Pawning a car title loan is also known as “installment loans” or as an “auto pawn.” This process isn’t much different than pawning anything else except for that you don’t give them the car to hold. Since you’ll still be in control of the car you’ll still be able to drive it unless the company allows you to park it in a specified place.

To start the process you’ll need to fill out a form, which can be done online. This tells the company who you are, what your contact information is and information about your vehicle. Kelly Blue Book and the Black Book will then be used to determine the vehicle’s wholesale value. They will then find a lender that’s able to give you the money you need at the best interest rate. You’ll then be informed and allowed to decide what to do.

Whenever you decide to accept the loan you’ll need to have a government issued photo ID, a free and clean title, 3 references (not family members or relatives) and your Social Security card. The underwriter will then review the loan’s quote with you, as well as its interest rate. This is a monthly, not yearly, rate that’s based upon the loan’s amount. You’ll need to make monthly payments for the duration of the loan, which will cover both the amount of the interest rate, as well as the principal itself. The underwriter will also need to verify the vehicle’s condition and what the odometer reads (mileage). Once the loan is made and the contract is signed the company that is making the loan to you will then become the lien holder until you pay off the loan.