22 Jan Short Term Loan Against My Car
For many people raising cash in a hurry is not as easy as calling a family member and getting relief, it’s a much more painstaking process.
One of the options therefor is an asset based loan and the most common question asked is…
“Can I get a short term loan against my car?”
The answer of course is yes.
Here’s how it works
- Schedule an appointment or drop by
- Bring your car to an office near you
- Get assessed
- Agree to terms
- Drive off with cash
This entire process typically takes under 40 minutes and is pain-free when compared to the logistics of getting a loan from a bank.
When you go to the bank you will also be asked to put up an asset for collateral, in addition to filling out reams of paperwork and having an in-depth background check.
This is simply not an enjoyable experience for most people and a reason why short term loans against cars have become so popular.
Pawn to Drive vs Pawn to Stay
One of the first questions you’ll be asked is do you want a short term loan where you keep your car, or are you willing to have the loan company keep it.
The difference is that when you keep your car it needs to be fitted with a custom GPS tracking unit and the loan repayment rate is slightly higher, as the loan company takes on more risk.
The Pawn to stay option means you leave your car with the loan company in a secure facility and the loan repayment rate is lower.
The typical period for a short-term loan against your car is 30 to 60 days, but longer periods can be negotiated.
If you’re interested in applying for a short term loan simply visit a branch near you where your vehicle will be assessed against its current book value, overall condition and mileage on the clock.
The loan officer will then offer an amount you can either accept or decline.
The entire title loan process typically takes less than 40 minutes and funds are transferred instantly to your bank account.
For more information or to get started please contact us today and schedule an appointment.