BORROW THE MONEY YOU NEED TODAY
Pawning your vehicle turns your car into cash
At select stores, we provide vehicle pawn loans on many types of vehicles, including cars, trucks, RVs, vans, motorcycles and more.
You can get cash right away and leave your vehicle to us as collateral. Your vehicle will be safely stored in our facility until your pawn loan is paid and you pick it up. We offer extensions and renewals, where permitted by law, for greater flexibility.
GEM does not provide title loans- any vehicle used for a collateral loan must be left in GEM's control with insurance intact and all documents related to the vehicle provided. Car must be fully owned by pawner- no leased vehicles or untitled autos.
HOW TO GET A VEHICLE LOAN?
Car Pawning Requirements
• Title must be lien-free (clean title in the name of the customer completing the loan transaction)
• Copy of driver’s licenseRegistration and plates must be on the car
• Vehicle must be insuredAll documentation above must be in the same name
• Vehicles cannot be pawned under a company name
• Must understand this is a collateral loan, not a title loan
• Interest rate: 4%
• Parking fees are additional and vary by location
(Due to parking restrictions, while any store can assist with an auto pawn, the vehicle must be brought to one of our Long Island branches to complete the loan transaction)
• Two keys are required
Considerations Before Pawning Your Vehicle
Think carefully before deciding to pawn your vehicle. Assess its condition, as this affects both appraisal and loan amounts.
Ensure you have all the required documents, like the car title and proof of insurance, for a smooth transaction. Also, weigh the impact of not using your car during the loan period and potential costs if the loan isn't repaid.
A thorough consideration ensures you're choosing the right lender and are prepared for any situation.
Frequently Asked Questions about Pawning Your Car
Do you do title loans?
No. GEM Pawnbrokers does not provide title loans. Any vehicle used as collateral for a loan must remain in our possession, with insurance intact and all required documents provided. You get the cash you need while we safely store your car until the loan is repaid.
What types of vehicles can I pawn?
We accept a wide range of vehicles, including cars, trucks, vans, and motorcycles. As long as the vehicle is wholly owned, insured, and titled in your name, we can provide an appraisal and loan.
Can I still drive my car during the loan?
No. Since this is a collateral loan, your vehicle remains in GEM’s secure facility until your loan is fully paid off. This ensures your asset is safely stored while you access the funds you need.
Do you do title loans?
You’ll need the clear title, current registration, proof of insurance, a valid driver’s license, and two sets of keys. All documents must be in your name to qualify.
Do you only offer car pawning loans?
Not at all. While loans with a vehicle as collateral are one of our services, GEM Pawnbrokers also provides fast cash loans, trusted estate buying services, and traditional pawning on jewelry, watches, electronics, and more. We give New Yorkers multiple ways to access quick cash when they need it most.