In life, unforeseen things can unfold at any time and you’ll find yourself short of cash to get the ends meet. At such circumstances, you’ll surely look for the alternatives to borrow quick cash loan. To get a short-term cash loan quickly, banks and other traditional financial institutions may not be helpful because they have lengthy procedures in place. However, auto pawn loans are a speedier option to borrow money against vehicle without credit check.
The beauty of auto pawn loans is that they can be easily availed even if you’re insolvent or have a bad credit. What’s more, there are no long procedures involved when you want to borrow money against your vehicle and you’ll get cash in your hand within a matter of minutes. If you want to avail an auto pawn loan then here is what you should know:
HOW DOES AN AUTO PAWN LOAN WORK?
When you want to avail an auto pawn loan, you can bring your vehicles such as a car, van, Ute, SUV or any other automobile to the auto pawnshop. Then after, your vehicle will be evaluated by a professional team at the pawnshop and offer you a loan amount. Suppose you agree to the offer made, you’ll be given the loan amount in exchange for your vehicle collateral. There are no time-consuming procedures in place, all you have to do is, fill out a simple form once you agree to the loan amount and you’ll be given cash instantaneously.
HOW CAN I QUALIFY FOR THE AUTO PAWN LOAN?
Qualifying for the auto pawn loan is easy; you just require the below mentioned:
- Bring your vehicle that you intend to keep as collateral, as well as, your vehicle’s rego papers or ownership documents.
- Bring along valid photo identification.
HOW TO CLAIM YOUR VEHICLE’S OWNERSHIP BACK
Typically, a short-term loan is provided for 3 months duration and you can pay off the interest on a monthly basis or everything (i.e. interest for all 3 months and principal loan amount) at the end of the 3-month term. You’ll get your vehicle’s ownership once you fully pay back the loan with its accrued interest.
WHAT’S IN STORE IF YOU DON’T PAY BACK YOUR AUTO PAWN LOAN?
Non-payment of your auto pawn loan won’t affect your credit score in any way, but you’ll lose your vehicle’s ownership. The pawnshop will retain your vehicle and sell it on the open market to recoup their loan amount and interest also booking a small profit, which will aid them to stay in this business so that they can help others who are looking for pawn car loans.
AUTO PAWN LOAN ADVANTAGES
- Speedier loan approvals: Auto pawn loans are quick and trouble-free, which is the core advantage. The whole procedure is simple and can be finished in minutes. As soon as you hand over your vehicle along with the filled form, you can obtain cash on the same day.
- No need to fret: Sometimes life can pitch a few storms and if you’re going through financial hardships, a loan against the vehicle from an auto pawnbroker can be quite handy to avail with minimal procedures in place. Even if you have a bad credit history, you qualify for the auto pawn loan, as credit checks aren’t carried out.
Thus, availing loan against vehicle collateral is an easy and completely hassle-free process. When nothing is working out for you to obtain a quick cash loan then you can always resort to an auto pawn loan.
When you need funds urgently, Pawn a Car can provide you with a cash loan against car and thereby help you to get back on track as soon as possible. So when you need any help concerning an auto pawn loan, feel free to call us at Pawn a Car on 02 9683 2857 and we’ll be glad to help you.