Selling vs. Pawning a Car
– Shop 6c, 3 Victoria Rd, Parramatta –
Pawn a Car, Don’t Sell it: Selling vs. Pawning – What is the Difference?
At E-Pawn, we specialise in providing fast cash loans using your car as collateral. Our streamlined process allows you to quickly access the funds you need without the hassle of credit checks. Simply bring your car and required documents, such as the car title and your ID, and we will offer a competitive loan amount based on your vehicle’s value. With flexible repayment terms and secure storage for your car until the loan is repaid in full, E-Pawn offers a convenient and efficient solution for your financial needs.
Don’t Regret Selling Your Car When You Can Pawn It
Before discerning the pros and cons of each, it’s important to understand the differences between selling and pawning. When you pawn a car or motorcycle, you put it up as collateral in exchange for a short-term loan, usually up to 90 days. You have the option to pay that sum back, together with an agreed interest amount, within an agreed period. Once paid, your pawned car or motorcycle is returned to you.
This quick turnaround time is especially beneficial in emergency situations or immediate financial needs, such as:
- Urgent bills;
- Education costs – including school fees, uniforms, stationery or tech items;
- Car expenses – including repairs, rego, tyres or insurance;
- Family emergencies or funeral costs;
- Medical bills, even Vet bills;
- Legal expenses, even for bail
- Moving costs – including rental bond, body corporate fees, transport;
- Home repairs and renovations;
- Travel, holidays and accommodation;
- Gifts for those you love;
- and more…
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Benefits of Pawning Over Selling
Obviously, when you sell something you own, it is gone unless you can buy it back at a later date. This can be heart-breaking, particularly if the goods have special meaning to you, like a family hand-me-down, a beloved boat, or a classic car you’ve restored. If you need a short-term loan, getting a pawn loan is often a viable solution to cash-flow problems. However, if you are unsure about repaying the loan within the contract period, a pawn loan may not be suitable for you.
Quick and Easy Appointment Process
To ensure a very quick process, we work by appointment and usually require some photos of your car or motorbike in the first instance to get a good idea of its condition and value. Additionally, we ask for details of your registration so that we can perform a provenance search. This way, when you arrive, we can have the paperwork and cash ready to go.
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Once we assess and verify your ownership of the goods – its registration and history status – and your identification – we will let you know how much we will lend against your it • the interest rate we will charge you • and the final terms of the loan.
No Credit Checks Required
Note that when you pawn something, you temporarily surrender it to the pawnbroker, who holds it as collateral until the loan and interest are fully repaid. This is why we don’t conduct credit checks and why your credit score doesn’t affect your ability to get a loan with us. The amount you can borrow against your car, motorbike, truck, boat, or other valuable asset will largely depend on its age, condition, usage, service history, and market value. Our loans typically have a 90-day duration, with possible short-term extensions under certain circumstances.
Once we assess and verify your ownership of the goods – its registration and history status – and your identification – we will let you know how much we will lend against your it • the interest rate we will charge you • and the final terms of the loan.
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Frequently Asked Questions
Question: A pawn Shop loans a good option for everyone?
Answer: Pawn shop loans provide a rapid and straightforward solution for those who need immediate cash, bypassing the need for credit checks or prolonged approval procedures. With minimal documentation required and the advantage of receiving funds right away, these loans can be an efficient choice for individuals seeking quick financial relief. However, it’s important to consider if the short-term nature of these loans and the need to temporarily surrender your asset as collateral align with your financial situation and needs.
Question: Is E-Pawn a Pay Day Lender?
Answer: No. E-Pawn is Not a Payday lender. Unlike payday lenders, E-Pawn does not lend money based on your next paycheck. Payday lenders require you to arrange for your employer to pay your next paycheck, or part of it, to the lender in repayment of your loan. This process often involves assessing your credit rating, your employer’s financial stability, and your term of employment, which can take time. Additionally, payday loans come with several risks, such as unaffordable repayments, multiple applications, and high establishment and management fees. These loans are typically unsecured, meaning the lender can initiate legal proceedings if you can’t repay. If your credit score is already low, applying for a payday loan could impact it further, as each loan application and repayment is recorded on your credit report.
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E-Pawn is a high-value collateral lender that specialises in pawning Cars | Motorcycles | Boats and Trucks. We also pawn Machinery | Recreational Vehicles | Bicycles | Caravans | Trailers | Farm Equipment and even Aircraft.