How Does A Vehicle Pawn Shop Decide How Much To Offer For Used Cars?
A pawnshop is a great place to get cash, especially if you need it quickly. Selling your vehicle yourself can take up to six months. If you need cash immediately, this is not the best solution. A pawn shop is a great way to speed up the process and avoid any delays or problems when you sell your car.
You don’t even have to sell your car to be able to use it to secure a car loan. You will be unable to drive your car until the auto pawn loan is paid off. Regardless of whether you decide to sell or pawn it, Valuing your car is the same.
A car pawn shop will evaluate your vehicle using several factors, including:
- How valuable your vehicle is will depend on the brand you choose. It could be worth more if certain brands are more well-known than others.
- Model: Different models have different values. You could make more if you pawn or sell a highly-demanded vehicle. Crossovers, for example, are extremely popular. You might be able to get more for a crossover.
- Year: The vehicle’s age has an impact on its value. Vehicles less than five years of age are more valuable than those older.
- Mileage: This is how much the vehicle has been driven. It affects its value. A vehicle’s mileage is a measure of its value.
- Interior and exterior conditions are equally important. It can affect the vehicle’s worth if there are any stains, dents, or dings in the upholstery.
Preparing Your Vehicle To Be Pawned Or Sold At A Vehicle Pawnshop
First, you’ll want to find out the value of your car. Online car appraisals are available on a few websites. Remember, you want your car to be valued as honestly as possible. You should only select options and features that work for you.
These websites only provide an estimate of the value they can offer. It is important to consider the different values you could get from these websites, such as:
- Wholesale Value
- Dealer Trade-in Value
- Self Resale Value
A car pawnshop will typically offer you a similar amount to the wholesale price. The wholesale price may be less if the vehicle has not been maintained well, is in poor condition, or is very old.
Next, you need to detail the car. If you were to value a car used, would you be more inclined to give it a lower price if it was dirty than one that was clean? It is worth taking the time to clean upholstery and vacuum the car. This will improve the car’s appearance and increase its value.
After your vehicle has been cleaned up, you should do any necessary maintenance such as:
- Change the oil filter and oil.
- All fluids should be topped up
- Replace the filter.
- Replace your wiper blades.
- Verify that all lights (headlights, turn signals, brake lights, tail lights) are functioning properly.
- Replace any out-of-order lights.
- Ensure that all four tires and wheels are in good condition and match.
- It would be best always to have your spare tire, carjack, and tire iron/lug nuts wrench.
Next, locate your car title. You will need the title to sell your vehicle or pawn it at a car pawnshop. Once you’ve prepared your vehicle for sale or pawn, it is now ready.
How Does A Vehicle Pawn Shop Pawn A Car?
To ensure that someone is available to appraise your vehicle, it’s a good idea to call the vehicle pawnshop before you stop by. Appraisers may not be available at all times or only on certain days.
It’s not something you want to do. You can also speak with the appraiser before you arrive to arrange a time so that you don’t have to wait until they return.
After your car is appraised, the pawnshop will give you the amount they are willing to lend you or buy your car. You will know whether this amount is fair if you have taken the time to value it online.
You can always change your mind if you are not satisfied with the offer. If you are happy with the offer, you can decide whether you want to sell your car or pawn it.