Do I Need a Title pawn or a Bank Loan?

Many people are in dire need of money during the economic downturn. However, they have limited options. Private loans are often criticized by those who believe that they can’t co-exist with title pawns and bank loans.

Both types of loans can be helpful in some situations while being detrimental in others. A bank loan may be more beneficial in certain situations, while a title online pawn might prove to be much more useful.

These 5 questions will help you decide which one is best for your situation.

Title Loan Near Me with No Credit Checks

You Need to Ask Questions When Choosing Between a Bank Loan and A Title Pawn Online

  • What amount of money do I need?

The maximum pawn amount that you are eligible for is one of the most important differences between a personal loan and a title pawn. The maximum amount you can get from a title pawn is determined by the equity in your vehicle and your income. This can vary between lenders. Personal bank loans can be as high as $100,000, depending on your credit history and the bank.

A title pawn is an option if you have more equity in your vehicle than necessary to resolve your financial problems. For many people who are affected by the economic downturn or the coronavirus pandemic, a bank loan may not be available.

  • What is the best time to get the money?

If you need emergency cash quickly and don’t want to go through bureaucratic hoops or risk your credit rating, online title pawns may be an option. It’s easy to get started and you can complete the entire process in less than an hour once you arrive at the office with your vehicle for review.

The best thing about a title pawn is how fast you can get it. The process at Capital Title has been simplified to make it as quick and easy as possible. Most importantly, the borrower will get the money that they qualify for the same day they complete the process.

Bank loans are more complex and can take up to three weeks. The waiting period for money to clear the bank can also be up to five business days. A title pawn is a better option if you have a tight schedule and require money quickly. A bank loan should not be overlooked if you have a longer time frame to get money.

  • What does my credit look like?

Your credit score is a major factor in how likely you are to be denied a loan. The biggest difference between a bank loan or a title pawn is how your credit score affects your approval chances.

A title pawn can be approved for any credit type, even those with poor credit scores. However, it is almost impossible to get a bank loan if you have bad credit. Your credit score does not affect your chances of approval by Capital Title because there is “no credit check” conducted.

  • Can I Risk Lowering My Credit Score?

Many people can apply online for title pawns even if they have great credit. Title pawns are not like bank loans and are therefore private. Most lenders, including Capital Title, don’t report to credit bureaus. Title pawns are not reported to credit bureaus and do not pose a risk of lower credit scores.

A title pawn is a better option than a bank loan if you want to keep your title pawn private and not have it affect your credit history in any way.

  • What are the Approval Opportunities for My Income?

Your income is another important factor in determining whether you are approved for a bank financing. Title pawns can be secured by collateral provided, so your importance is diminished. You aren’t required to prove income with a car title pawn. Capital Title will ask you for proof of income if you have a monthly income of $1,000 or higher. This increases your chances of getting more money.

The stability of your income will play a major role in whether you are approved for a bank loan. But with a Capital Title pawn, you may still qualify for title pawn even if your income is not stable.

How to get a Title Pawn Online

Capital Title allows applicants to apply online, or you can bring your vehicle and any documents to one of two office locations near the Tallahassee FL area. We can accurately assess the equity value of your vehicle by performing a 5-minute inspection.

It’s easy to get started – all you have to do is fill out an online form. The online form will send your information to a qualified pawn representative, and they will call you with additional instructions.

Bring your qualifying vehicle to the office. A pawn representative will examine your vehicle and all documents to determine whether you are eligible. If approved, they’ll guide you through the final steps. Once the agreement is signed you will have your check in your hand immediately.

Apply Online for a Title Pawn Now!

If you need emergency money quickly and don’t want to go through bureaucratic hoops or risk your credit rating, online title pawns could be an acceptable alternative to a bank loan. It’s easy to get started and you can complete the entire process in less than an hour.

Still have questions please call us at our West Location (850) 219-2274 or our East Location (850) 297-2274 and let our qualified friendly staff walk you through the process.