ARE YOU THE OWNER OF A BOAT AND CONSIDERING OBTAINING A PAWN LOAN AGAINST IT? OUR BROKERAGE HANDLES MANY OF THESE TRANSACTIONS, AND THESE ARE SOME OF THE QUESTIONS THAT PROSPECTIVE CLIENTS MOST FREQUENTLY ASK US.
WHAT ACTUALLY HAPPENS WHEN YOU PAWN YOUR BOAT?
To establish the amount of the loan, the broker will value your boat according to its size, age and condition. You will then immediately receive the amount of the loan. You can redeem the pawn at any time by paying back the value of the loan. If, however, you do not repay the loan during the redemption period, the pawnbroker is entitled to sell your boat to recover its cost.
FOR HOW LONG DOES THE PAWNBROKER HOLD THE BOAT BEFORE SELLING IT?
The average period of a pawn loan is thirty days, but a renewal or grace period of a further thirty days is frequently negotiable if you are not able to pay it back in time.
IS IT PREFERABLE TO PAWN YOUR BOAT OR SELL IT TO THE PAWNBROKER?
You can often make more money by selling your boat than by pawning it. However, a pawn loan allows you to acquire much-needed cash and then later on still get to keep your boat.
IS MY BOAT GOING TO BE SAFE WHILE IT IS IN THE PAWNBROKER’S POSSESSION?
A reputable broker will be able to guarantee that your boat is kept in a secure area, away from the public, while it is in his possession, and will return it to you in good condition when the time comes. Brokers should also be fully insured, so you will be able to enjoy complete peace of mind with regard to the safety of your boat.
WHAT IS MEANT BY THE FORFEIT DATE?
This is the date on which, if you have not paid back the loan, the broker is entitled to sell your boat – this is also known as foreclosure, indicating that the boat has become the property of the pawnbroker.
WHAT ARE THE ADVANTAGES OF A PAWN LOAN AS AGAINST SIMPLY APPLYING TO THE BANK OR TAKING OUT A PAYDAY LOAN?
Particularly if you have a valuable item of collateral such as a boat, a pawn loan has the distinct advantage over a bank loan as its amount is determined by the value of the item rather than subject to rigid conditions based on your credit rating, financial position or salary schedule.
CALL US WITHOUT DELAY FOR EVEN MORE INFORMATION THAT MAY ASSIST YOU IN DECIDING TO PAWN YOUR BOAT.