You might need money depending on your financial situation. If you need fast money and have a property that you can use as collateral, a title pawn may be an option. A title pawn of only a fraction will be granted in exchange for your car, truck, or van title.
Even though it isn’t acceptable for everyone, this type of transaction can provide temporary relief from a dire financial situation. Although title pawn lenders are not likely to conduct credit checks, there may be a reason why your application for a title pawn might be denied.
Why Title Pawn Denies
- No vehicle equity: A major reason why someone is denied for a title-pawn denial is the lack of equity value in their vehicle. It depends on the condition, age, make, and model of your vehicle, as well as how much mileage you have accumulated. There might not be any equity value remaining to borrow against.
- Too Many Outstanding Pawns: You might be denied another title pawn if there is an outstanding title pawn with a different lender or lender. You can only have one title pawn at a time in many states.
- No Clear and Free Title: Many title pawn lenders require that you pay your vehicle in full, and that no owner is still paying for it. The exact requirements vary from one lender to the next. Title pawn lenders are available that will allow you to borrow against your remaining equity even if your vehicle does not have a free and clear title.
- Vehicle Title Not in your Name: To borrow against the vehicle you must be able to prove ownership. If you do not have proof of ownership, your request will be denied.
- Proof of Income: Many title pawn lenders will require proof of income. They need to see that you can repay the title pawn. Some lenders may allow exceptions, but this will decrease the amount of money that you can borrow.
- Vehicle has obvious mechanical or structural damage: A car with serious problems will not sell for nearly the same price as one that is in excellent condition. It is not worth the cost to fix serious defects like cracked windshields, interior or exterior damage, or even fading out.
These are just a few of the reasons why a title pawn lender may not allow you to get a title pawn. It is possible to get a title pawn from a title lender to help you with a financial problem. This can be done by tapping into the equity in your vehicle.
A title pawn allows you to keep driving your vehicle and pay the pawn back. The title pawn is short-term financing to assist with unexpected expenses. To prevent getting into deeper debt, ensure you only borrow what your vehicle needs and that you can repay the pawn within 30 days.
Title pawn Option near Jacksonville, FL
You have many options if you’re looking for a title pawn near Jacksonville. A job may not be necessary. Denial of title pawn is rare as most vehicles have value. Come see us, we offer fast money for your car title!