What’s The Difference Between A Bank Loan Vs. Title Pawn?
There are significant differences between a bank loan and a title pawn. Title pawns are short-term loans designed to cover emergency expenses, and bad credit will not hurt your chances of getting approved. You can also get your money faster, and the application is simpler than when you apply for a bank loan. In this post, we’ll talk about these differences in more detail.
Here’s What’s Different Between A Bank Loan And A Title Pawn
1. Your Credit Score
One of the differences between a bank loan vs a title pawn is that your credit score is usually a major factor in approving or rejecting your application when you apply for a bank loan. On the other hand, you do not have to worry about your credit score when you apply for a title pawn. This is because the qualifying requirements don’t include good credit but are based on the value of your vehicle’s title. Georgia Auto Pawn, Inc. is happy to accept good, bad, and nonexistent credit.
2. Wait Times
Another key difference between a bank loan vs. a title pawn is the wait time. When you apply for a traditional bank loan, you will often have to wait days or even weeks to know if your application has been approved or rejected. When you apply for an auto pawn though, you do not have to wait long at all. With Georgia Auto Pawn, Inc. you’ll know the approval decision in as little as 30 minutes and get your cash either on the same or the very next business day.
There are lots of reasons why people apply for bank loans. Usually, though, it is because they are making a large investment such as opening a business or buying property. This is another difference between a bank loan vs. a title pawn. While bank loans are used as a long-term investment option, title pawns are meant to be an alternative solution to short-term financial problems. That’s why many people use them to cover emergency expenses and avoid long-term commitments.
4. Required Items
There are lots of forms and paperwork that you will need to bring with you when you apply for a conventional loan. This is not the case though when you are applying for a title pawn with Georgia Auto Pawn, Inc.
There are just a few things that you need to bring with you when you go to your Georgia title pawn appointment. Make sure that you have:
- Your driver’s license or a government-issued photo ID. This is to verify your identity and age (you should be at least eighteen years of age or older).
- The lien-free title to your vehicle. Make sure your car is fully paid off and it shows on your title. If you’re still paying off your vehicle, you’re not qualified for a vehicle title pawn.
- The vehicle itself so that a title pawn specialist agent can inspect its condition and determine its value. Based on that, they’ll tell you how much cash you’re qualified for.
5. Application Process
The biggest difference between a bank loan vs. a title pawn is probably the application process. When you apply for a traditional bank loan, you’ll have to deal with different bureaucratic hoops and complicated paperwork. When you apply for an auto pawn with Georgia Auto Pawn, Inc., the process is so much easier.
You can get started by calling the store location closest to you to talk to a title pawn agent. The other option would be to fill out the easy online inquiry form to get started. This will collect your basic information and send it to the nearest store location. When you do this, you just have to sit tight for a few minutes and wait for a call from a store representative.
When you get this call, the store representative will want to talk to you to confirm the basic information that you submitted in the form, and they are also going to want to help you schedule an appointment to come in and complete the application process.
When you arrive for your appointment, your representative will just have to do a quick inspection of your vehicle to determine its condition. After this, they will be able to answer any lingering questions that you have about the title pawn application process, and they will be ready to walk you through the last steps of the application.
Once you have submitted the application, you just have to sit tight and wait a few more minutes. Once your application has been submitted and processed, the funds will be available to you either on the same or the very next business day at the latest.
Submit Your Inquiry Today
There are drastic differences between a bank loan and a title pawn. If you need fast cash and have poor credit, getting a title pawn with Georgia Auto Pawn, Inc. may be a more convenient option to consider. And if you’re ready to proceed with title pawning, just call us at 800-514-2274 or submit the online form to get the process started!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.