[tahoe-lafs-trac-stream] [tahoe-lafs] #1751: Auto Pawn Loans How To Use Your Car As Collateral And Keep It Too

[tahoe-lafs]

#1751: Auto Pawn Loans How To Use Your Car As Collateral And Keep It Too
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 Reporter:  bomwesoly  |          Owner:  davidsarah
     Type:  defect     |         Status:  new
 Priority:  minor      |      Milestone:  undecided
Component:  unknown    |        Version:  1.9.1
 Keywords:             |  Launchpad Bug:
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 You can pawn your car and still drive away in it? An auto pawn loan will
 help you do it. It is a type of secured debt that uses your vehicle title
 as collateral. http://birseks.org If you need a quick loan for an
 emergency and can't depend on your credit rating to get one, you can use
 auto pawn loans to the cash you need without having to give up your
 vehicle.

  How Do Auto Pawn Loans Work?

  We all know how an American pawn shops operates. A pawn broker lends
 money for a fixed period of time to a borrower and holds onto a valuable
 asset that is given up as collateral. Once the customer repays the cash
 and the interest he can get the asset back. If you fail to repay your
 debt, the broker gets to keep or sell the collateral.

  Most pawn transactions use jewelry, electronics, firearms and other small
 valuable items as collateral, but a car title can also be used. Unlike
 traditional pawn deals, you can keep and use the car while repaying the
 loan. A lender takes higher interest rates because he takes a higher risk
 than a pawn shop.

  However, the interest rates charged on auto title loans seem to be
 reasonable when compared to the exorbitant interest rates charged for
 unsecured loans. Most lenders who deal in car equity loans will loan you
 up to a definite percentage of your vehicle's value to ensure that they
 will make their money back if you happen to default the loan. This value
 ranges from 33% to 50% or higher of the value of your vehicle.

  How to Apply for an Auto Pawn Loan

  You can apply for a car equity loan online. It is easy to apply but you
 must make sure the lender has a secure website because you will be asked
 to fill in personal information that could be misused for identity theft.

  Applying online is very easy, convenient and quick. But if you are not
 sure of the security then you have another option. You can try to make an
 application by phone. At some point in the process of applying for your
 auto title loan, you will have to speak to the lender to get approval.

  Approval can come as quickly as a few minutes and you will have your cash
 in hand in just a few hours provided you are ready with all the
 documentation required. The most significant document you need will be the
 one that shows clear car title that you have paid off or nearly paid off.
 This will be retained by the lender as collateral for the loan.

  Make sure you have a plan to repay the loan diligently. Your failure to
 repay your debt could destroy your credit rating further and make it even
 more difficult for you to get loans from conventional lenders.

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Ticket URL: <https://tahoe-lafs.org/trac/tahoe-lafs/ticket/1751>
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