll need to fill out some paperwork and provide documentation of who owns the car and proof of insurance. You will also need to take your driver's license and proof of ownership (typically, this is a title or registration).

 

The Many Cons of Pawning Your Car

Many local pawn shops will pawn a car, and many will not. Pawning your car is an option if you don't really need it for transportation right now, as you won't get to drive the car while it is pawned as collateral. The downside? You lose ownership of the car. If you want to keep driving it, you'll have to pay back the loan and buy the car back from the pawnshop. Something you don't have to worry about when you get a car title loan from Rapid Auto Loans.

 

Get Started with a Florida Auto Title Loan

It is important to consider the pros and cons of getting a car title loan or pawning your car when you are in need of some quick cash. A car title loan is a great way to access quick money when you are in need.

At Rapid Auto Loans, we offer car title loans throughout the state of Florida. Find out more about our car title loans and the process of applying by visiting our website. If you have any questions, please contact us at 954-960-7097.

 

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What Is A Car Equity Loan

If you have ever taken an auto loan, you may have also heard your lender mention the words “car equity”. But did you ever mind enquiring the meaning of the term, or its significance on your loan? Auto equity is the difference between the current market value of your vehicle and your auto loan. For instance, if the market value of your car is $15,000 and you owe your lender $5,000, your car equity is $10,000. Therefore, a car equity loan is the amount of money you can borrow against your vehicle’s value.

4 Reasons To Consider An Auto Equity Loan

An auto equity loan offers a loan based on the equity that someone has in their vehicle. If they have paid off their car loan and it has a clear and free title, then its equity is equal to the car’s market value. Also known as a car title loan, Rapid Auto helps customers in need of quick emergency cash to stay current on their bills with this car title loan.

Is Rapid Auto Loans Better Than TitleMax For Car Title Loans?

Car title loans offer quick cash to anyone facing a financial hardship who needs emergency money. These loans use the value of your vehicle as collateral. Ultimately, car title loans help keep our customers out of foreclosure, from their utilities being shut off, and out of collections. At Rapid Auto Loans, our goal is to help our customers get the cash they need quickly.

Rapid Auto Loans is Florida's Best Auto Equity Loan Company

If you are in need of fast cash for an emergency car repair, it can be difficult to get approved for a loan with a traditional bank lender. That's where Rapid Auto Loans come in. Rapid Auto Loans is Florida's fastest and easiest way to get approved for an auto equity loan. Here are some of the reasons why people choose to get their loan from us.

Florida title loan

Title loans can be a saving grace when money is tight. Not only do they provide instant cash without lengthy processing periods, but there is no need to provide a credit score. Getting a Florida title loan is just as easy, especially when using a convenient provider like Rapid Auto Loans.

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Many people think that they can never go on vacation again after having kids or paying back student loans. They think it’s just too expensive. Factoring in the cost of plane tickets, hotel rooms, attractions, and food, it’s easy for costs to quickly add up. But that all depends on where you decide to go, and how you get there. Read on for some affordable vacation ideas for the thrifty family.

Rapid Auto Loans is a consumer finance company licensed under Florida 516. The term title loan is used for marketing purposes only.
All loans have a repayment period of 12 months and there is no minimum prepayment penalty. Interest Rates are determined and approved by the State of Florida based on the borrowed amount and the maximum APR (which includes interest rate plus fees and other costs for a year) is 30%. You pay interest only for the time your loan is outstanding. Below is a representative example of the total cost of the loan, including all applicable fees:
3,233.68

APPROVED LOAN AMOUNT

0.00

Government Fee

25.00

Credit investigative Fee

11.55

Documentary Stamp Tax

3,270.23

Total amount Financed

11/1/2016

Original Loan Date

29.07%

APR

316.39

Monthly Payment (x12)

Rapid Auto uses “Auto Title Loans” for advertisement purposes only and provides auto equity loans. The lenders are licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such lenders loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of lenders activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.