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What Is The Difference Between A Traditional Loan And An Auto Cash Loan?

When it comes to borrowing money, it’s always wise to find the best option for your needs, but knowing which pawn option is the best can be difficult. In this article, we’ll help you discover whether an auto cash title pawn through Auto Cash USA’s network of vendors is right for you.

You may consider an auto cash title pawn if your credit is poor or if you need a turnaround quickly on your auto pawn. Our vendors' pawn process takes as little as 30 minutes to complete in person, and you don’t need to have great credit to be approved.

There are some key differences to consider when deciding which pawn is right for you, and this article will highlight the differences to help you make an informed decision.

What Key Differences Distinguish A Traditional Pawn From An Auto Cash Title Pawn?

There’s nothing inherently wrong with traditional loans, as they’re usually backed by a financial institution. In fact, banks make a good deal of revenue by issuing loans each year. The difficulty with these traditional institutions is that they tend to be slow and can be stingy about who they lend to.

That’s all well and good for the lender, but it doesn’t help a borrower when they need urgent cash. As such, there are two main advantages of an auto cash title pawn to consider when you’re thinking about borrowing.

A wooden table and text saying, 'What is the difference between a traditional loan and an auto cash loan?

Quick Application

First, an auto cash title pawn tends to be a much faster option. All you need to do to get started is to fill out the quick request form online. Doing so provides some basic information about you and your vehicle that we can use to connect you with a lender from our network of vendors.

Once done, they’ll go through the rest of the process with you to help you get the quick cash you need.

Credit Leniency

Traditional lenders often require a credit score of 600+ before they’ll even consider lending to you. With an auto cash title pawn, however, all you need is an ID and car title. That’s because auto pawns are secured, using your car’s title as collateral. Doing so alleviates some of the risks the lender undertakes, making credit less of a factor.

Of course, individual approval may vary, but in the majority of cases, our vendors can help you get up to $15,000 cash even with bad credit!

When Is An Auto Cash Title Pawn A Better Option?

Knowing when to choose an alternative pawn option is often a challenge. In general, however, you might want to consider our vendors’ pawns in the following situations:

  • You need urgent cash for an emergency as quickly as possible.
  • You need to cover repairs, bills, or unplanned expenses to avoid late fees and stains on your credit.
  • You don’t have the credit to take out a traditional loan.

Of course, you shouldn’t take this to mean that title pawn lenders are any less reputable. They are still required to be licensed in the state.

What You’ll Need To Apply

If you’re interested in an auto cash title pawn today, then you’ll want to make sure you have the following:

  • Your state-issued ID, such as a driver’s license – Verifying your identity is an important first step and is required by law.
  • Your lien-free title – If your car title has a lien against it, it’s important to remove it before you apply.
  • Your car itself for inspection – All title pawn lenders require an in-person inspection of your vehicle to determine its value. Our vendors offer online title pawns, which means they’ll come to you for the in-person portion of your title pawn!

Title pawn contract and cash, a couple of $100 bills on top of it, there's a small green toy car, and a black ballpoint pen.

Getting Started

If you’re all set to apply, here are the steps to follow:

  1. Submit the quick request form, and we’ll automatically connect you with a trusted vendor.
  2. Wait for their representative to call you back and schedule an in-person meeting.
  3. Head to the meeting with your ID, lien-free title, and vehicle.
  4. Wait for the representative to complete their quick inspection.
  5. If approved, receive your money the same day or the following business day.

Find Your Perfect Pawn Today!

If you’re still on the fence about whether to get a traditional loan or an auto cash title pawn, hopefully, this article has helped you make a decision. If you’re ready to get started with the title pawn process through Auto Cash USA, all you need to do is fill out our online form, and a representative will call you back shortly after with the next steps you need to follow.

Life emergencies can strike out of the blue, which is why our vendors have a lightning-fast application process to get you on your way to a fast cash title pawn as soon as today!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.