How to Put a Car in a Pawn Shop and not Lose It?

Pinterest Google+

Pawn shops issue loans secured by valuable items. In a pawn store, you can get money backed by a car.

Usually, it takes about an hour to get such a loan and only requires a minimum amount of paperwork – pawn shops are not interested in your credit history or income level. However, the interest rate will be higher than at the bank. If you do not pay off the loan on time, your car will be sold.

The main thing to do is to only contact legal pawn stores. If an organization is not listed in the country’s regulatory body’s registry, it is an unlicensed lender. It is unsafe to contact them – you could end up with inflated interest rates or no car.

Photo by Youssef D on Unsplash

How to Get a Loan from a Pawn Shop?

  1. Fill out an application online or in person at the store.
  2. At the office, staff members estimate the value of the car free of charge and determine the maximum amount you can borrow.
  3. If you are satisfied with the offer of จำนำรถ, the pawnshop will keep the car and issue you a security document in paper or digital format. It should include a description of the vehicle and its estimated value, as well as the terms of the loan:
  • The amount;
  • The deadline;
  • Full cost of the loan and interest per year (that is, amount of your maximum repayment);
  • Penalties for late payment;
  • Early repayment rules.
  1. Pay off the debt within the time limit specified in the agreement and get your car back.
logo pawn shop
Photo by Acton Crawford on Unsplash

What terms can I use to borrow money from a pawnbroker?

A loan from a pawnbroker can be obtained for up to one year. The amount depends on the condition and age of the car, but it will definitely be less than the market value of the vehicle.

You can view the maximum interest rates allowed on loans by pawnbrokers and their average market prices on the website of the national bank – the regulator updates every quarter.

Previous post

Elevate Your Manchester Experience: A Limo Adventure Like No Other

Next post

How AdBlue AffectsThe Environment

No Comment

Leave a reply

Your email address will not be published.