Key Differences between Pawning and Car Collateral Loans New Westminster British Columbia

People who need fast cash can either pawn valuables or apply for car collateral loans New Westminster British Columbia. The former is financing dependent on the item’s value while the latter is a loan based on the vehicle or collateral’s value if it was to be sold. While both work on the premise that the money lent to you is based on your collateral, there are key differences between the two.

Differences between Title Loans and Pawning

  • Item remains with the pawnshop. One thing that sets the two loans apart is that when you pawn a valuable, the pawnshop keeps the item and will return it once the loan is paid in full, along with interest. Title lenders allow you to keep your vehicle and will only hold on to the car ownership title.
  • Title loans have more paperwork. When you pawn an item, you just present the item, fill up a form and wait for the money. If you’re applying for a quick car loan, you’ll have to present the collateral, the ownership title, and registration, valid IDs, proof of insurance and employment.
  • Type of vehicles accepted. Title lenders typically accept cars, trucks, and motorcycles as collateral. Pawnshops usually accept all vehicles, including RV campers, boats, and farm equipment.
  • Loan duration. You’re usually given a few months to pay off the fund you got from pawning a valuable. While title loans are also short-term, it can be amortized for one to five years.

Faster than the Competition

No other lending company offers loans as high as Canada Car Cash. Since the company only offers title loans, they can lend more with fewer requirements. They also have the lowest interest rates around and have loan terms of up to 7 years. Log on to their website to apply or call their toll-free number 1-844-598-7631.

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