Selling A Financed Car When The Lender Has The Title Can I Get a Loan On My ATV?

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Can I Get a Loan On My ATV?

Riding around on an ATV can be a great weekend hobby. Bending mud or sand everywhere can be just what you need to de-stress from a busy week. With that being said, have you ever considered your ATV as a source of cash?

There is no way I am selling my ATV! In case you’re wondering, you don’t have to sell it to get cash from it. You can borrow against it through a title lender. Let’s explore how it works.

Borrow against your ATV

You might think that title lenders will only work with people with conventional vehicles. However, a title lender may be willing to lend you money on an ATV through a pawn loan.

If your ATV is worth a few hundred dollars, you probably won’t be able to borrow against it. However, if it’s worth at least $500 or so, some title lenders will work to offer you the loan you need. They will do so through a pawn loan, meaning you can get cash just to let someone hold onto your ATV. Think lending your ATV to a friend in exchange for some money – only this friend won’t hurt it!

How much can I borrow?

The amount you can borrow is based on several factors. This includes the value of the ATV and the terms of your chosen title lender.

Many title lenders offer loans starting at just a few hundred dollars. Again, this is done as a pawn loan, but it can be done through a title lender. This can make your ATV a great source of income to pay off a late cell phone bill, utility bill or keep your car payments current.

Of course, you can borrow more than a few hundred dollars if the value of your ATV allows for it. Just ask the lender to evaluate its value and how much cash you can get!

Example

Let’s say you have a 2011 Can-Am DS 250. A quick check on eBay shows that this ATV is currently going for $2,550. Let’s say this ATV is actually worth it.

If your title lender offers you a $2,000 pawn loan for your ATV, you can get the cash you need to pay any realistic bills and more. You don’t have to take the full $2,000, though. You can get by with as little as a few hundred dollars, assuming your title lender offers such an amount.

Is it difficult to get a pawn loan through a title lender?

You have to jump over the Grand Canyon on your ATV to get credit for it, right? Not exactly.

Pawn loans are generally simple to get. The title lender will be primarily concerned with the value of the ATV.

Also, the process of getting a pawn is usually smooth. Often, you’ll receive your cash the same day you apply – sometimes in as little as 15 minutes.

conclusion

So, the process is relatively easy and you can get some quick cash by using your ATV as collateral. If you need quick cash, this is an option you should consider for your borrowing needs.

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