Everything You Wanted To Know About Boat Title Loans!
If you own a boat or watercraft, and are in need of cash, you can consider the choice of a boat title loan. As the name suggests, boat title loans are offered against the boat you own, which serves as the collateral. The money from such loans can be used for almost anything – to meet your day-to-day expenses, to pay off bills, or to consolidate debts. Most boat owners don’t always use their boats extensively, and with boat title loans, it is easy to get a loan in no time. These loans are usually offered by pawn shops and lenders, who offer short-term advances. Here’s more on every aspect that customers need to know.
When to consider boat title loans?
No matter whether you need cash for personal needs, or want money to pay for boat repairs, these title loans are quite handy. This is almost like taking money from someone you know. Unlike traditional lending, where the employment status and credit score of the applicant are considered to be extremely important by lenders, boat title loans from pawn shops are easy to get. You just need to bring the boat, or contact the pawnshop, and they will send someone for evaluating the price. The offer can be a part of the current market value, and you can accept the entire amount or a part of it, depending on how much you need.
Things to know
Note that these boat title loans are also called pawn loans, because boats don’t always carry a title in some states in the US. All the relevant aspects remain the same. In case of auto title loans, the vehicle doesn’t have to be stored with the lender or pawnshop, because the loan is on the title and not the vehicle. However, for boat title loans, you have to give the boat to the lender, because the boat is the collateral. When you make the repayment in time, you will get back your boat.
Dealing with pawn shops
Find a pawnshop that will offer loans on all kinds of boats, including canoes and kayaks. Ensure that the process is a fair and quick one, and you should be able to get hard cash on the spot. Check the terms and conditions of lending in detail before you take the final call. Read the repayment contract too, and ensure that you will have enough money to clear the amount.