Did you know that a GA auto pawn shop isn’t reported on your credit? If you’re short for the down payment needed for a house, you can safely use your car to secure what you need. Traditional lenders won’t have any clue you’ve borrowed the money, and unlike with a pawn shop, you’ll leave with your property.
Investing a larger down payment when you purchase a home has several benefits. Firstly, it can improve your chances of receiving a mortgage. A larger payment can also lower your long-term interest rates, saving you tens of thousands of dollars over the life of your loan. It makes financial sense to take out an affordable a GA auto pawn shop to minimize long-term expenses.
Stay on the road and meet your home ownership goals by following these easy steps:
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Gather Your Documents
Do you have a valid copy of your car’s title? This paperwork proves you own your car and gives your financial service provider a guarantee of your intention to repay your loan. Without a title, you wouldn’t be able to insure your car, much less use it as collateral. If you don’t have a title, you can order a new one through the DMV of the state where your vehicle is registered. While some offices can issue these immediately, others require 7 – 10 days to process requests and payments.In addition to the title, you will need a valid ID, proof of residency and proof of money coming into your home. For most people, this means you need a copy of your driver’s license, a utility bill delivered to you at your home address and a pay stub. For those who are students or self-employed, bank statements, tax statements or even a statement of benefits may suffice. If you have a special circumstance, you may wish to speak with your lender before going to apply in person.
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Clean Your Car
As part of the application request, a lender will go over your car to get a sense of its value. A clean car will always command a higher price. Not only does it save a potential buyer from having to clean it up themselves, but it gives the impression that you’ve taken good care of it. Along those lines, if you have maintenance records, take them with you. Seeing evidence of responsible ownership helps boost your car’s value.Once determined, your car’s value is used to set the terms of your loan. You don’t have to borrow the total amount available—and really, you should only take what you need to prevent repayment from becoming a burden. Buying a house is not the time to kick off a history of credit problems.
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Call Your Lender
Today’s home loan programs vary on the amount of down payment required, from zero down for rural programs to ultra-low interest mortgages requiring 20 percent or more. Some of these programs also have restrictions on where you get those funds, with near universal rejection for a borrower who takes out a traditional loan to cover them. Personal short-term financing plans can often fly under the radar because they don’t show up on your credit reports.
It takes roughly 30 minutes to process a title pawn application, providing you with the funds for your down payment in record time. You can approach your lender with your funds and start the closing process on your house ASAP.