Need some money to cover unexpected expenses but have poor credit and do not qualify for traditional loans. If you own a vehicle, you may be able to get the money you need by pawning your vehicle with a title pawn company.

Many people ask this question, and the answer is yes. You are allowed to keep your car if you make your monthly payments on time. The title pawn company does not want to take your car away from you, they just want to be sure that they will get their money back if you do not pay the money borrowed back. What can happen if I do not make my monthly payment on time?

If you do not make your monthly payment on time, the title pawn company has the right to repossess your car. This means that they will take your car away and sell it to get their money back. It is very important that you make all payments on time. What is the interest rate for a Title Pawn? 

A car title pawn does not work the way most pawns work. Typically, when you pawn an item, you leave the item with the pawnshop until you pay back the money you borrow. A title pawn is based on the equity in your vehicle, but you do not have to give up your vehicle to get money with a title pawn. You are only pawning the title to your vehicle. If you have a free and clear title a title pawn company may be an option for you to get money to cover unexpected expenses. 

There are many title pawn lenders available around the Tallahassee, FL area but before you take your vehicle to one it is a good idea to understand what is required to get a title loan and if your vehicle qualifies. 

Different title pawn companies have different requirements. One title pawn company located near Tallahassee FL has three basic requirements. 

1. Your Vehicle - Although they will not keep your vehicle, they will need to see your car to verify the vehicle’s make, model, year, condition, mileage, etc. Bringing your vehicle in for inspection helps to ensure you get the most money for the equity in your vehicle. 
2. A free and clear title in your name - In order to get a title pawn for your vehicle you must not be still paying for your vehicle. Also, the vehicle must be in your name and not in a family members name. If there is a co-signer on the vehicle you will need to have the co-signer with you in order to get approved for a title pawn. 
3. Proof of residency - Although the title pawn may be located outside of Tallahassee, FL you will need to provide proof of residency. Most people will provide a current phone bill or utility bill to show proof of residency. 

The biggest risk in taking a title pawn is you can lose your vehicle if you cannot repay the loan. If you are considering taking out a Title Pawn, then it is important to understand the risks involved and make sure that you can afford to make all of the payments. It is also important to shop around and compare rates between various lenders before deciding. This way you can be sure that you are getting the best deal possible.