Pawns are a way to get cash quickly by depositing an object of value that can be recovered in exchange for a certain interest on that loan, as long as a deadline is met depending on the conditions of the agreement.
The objects most likely to be pawned are usually jewels and the like, but there is also a wide range of possibilities. Between them, Is the car found? Being a good with a high value, it may not be the first time someone has asked this question.
Well, the answer to this question is that yes you can pawn a vehicle to get money. The operation consists of appraising the vehicle and presenting it as collateral to get the credit and there is two types of commitment: with custody (up to 80% of the value of the vehicle is given and it must remain in the pawnshop) and without custody (only 60% of the value is granted, the owner can keep the car but must pay a fee of rental).
From some entities they warn that the conditions of these loans are usually very harsh for the client and, therefore, they advise against signing them except in cases of extreme need for liquidity.
How is the proccess?
The process of pawning a car it is, in itself, very simple. It is enough to go with the vehicle to the pawnshop in question to have the car appraised and valued, since this value will be the reference that will be followed to obtain the money. From here the conditions, terms and payment are managed.
If the driver agrees, he must present the necessary documentation (such as ID, vehicle ITV, municipal tax …) and deposit the car. Before choosing this option, it is necessary to calculate the interest and the possibility of repaying the loan on time and conditions, since otherwise there are It is much more profitable to sell the car directly on the second-hand market.
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