How Title Loans Work in Georgia
March 17, 2021| Peyton Sawyer
Are you wondering how title loans work in Georgia? Then you're in the right place! We are going to walk you through the ins and outs of title pawns so you can figure out whether they are right for you.
Find Out How Title Loans Work in Georgia
What Are Title Pawns?
Title pawns, also known as title loans, are a financing solution that is available to all vehicle owners. The vehicle can be a car, truck, or van but you must be the full owner in order to be accepted for one.
This type of loan is used specifically as a short-term loan. Having said that, longer terms are available depending on the figure of the lump sum.
Many people are confused by the loose terms and feel as though title pawns are too good to be true. Well, this isn't the case.
How Title Loans Work: The General Overview
Learning how title loans work is the key to overcoming the initial confusion and wariness.
In short, title pawns use your vehicle (car, truck, motorcycle) as collateral. This means that the value of your borrowing amount is dependent on the value of your car. Because of this, less weight can be placed on your credit score and salary.
Have a look at the example below to further your understanding.
Title Pawn Example Scenario
You have a car that is worth $2,400. You want to get a title pawn in Georgia. You head to the lender and they also value your car at $2,400. If the lender is willing to lend up to 25% of your car's value, then your maximum loan amount will be $600.
Of course, everybody's situation is different so your final figure will be worked out by us on a case-by-case basis.
How Title Loans Work: The Uses
Once you acquire your title pawn, what can you use it for? Well, it's advised to save these financial aids for emergencies. Most people use them for the following:
- Paying off unforeseen medical bills
- Funding for unexpected but necessary travel
- Paying for urgent home repairs
How Title Loans Work: The Benefits
There are plenty of benefits to acquiring a title loan. Below, you can find a handful:
1. No Checking Account Needed
2. Easy Application Process
Our loan specialists walk you through the entire process. Not to mention that you can fill out the initial application form from home.
3. Fewer Credit Checks
Unlike traditional bank loans, credit scores aren't as important when applying for title pawns. Instead, we look at your rights to the vehicle and your income.
4. Access to Quick Money
The entire process can take as little as 30 minutes! You will no doubt be walking away with the money you need on the same day.
5. You Can Keep Your Car
The biggest misconception about car title pawns is that the lenders take your car away. We can assure you that this isn't the case. You can keep using your car to your heart's content.
How Title Pawns Work: Our Application Process
Here at Georgia Auto Pawn Inc, we have spent a long time fine-tuning our process to ensure it is as simple as possible for you to get the title pawn money you need when you need it most.
Follow the steps below to acquire one of our title pawns:
- Choose whether you want to contact us via the online request form or phone number. If you choose the latter, one of our loan representatives will guide you through the rest of this process. If you choose the online method, head to GeorgiaAutoPawnInc.com.
- Fill in the online request form. It should take no longer than 5 minutes as we ask for basic information only.
- Make sure you pick up the phone when it rings. One of our friendly loan representatives will talk about the rest of the process, define the required documents, and answer any questions.
- Head to your local Georgia Auto Pawn Inc storefront with your vehicle for inspection, lien-free title to your vehicle, and your driver's license (or another form of state-issued ID).
- When you arrive, a loan specialist will conduct a 5-minute inspection of your vehicle and examine your paperwork.
- From this, they will consider whether you can be approved. If you are approved, you will receive your money on the same day and leave with your vehicle.
How Title Pawns Work: The Bottom Line
You now know how title loans work! You're armed with all the information you need to decide whether this financial solution is right for you. If you'd like help with your Georgia title pawn application, get in touch.
Now that you know how title loans work, there’s no time to waste. You can get started today with the help of Georgia Auto Pawn, Inc. and pick up your Georgia title pawn cash the same day you need it.