Whats The Difference Between Title Pawns And Title Loans?

You may be wondering what is the difference between title pawns and title loans, here at TFC Title Loans we are here to help you and explain.
A title pawn loan and a title loan are basically the same things, they will both use the equity that you have in your vehicle, to get you the money that you need.
With title pawns and title loans, they will both use the wholesale value of the vehicle from the Kelly Blue Book, to find out the market wholesale value.
Difference Between Title Pawns And Title Loans
With a title pawn, you will use the title of your vehicle as collateral so you can borrow money against your vehicle. Generally, with title pawn loans, they are less likely to do a credit check.
Your title will still be used as collateral to secure the loan that you are getting. Title pawn and auto pawn are two different things, with a title pawn loan you get to keep your vehicle, and with an auto pawn, you have to give up the use of your vehicle.
With a title loan, you still use the title of your vehicle as the collateral to secure the loan, which is the same as a title pawn. To qualify for a title loan is not based on your credit score, but a check is done.
A credit check is done to verify that you are not in bankruptcy, and you are not in credit counseling, it is to protect the lender. Also, the lender needs to know that you have the financial capability to repay the loan.
Here at TFC Title Loans, we have a large referral network, and all of our partners are in compliance with the CFPB, they are responsible lenders, and they make sure that the title loan that they are giving you, will fit within your monthly budget.