Riding an ATV can be a great weekend hobby. Throwing mud or sand all over the place may be just what you need to relieve the stress of a hectic week. With that said, have you ever thought of your ATV as a source of cash?
There is no way I’m selling my ATV! If that’s what you’re thinking, you won’t have to sell it and get cash. You can borrow against it through a title lender. Let’s explore how this works.
Loan against your ATV
You may think that title lenders will only work with people who have traditional 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. However, if it is worth at least $ 500 or so, some title lenders will work with you to provide the loan you need. They will do this through a pawn loan, which means you can get cash just for letting someone keep your ATV. Think of it like lending your ATV to a friend in exchange for some money, only this friend won’t harm you!
How much can I borrow?
The amount you can borrow is based on several factors. These include the value of the ATV and the rules that the chosen title lender has.
Many title lenders offer loans starting at a few hundred dollars. Again, this would be done as a pawn loan, but can be done through a title lender. This could turn your ATV into a great source of income to pay a cell phone bill, a utility bill, or to keep your car payments current.
Of course, you can also borrow more than a few hundred dollars if the value of your ATV allows. Just ask the lender to assess your value and see how much cash you can get!
Example
Suppose you own a 2011 Can-Am DS 250. A quick review on eBay shows that this ATV currently costs $ 2,550. Suppose this is what the ATV is really worth.
If your title lender offers you a $ 2,000 pawn loan for your ATV, you could get the cash you need to pay any realistic bills and more. However, you wouldn’t have to accept the full $ 2,000. You could opt for less than a few hundred dollars, assuming your title lender of choice offers such amounts.
Is it difficult to get a pawn loan through a title lender?
You’re going to have to jump the Grand Canyon backwards on your ATV to get a loan, right? Not quite.
Pawn loans are usually easy to obtain. The title lender will be primarily concerned with the value of the ATV.
Also, the process of obtaining a pawn is usually straightforward. Often times, you will receive your cash the same day you apply, sometimes in as little as 15 minutes.
Conclution
So the process is relatively easy, and you can get cash quickly by using your ATV as collateral. If you need fast cash, this is an option to consider for your loan needs.