Auto Pawn Loans in Clarence-Rockland: Borrow Rather Than Sell Your Vehicle - Instant Loans Canada

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Auto Pawn Loans in Clarence-Rockland: Borrow Rather Than Sell Your Vehicle

Apr 09, 2014

When it comes to financial emergencies, your vehicle can be your angel. You can use it for a loan or you can sell it so that you can have money to pay your finances. But which is actually better: selling your car or borrowing against it?

Selling Your Car

Having a cash problem can ultimately force you to sell your car. I cannot blame you because I have thought of such option several times – especially when I did not have too many financial options to sort out. Perhaps you can sell your car for some amount of dollars (thousands maybe). However, you have to face the fact of losing your vehicle in the process. You cannot just sell a portion of your car. Or maybe you can do that – like selling your car’s transmission, for example. While there are buyers who are interested in car parts, what this will bring you as a consequence is that your car will be useless. You cannot drive it without a transmission obviously. You just have two options then: sell your car as a whole or not sell it all.

Unfortunately, the disadvantage of selling your vehicle to generate enough cash for some urgent finances is that you won’t have a means of transportation – when getting to work or going to school.

Furthermore, the process of selling a vehicle takes time. Buyers would want to test the vehicle first and most often they would haggle hundreds to thousands of dollars over the price you have in mind. Perhaps by the time you sold your vehicle, it is already too late to fund your urgent expenses.

Using Its Equity For Clarence-Rockland Auto Pawn Loans

Another option is borrowing against your car. This is done through utilizing auto pawn loans. Auto pawn loans are loans which are based upon the value of the vehicle given by the borrower as collateral for the loan. Here, you get to keep your car and use it while you are slowly repaying the loan.

The advantage of auto pawn loans is that the application process is very streamlined. You can have the loan within a day after you apply for it. This makes Clarence-Rockland auto pawn loans great solutions for urgent cash problems such as rental fees or mortgage payments.

In addition, there are no credit check requirements so you won’t be denied of a loan in case you incurred a bad credit due to poor payment habits in the past.

Lastly, you can borrow as much as $25,000 depending on the value of the vehicle you use as collateral. And you are not required to max out your loan. You have the option to borrow only as much as you want – making repayments so much easier.