• Tri County Lending Group, Inc.

Common Questions About Title Pawns


If you currently have a title pawn or you are weighing your options for a loan, you can have a lot of questions. If so, that is okay! Title Pawns can be difficult to understand, so having questions is very normal. Below are a few of the most commonly asked questions that we receive.

1. Do title pawn companies buy vehicles?

- No. Most title pawn companies do not buy vehicles. Title pawns are a loan given to you with your vehicle as collateral. When you take out a title pawn, you are responsible for paying the amount borrowed + interest back to that company. Unless a company advertises that they buy vehicles, do not expect that they do.

2. Can I sell a vehicle with a lien on it?

- NO. Do not sell your vehicle if a lien is on it. It is against the law and can result in legal actions. If you want to sell your vehicle that has a lien on the title, let your title pawn company know that is your plan. They will more than likely agree to let you bring the buyer in with you to help you pay off your title pawn.

3. How do payments work with title pawns?

- You make a payment every 30 days. It is just like if you buy a vehicle from a dealership and you make payments. Once a month, on your due date, you have to make a payment. If you fall behind on your payments, every day you are past due, extra interest gets added plus any late charges the company may add.

4. What are the requirements for a title pawn? (for most title pawn companies - they can vary)

- 18 years old or older

- Your vehicle must be paid off

- You must have the title to your vehicle

- The title must be lien free

- Proof of active auto insurance

- Proof of income (taxes, bank statements, or pay stubs)

- Proof of residency (preferably a bill such as your most recent utility bill)

- Extra Key

- The vehicle must be present

- Your government issued ID

- At least 3 references (addresses & phone numbers needed)

5. What is a lien?

"A lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation."

6. Do I have full use of my vehicle while I have a lien on my title/open title pawn? - Yes, you have full use of your vehicle while you have a open title pawn, but you have limitations at the same time. You are not allowed to remove anything from the vehicle. You must keep your vehicle in the same condition you brought it in when you opened a title pawn

7. What happens if I wreck my vehicle or it break down?

- You are still responsible for paying your title pawn off, even if the vehicle is not in working condition. In some cases, depending on your insurance, they will pay it off. If they do not, it is up to you. If you fail to pay your title pawn off, the title pawn company does have the authority to take legal actions against you.

8. How long does the title pawn process take?

- It depends on the company and their process, but the general time is 30 minutes to 1 hour to get approved, discuss and sign paper work, and receive your cash/check.

9. What if there is 2 people on the title?

- BOTH people have to be present in order to open a title pawn. Both people must have their government issued IDs & proof of residency.

10. Can I get a title pawn on a boat, RV, motorcycle, etc.?

- Most title pawn companies will do title pawns on boats, RVs, motorcycles, etc. Some companies require that you let them hold the collateral, but some let you have free use of it.

11. How do I pay off my title pawn fast?

- You have to pay more than interest. You need to pay towards your principle balance. A good rule of thumb is to pay your interest + your interest. For example: If your interest payment is $70.00 a month, pay $140.00 a month, that way $70.00 goes towards your principle balance.

12. What if I need a payment extension on my payment?

- Most title pawn companies will allow a small extension, between 5-10 days. It depends on the company. Make sure you communicate with your title pawn company if you do need an extension. Communication is key.

Customer Notice: A title pawn is a 30-day agreement, meant to be a short-term financial solution. However, borrowers often extend these pawns over a period of 2 to 24 months, which can be expensive. Title pawn customers have the option to extend their agreement at the maturity date, on the condition that finance charges have been satisfied for the period.

DISCLOSURE: This is a solicitation for a pawn transaction. This is not a guaranteed offer and requires approval. Amount subject to vehicle evaluation. Results and actual pawn amounts may vary. Certain limitations apply. Please see our FAQ page for more information.