Some people seem to think that college life these days is all about going to parties, eating lots of pizza, and attending stupid “easy A” classes. For most, though, things aren’t nearly that simple. The truth is that modern college students have tons of worries. How will they find the time to study for four exams that are scheduled in the same week? How are they going to memorize all those weird formulas for Chemistry? How are they going to get through Great Expectations in time for class discussion?
If that weren’t stressful enough, they tend to have money problems on top of everything else. All those books and classes aren’t free, and they need to eat every now and then, too. It’s not always easy to come up with the cash right away. So, what can you do if you’re in this situation? Here’s an idea you may not have thought of: Pawn your car. It’s a fast, easy way to get some extra money to pay for your college expenses.
Not convinced? If you have doubts about the wisdom of pawning your car, that’s perfectly understandable. It may seem like a drastic step just for some extra money, but many college students have successfully used car loans to get quick cash, and the process isn’t complicated at all. You won’t permanently lose your car, either. Having said that, let’s take a look at what you need to do in order to pawn your vehicle through GEM Pawnbrokers.
- Make Sure You Have Possession of the Vehicle
This means that the car you plan to pawn can’t be sitting in a garage somewhere in Virginia. You need to be able to present us with the actual, physical car. Be sure that you can do this before you contact your pawnbroker. You must also be prepared to hand over the key(s) to the vehicle.
- Make Sure You Have Possession of the Car Title
A vehicle title (sometimes called a “pink slip”) is basically the certificate that says you legally own the car. Issued by the Department of Motor Vehicles (DMV), it includes the name of the current owner, their address, the vehicle identification number (VIN), and the car’s make/model/year. This is an important document, and, for that reason, it should be kept in a safe place.
This is where things can get a little tricky. In order to get a car loan, your vehicle must be fully paid off. That means there are no liens and no future car payments that must be dealt with. If you try to pawn a car that has these issues, you’re basically trying to sell a car that isn’t really yours! In addition, the car title must be in your name, and only in your name.
*Please note that we DO NOT make “title loans” simply on the title of the car. To receive a loan we must take physical possession of the car during the loan period.
- Make Sure You Have a Government-Issued Photo ID
In New York State, obtaining any kind of pawn loan requires the recipient to show a government photo ID, such as a driver’s license. This is intended to prevent people from pawning stolen property or items that really belong to another party. It also helps keep people from trying to claim pawned merchandise that they do not rightly own. Car loans are no exception to this rule. Be prepared to show your driver’s license or another suitable form of identification. Feel free to call us if you aren’t sure if your particular form of ID is acceptable.
When you bring your car to us, we’ll calculate its proper value and extend a cash offer. If you accept it, we’ll take the keys from you and store the vehicle on a secure site. That’s really all there is to it. As we’ve said, it’s an easy way to get your hands on some cash that you can use for tuition or other expenses.
Why Pawn Your Car?
For college students hoping to make money off their automobile, going through the pawn process might seem unnecessary. Isn’t it easier just to sell the car? That may look like an attractive option. After all, people do it all the time, often with help from Craigslist and other websites tailored to this purpose. If you have a vehicle that you don’t need to use—and many college students can get around campus just fine without one—selling it outright can seem like the most reasonable path.
The problem with this approach is that selling a car to strangers can become a much more complicated process than you expected. Sometimes it takes a while to get a valid offer. Sometimes you get stuck with hagglers who invent a thousand reasons why you should lower your asking price. Sometimes the buyer isn’t happy with their purchase and decides to take you the court over it. And what if you decide that you really need a car after all? The new owner probably won’t be willing to sell it back to you.
You can avoid all these complications by pawning your car instead. We’ll help you arrange terms that are acceptable to you, including the length of the loan. If you want your car back, you can simply repay the loan plus interest. Until then, you just have to keep up with your monthly payments, and we’ll hold on to your car for you.
Other Types of Vehicles You May Pawn
GEM Pawnbrokers offers pawn loans for a wide variety of motorized vehicles, including the following:
- Recreational vehicles (RVs)
We’ll keep your vehicle on a secure site for the duration of the loan. With more than 24 branches across New York City, GEM Pawnbrokers should be your next stop if you’re looking to pawn your car. Contact us today to begin the process.