Should You Pawn Your Car’s OR/CR?

Lulu Tamboboy

Car Collateral Loan Tips

May 22, 2022

Should You Pawn Your Car’s OR/CR?

It’s not always simple to put money aside for a rainy day, and there may be times when you’ll need to pawn a precious item or two to supplement your income. Small commodities like jewelry, as well as more substantial assets like real estate, are accepted as collateral.

Even cars, which are depreciating investments, can be pawned. The borrower takes out a loan in return for the lender taking physical ownership of the vehicle, which is then stored until the debt is fully paid.

The loanable amount will be determined by the vehicle’s fair market value, which includes depreciation. In the COVID-19 age, the arrangement is no longer sustainable, as personal transportation has become more crucial than ever. So, the question is, is it possible to get credit without having to give up your car? 

Yes, you may do so by using the car’s original receipt and certificate of registration, often known as the OR/CR. This has a number of benefits, such as the following:

  • First, you will not have to give up actual control of your car because these documents will serve as collateral. You’ll have the finances on hand in case of an emergency, and you’ll be able to prevent disruptions in your routine like traveling to work or weekend family getaways.
  • Second, having the car with you might aid in debt repayment. Rather than being a parked asset, your car might help you generate money on the side by joining a transportation network or delivering packages. You may also rent it out, which, as long as you have enough precautions in place, can be a nice source of additional revenue.
  • Third, obtaining an OR/CR collateral loan is simple. Even with a poor credit history, a car owner may get a loan, and the approval and payout processes are both swifts.

When applying for an automobile collateral loan, look for lenders like Global Dominion Financing Inc. or GDFI that make the procedure simple. All you need is a valid ID, proof of income, a billing address, and the OR/CR of your car. Your cash might be available in as little as three business days if your paperwork is in order.

Emergencies are unavoidable in life, but you don’t have to give up your vehicle in return for cash assistance. The OR/CR collateral loan from GDFI ensures that you retain the comfort of personal transportation while also allowing you to turn it into a valuable asset.

For further information, go to the GDFI website.