How to Properly Pawn Your Car

How to Properly Pawn Your Car

Pawn shops are well known for being places where you can dump your used items for a small cash return. If you can pick those items up within a few days, most pawn shops hold them before selling them to another person. When most people think about pawn shops, smaller items like pricey jewelry and expensive electronics probably come to mind. However, many general pawn shops Pueblo CO allow you to pawn your own car. This means you are signing over the car note to the pawn shop or another person in exchange for money. While selling your car to the pawn shop can seem like a confusing and mysterious process, it is easy, simple, and possibly lucrative.

Find the Title

If you want to sell or pawn your car, you absolutely need the title on hand. The title of your car is like a little contract that says your car belongs to you. The pawn shop will need that to legally sell the car to a new person down the line.

Decide: Pawn vs Sale

The words can seem interchangeable and often, people use them as if they are. The truth is that they mean very different things. If you want to pawn your car as oppose to sell it, you are agreeing to accept a loan amount and create a contract to slowly pay off the loan and retrieve you can in the end. The car is essentially being held as collateral to ensure that you are going to pay back the pawn shop their money.

On the flip side, if you want to sell your car as opposed to pawn it, that is a different result. You are negotiating a price with the pawn shop broker which starts with your car note. The pawn broker will look over the car and come up with a price based on the value and the condition. You will be offered a dollar amount and you are then able to either accept it and take the cash or try to re-negotiate for a more suitable price.

Bringing your car down to the pawn shop doesn’t have to be a difficult process. Just like pawning your old jewelry, the only thing standing between you and pawning your car is yourself.

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