Whenever you are going to get some loan, you often have many questions like what’s the requirements to pawn your car title or can I do it entirely online. Understandably, people get confused about loans and their related aspects. If you are a bit unsure about pawning a car title, then it’s time to clear your concept. Continue reading and know how to pawn your car title online step-by-step.
Step No.1 Find your Car Title
As you are going to pawn your title, the first thing you must have in your hand is a clear and free title. So, another lender doesn’t have any lien on it. A car title is a document that gives legal possession of a car to you. People generally keep this document safe with other necessary documents like ID cards and passports. Did you misplace your car title? No worries; you can request a replacement by paying a small fee. It will take some time for your title to arrive at your doorstep. Another simple way is to ask your lender to get this title on your behalf as lenders have contacts. Therefore they can quickly get it for you.
Step No.2 Make Sure your Title is Lien-Free and Clear
When it comes to pawn your car title, then the essential requirement is a lien-free title. If you are paying back your car loan amount, then it means that you are not the car owner but a financial institute. When you don’t own a car, then you can’t qualify for a title loan.
Step No.3 Check Whose name is Written on Car’s title
Some people think that they can pawn a car even when the car owner is someone else, like a sibling or parent. As a matter of fact, you are not entitled to do so. If your car title has your own name, then you are it’s the owner and have every right to pawn it, otherwise not.
Step No.4 Car Inspection Time
Another essential thing to require while you pawn your car title is your car. You will provide necessary information about your car while applying for a loan. These information includes car make, model, mileage, and condition. When you are pawning your car title online, you will provide photos of your car’s front, back, VIN and odometer. Some lenders require car inspection, while others can grant you a loan based on these photos.
Step No.5 Provide Address Details
Your proof of residency is required. You can do this easily by submitting a copy of your utility bill. It’s essential to upload a copy of a utility bill, ID card, and social security card.
Step No.6 Apply
When you are done with all requirements, then you are free to pawn your car title. Within a day, you will get a loan amount transferred into your bank account.
You can handle your immediate cash need through car title loans as they are super fast. However, you should know that your car title is collateral, and the lender has a lien. In case of default risk, you will lose your car as the lender can collect your vehicle and sell it in the open market to recover his debt amount. So, only go with this secured loan choice only when you plan to pay back the loan on time.