There are two types of car loans that people utilize when they quickly need cash in a financial emergency. The first is a car pawn loan, and the other option is a title pawn in Mississippi. While these two loans might sound similar, the impact they have on your life couldn’t be more different.
With a car pawn, the borrower actually pawns off both the car and the title. The lender then puts the car in a secure location, where it will remain until the loan is paid back. That means while you can get the cash you need quickly, you will be out of an automobile until you can pay the lender back. Not the best position to be in—especially if you require your vehicle to commute to and from work every day.
On the other hand, you only have to give your car’s title for leverage with a title pawn—not the vehicle itself. You just need to provide the lender with a clear title, and they will create the terms of the loan. Pay everything off in the given amount of time, and you will get your title back. This allows you to keep your car while you are making your payments so you can continue to live your life without disruption. To find out if a title loan would benefit you, feel free to visit our website to learn more.