Frequently Asked Questions

Auto Pawn Chicago

What is an auto pawn?
An auto pawn is a quick and convenient way for people who own their car, truck, motorcycle, boat, or classic car without any liens to get cash using the car as collateral. It allows consumers to use an asset they own (their vehicle) to solve short-term cash flow problems. Auto Pawn loans are used by clients who typically need more than $5,000 fast. Our loans our confidential and do not involve credit. They are based on the wholesale value of the vehicle.

How much can I borrow from an auto pawn?
We lend up to $50,000. The amounts we lend are determined by the wholesale value of the vehicle. Some of the factors we take into consideration are the year, make, model, mileage, and condition of the vehicle.

Why would I do an auto pawn loan over a car title loan?
Since the lender keeps the car during an auto pawn, it is a safer loan for the lender. Thus, an auto pawn lender is willing to lend more money at a lower rate than a car title loan lender.

Can I drive my car during the term of the auto pawn?
No, we hold the vehicle at a secure storage facility.

What is your monthly rate?
We have some of the lowest rates in all of IL as well as the nation. With rates as low as 5% per month, it's easy to see why our customers choose us.

Does my vehicle need to be paid off?
Yes.

Do I need to have good credit to get an auto pawn in Chicago?
No.

Do I need to have a job?
No, but you do need to own your vehicle outright.

What if I am on disability or retirement?
We can still help you.

How long do I have to pay back the loan?
The typical auto pawn loan is set up for 30 days with the option to payoff or renew each month.

What areas do you serve?
If you can get it to us, than we can help you.

Why not just get a Car Title Loan?
When you need a large amount of cash fast, a car title loan just won't work. Unlike, most car title loan companies that only lend up to $4,000, with our auto pawn service you can get up to $50,000 in minutes. And We have the lowest rates!

How long does it take before I get my money?
We can usually give you loan approval within 10- 15 minutes from the time you submit the Loan Application to us (during normal business hours). If you qualify, the loan process takes about 30 minutes from start to finish. However, some loans may take longer due to the type of vehicle and the amount requested. Specialty vehicles like classic cars or boats my require us to hire an outside appraiser, so we can correctly appraise the vehicle and ultimately give you the most money.

Does the vehicle title need to be in my name?
Yes. The car title must have you listed as the legal owner of the vehicle that you intend to use as collateral for the transaction. If you are listed on the title along with another person, give us a call to determine whether or not the other person listed on the title has to apply along with you.

What if I am late on a payment?
If you are seriously late or non-responsive, vehicle liquidation will occur. However, many of our clients are repeat customers and understand that we would much rather you pay your loan in full.