D.C. Title Loans
More and more individuals are seeking the assistance of financial lenders specializing in title loans for those looking for places to pawn a vehicle throughout Washington D.C.
As a result, it comes as no surprise at the increasing number lenders opening new establishments just for the purpose of providing these title loans for residents in and around the D.C. area.
The financial lenders that provide these title loan services for those pawning a vehicle title are quite different than a standard âpersonal loanâ offered by an FDIC secured Loan Company, or banking institution.
Companies that are in the business of accepting vehicle titles as collateral, or debt security, are not required to follow the same lending guidelines as most lenders. These establishments report to no credit tracking agencies. Therefore they run no credit checks on the individual wanting to pawn the vehicle.
Since a majority of those seeking the service of a title loan company are already facing issues with poor credit, along with the ease in which they can still obtain the funding they desire, even with poor or less than perfect credit, it becomes quite understandable as to why there are so many individuals using them.
D.C. Title Loan Requirements:
Just as the title loan establishments that provide the financial services are not required to follow the same guidelines of credit reporting that is the industry standard for other lending institutions, the individual applying for the loan has different set of requirements to follow as well.
Typically, any individual wishing to locate places to pawn a vehicle in D.C. will find the same standard requirements for pawning a vehicle in D.C. as they will in virtually any other location throughout the U.S.
The first of these requirements is a clear title for the vehicle in question. There can be no financial liens against the title from the bank, and the title must be in the name of the individual applying for the loan.
Next, the individual must have proper identification such as a state issued I.D. and a social security card. To avoid possible denial of the loan, or simply avoid any type of hassle, it is best that the I.D. be issued from the state the individual is wishing to conduct the loan. For instance, if trying to secure a title loan by pawing a vehicle in D.C., it is best the I.D. be issued from there as well.
Although usually the title loan company needs no proof of employment in order to obtain the loan, they will however ask for the place of employment, phone number, address and possibly directions to it as well. This is simply for contact purposes and/or in cases the individual defaults on the loan and the vehicle is scheduled for repossession.
Virtually all companies specializing in lending money in exchange for a personâs vehicle title will also ask for proof of residence to verify the living address given is indeed active.
This proof can be in the form of an electric bill, water bill, phone bill, or even possibly a cable bill. Because most companies ask for two proofs of residence, it would be advisable to take along another letter/utility bill that includes the mailing address.
Finding the Right Places To Pawn A Vehicle In D.C.
Although there are many different places to pawn a vehicle in D.C., anyone seeking these services should do their homework on each place that interest them as a possible lending establishment.
Not all title loan companies are the exact same as to quality customer service and other fees that may be added into the already high finance charges.
Due to the fact these companies require little or no credit; they in turn charge extremely high rates for lending out money to individuals that are already in financial turmoil.
Be sure the company you are considering doing business with does not charge a rate higher than you can afford to pay back.
Also be sure to call and ask the lender the oldest year of vehicle title that their particular company accepts. There are some that accepts vehicle titles only within the last 10-15 years.
Finally, there is a difference in places to pawn a vehicle in D.C. Some are companies that specialize in title loans and nothing else.
On the other hand, some are pawn shops that may not be as interested in the customerâs financial well-being. Meaning if you were to run into an issue and need an extension, the pawn broker may not be as willing to work with you.
More info: places to pawn vehicles in DC