Riding an ATV can be a great weekend hobby. Throwing mud or sand everywhere may be just what you need to relieve the stress of a hectic week. With that being said, have you ever thought of your ATV as a source of cash?
No way would I sell my ATV! If that’s what you’re thinking, you won’t have to sell it to get cash from it. You could 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 own traditional vehicles. However, a title lender may be willing to loan 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, some title lenders will work with you to get you 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 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 your chosen title lender has.
Many title lenders offer loans as low as a few hundred dollars. Again, this would be done as a pawn loan, but it can be done through a title lender. This could make your ATV a great source of income to pay off an overdue cell phone bill, utility bill, or to keep your car payments current.
Of course, you could also borrow more than a few hundred dollars if the value of your ATV allows it. Just ask the lender to appraise your value and see how much cash you can get!
Example
Let’s say you own a 2011 Can-Am DS 250. A quick check on eBay shows that this ATV currently goes for $2,550. Let’s assume 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 would not have to take the full $2,000. You could go with a smaller amount of 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 back over the Grand Canyon 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.
In addition, the process of obtaining a pawn is usually simple. Often, you will 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 using your ATV as collateral. If you need quick cash, this is an option to consider for your loan needs.