More than 78 percent of the workforce lives paycheck to paycheck at any given time. If you’re one of them, you know that finding money to cover unexpected bills can be tough.
While you can always take out a traditional personal loan from your bank, the process takes time, and you might not get the money you need fast enough.
Pawnshops offer an easy and fast alternative to traditional loans, and the amount you receive depends on what you pawn. If you’ve got an RV taking up space in your driveway, you can always use it to get the money you need.
Here’s what you need to know to pawn an RV successfully.
Familiarize Yourself With Your RV’s Value
Before you consider taking your RV into a pawn shop, take the time to familiarize yourself with its value. Check the NADA guide and find your RV’s make and model in the database.
This will give you a rough estimate of how much the RV is worth.
Keep in mind that the amount the pawnshop will offer you will be less than the RV is worth. This is because they need to be able to make money on the RV if you default on the loan.
Once you have an idea of your RV’s value, think about how much money you want to borrow. If you’re looking to borrow a high dollar amount, it may be better to sell your RV altogether. You’ll be able to get more money upfront and won’t have to worry about making monthly payments to repay your loan.
Get Your Documents in Order
You’re only able to pawn an RV that you own outright. This means you need to have the title in your possession when you head to the pawnshop.
You’ll also need your RV registration documents and your drivers’ license when you get to the shop. Those documents will help prove that you own the RV so you can use it to get the money you need quickly.
Without those documents, the pawnshop can’t verify that you are the owner and won’t be able to issue you a loan.
If you’re missing any documentation, get copies from your local Department of Motor Vehicles before you start the application process. This can take several weeks, so take care of it as soon as you can.
Give Your RV a Good Cleaning
Ultimately, the value of your pawn loan will largely depend on the condition it’s in. If it’s dirty, the RV pawn broker won’t be able to give you a fair assessment.
Wash the exterior thoroughly and consider adding a fresh layer of wax to the sides of your RV. Take the time to vacuum or sweep out the interior and get rid of any dirt and grime that’s collected on the surfaces. Take any food inside the camper out and defrost the refrigerator before you go to the pawnshop.
This way, you’ll avoid any unexpected mold or mildew problems after you pick the camper back up.
If you store personal items inside your RV, you’ll want to pull them out before you take your camper to the pawnshop. If you fail to repay your pawn loan in full, it may be hard for you to get any remaining personal items out of the RV.
Search for Pawn Shops That Let You Pawn an RV
Not all pawn shops accept RVs for pawn loans. This means you’ll need to take the time to search for local shops that are willing to look at your RV.
Don’t be afraid to call different shops in your area and discuss your rig with them before you commit to driving to their business. It’s possible that their parking lot may not be able to accommodate your RV’s size, and you may need to arrange for an off-site assessment.
Once you have a few in mind, do your research. Check out their reviews online and make sure that their previous customers are happy with their services.
Look for complaints about how items got returned to owners and make sure most had a positive experience. Repeat complaints are a sure-fire sign that you’ll want to look for a different pawn shop.
Schedule an Appointment
Once you have a list of several pawn shops you’re interested in, schedule appointments with them. It’s helpful to speak with more than one shop to help you find the right loan and loan terms.
Different shops will value your RV in different ways. Most offers will last for at least a day, so you’ll have time to compare your offers and choose the one that best fits your needs.
During those appointments, pay attention to the security around the facility. Don’t hesitate to ask how the shop will protect your RV while it’s in their possession.
Reputable pawnshops will have a secure or fenced-in storage area that’s monitored by security cameras. They may also have security guards that patrol the storage area to keep thieves and vandals from getting inside.
If they store it in a public area or don’t have enough security to keep people out, keep looking. The last thing you want to do is pick your RV up in damaged condition.
Now You Know How to Pawn an RV
Though every pawn shop will have slightly different processes, this is what you’ll need to do to pawn an RV at most locations. Once the pawnshop gives you the loan, you’re free to use it however you see fit.
If you have any questions about the loan’s terms or your repayment plan, make sure you get them answered before you leave the pawnshop. This way, you’ll be set up for success and will be more likely to get your RV back without a problem.
Looking for more guidance on borrowing money or saving your hard-earned cash? Check out our latest posts for more tips and tricks.
