Car Pawning vs Car Title Loan

Lulu Tamboboy

Car Collateral Loan Tips

May 22, 2022

Are you having financial difficulties? You may be considering numerous possibilities for getting out of that situation. There are various options available to help you become organized, including personal loans. Most of them, however, have stringent restrictions and a loanable amount that is restricted to your monthly income. When you factor in the lengthy processing time, it’s not looking so tempting. But what if we told you that as a car owner, you have another, maybe more enticing option for that loan you need?

Car Pawning

Car pawning is a type of secured collateral loan in which your car is used as collateral for a loan that you will receive. This is a very appealing alternative, particularly for individuals who own many automobiles or have cars they don’t use. When compared to personal loans, secured collateral loans often have lower interest rates and similar payment lengths.

However, this may not be the greatest option for individuals who just have one car that they utilize on a regular basis. Car pawning, as previously said, is an excellent alternative for individuals who own many vehicles since it prevents you from utilizing one of them. The lender must hold it as security until the loan is fully paid off. So, if you just have one automobile that you drive every day, this alternative is almost non-existent for you. 

There is, however, a far better method to make use of your automobile’s worth without the drawbacks of car pawning.

Car Title Loan (OR/CR Sangla)

With an OR/CR Sangla loan, you may keep driving your automobile after applying for and being approved. How? A car title loan, such as GDFI’s OR/CR Sangla loan, is an example. Car title loans are essentially secured loans with collateral. Instead of giving up your car, you just utilize the OR/CR. Furthermore, OR/CR Sangla loans come with a number of benefits, including:

  • The procedure is quick and easy. The application process takes about 3-4 days.
  • Good credit history is not necessary because this is a secured loan, and the collateral provided in return for the loan approval covers the majority of the criteria.
  • Large payout. The loanable amount is equal to the majority of the market worth of your automobile (up to 80%).

For you to avail of an OR/CR Sangla loan, the car you will use as collateral should be registered under your name and should be free from encumbrance (fully paid). The amount you can loan depends on the market value of your car. Therefore, the higher your car’s value, the larger the amount you can borrow.

So what are you waiting for?

Now is the time to apply for an OR/CR Sangla loan and learn how much better it is than taking a personal loan or pawning your automobile. For optimal convenience, you may apply right now. Profit from the value of your automobile without the drawbacks of car pawning or traditional bank loans.