4 Things To Know When Pawning A Motorcycle For Quick Cash

Posted on: 21 September 2015

There are times when getting money as quickly as possible is essential. If you have found yourself in a financial crisis and need money right away, consider pawning your motorcycle to a pawn shop. Many people do not realize that pawn shops will actually give you a pawn loan on your motorcycle. The following guide walks you through the steps for pawning your motorcycle to a pawn shop.

Bring the Title to the Motorcycle

When you go to pawn a motorcycle, you must own it outright. There must not be any other lien on the vehicle and you must have the title in hand with you when you come to get a pawn on the bike. You will have to hand over the title to the pawn shop when you get the pawn on the bike so that they can sell the motorcycle if you do not repay your loan.

You Must Agree to the Terms of the Pawn

When you pawn the motorcycle, there will be specific terms and conditions to which you must agree before the pawn shop will give you a pawn loan on the motorcycle. You must agree to repay the loan by a specific date. The shop may allow you to repay the loan in smaller increments over an extended period of time, but there will more than likely be fees or penalties associated with any late payments. There will be a specific late period mentioned in the paperwork. If you do not make a payment by the specific late day extension mentioned in the paperwork, the pawn shop will then have legal ownership of the motorcycle.

Be Prepared to Leave the Motorcycle

Be sure to make arrangements to have someone pick you up from the pawn shop, if you plan to pawn your motorcycle. The motorcycle will stay on the premises until you repay the loan. It will be kept secure and stored properly to ensure that no one steals or damages it.

Be Prepared to Ge the Money You Need Right Away

If the pawn shop agrees to give you a pawn loan on the motorcycle, you will have the money you need right away. The pawn shop will not run your credit or ask you a million questions before agreeing to give you the loan on the bike. The loan will not be for the value of the bike though. The pawn shop needs to be able to make a profit on the sale of the bike, if they must sell it to recoup the money that they gave you for the loan.

You can repay the loan in full sooner than the scheduled payment plan you established dictates, if you want to get your motorcycle back quicker. Visit a pawn shop like Danny's Pawn Shop today for more information.