Here at Xtreme Pawn Shop Salt Lake City, we buy and sell cars for people that need a large loan or just need some fast cash.
Cars are a great form of collateral when getting a loan from us.
If you need fast cash and your credit is less than ideal, pawning your car might be an option for getting money in a tight spot.
A pawn loan typically has lower credit requirements and lower interest rates, but they are designed as a short-term loan only.
Before you pawn your car you should know the value of the vehicle. Do your research by looking at Kelly Blue Book prices, comparable vehicles on KSL cars, or even a CarMax offer can give you an idea of how much the vehicle may be worth. Know that a pawnshop will typically offer you less than resale value because they will be trying to make money off the vehicle if it ends up for sale in their shop. Typically, a pawnshop will give up to 50 percent of what the vehicle is worth. This prevents the loan from being more expensive than the vehicle is worth.
Car Pawn Requirements
In order to pawn your vehicle, you must meet the minimum requirements. These requirements are easier to meet than a typical credit loan, but still are held strictly by pawn shop owners.
Age and ID: You must be over 18 with a valid driver's license or state ID.
Vehicle Ownership: The vehicle must be owned free and clear with the title in hand.
Condition: The vehicle should be in good condition. Our Pawn shops are typically not interested in selling your car for parts, it should be in working condition with no extensive damage to the interior or exterior and pass emissions tests.
Benefits of an Auto Pawn Loan
Auto pawn loans are a great way to get really fast cash. Some in as little as 24 hours and because the car is used as collateral,
they do not have strict credit requirements or paperwork that come with bank loans. Typically, an auto pawn loan starts with a fairly low interest rate, so if you can pay the loan off within the term limits, you may be better off than with a conventional loan.
To pawn your car, be sure to give it a good cleaning, and come to our pawn shop prepared with the title in hand.
After negotiating a fair price, the pawnshop will take the vehicle, store it under lock and key with protective conditions,
and hand you the cash. Once you pay off the loan (with interest) based on the loan terms, the vehicle is returned to you
in the same condition. Sometimes we may be willing to allow you to drive the car while it is being held as collateral.
This requires you to give the title to the pawn shop. However, in any circumstances, failure to repay the loan
according to the terms will result in a loss of the vehicle.
If you don't find what you're looking for here that doesn't mean that we don't have or accept it.
Call one of our Xtreme Pawn Shops in West Jordan, Kearns, or Lindon and see if we have a certain item