Your boat is a personal escape from everyday life. It’s a fun way to enjoy the freedom of the open water. It may also be an opportunity for collateral if you’re in a tough place.
If you’re in need of money fast, then you may want to pawn your boat for some quick income. Once you earn the money back, your collateral is returned so you can get back to enjoying the wind in your hair.
Boats work as forms of secured collateral, but how do you do it? This guide on boat pawn loans explains how to pawn a boat.
Why Pawn Your Boat for Money?
Life can surprise us and bring with it an unexpected need for money. It could be for your small business, purchasing an item of higher priority such as a car or computer, or for paying off overdue bills.
If you own a boat, then you already have the collateral you need to improve your financial situation. Although selling your boat on your own is always an option, it also comes with major hassles.
It may take time before you find someone willing to buy your boat at a reasonable price. It is doable for some, but many don’t have the time to wait. Plus, you’ll have to give up your watercraft forever!
When you pawn your boat, you don’t have to say goodbye to it completely. You can take out a loan using your boat as collateral. That means, once you pay your loan off, your boat is yours again.
How to Pawn Your Boat
When you’re pawning something you own for equity, then no matter what you’re trying to get rid of, you want to get the best possible offer. Yet, you may not have the time to waste trying to market your boat and find a buyer.
That’s when pawning your boat is an alternative that can allow you to get money for your boat quickly without the time-consuming process of putting it up for sale. Pawning your boat is as simple as bringing your boat to a pawn shop that specializes in high-end sale items and having them offer you a price based on the condition and type of boat you have.
Once you make a deal with the pawnshop, you could be walking out the door with cash-in-hand the same day! If you have time to spare but would rather someone else take care of the sales process, then you can also choose to use pawn shop consignment services. That allows you to enlist the pawnshop to sell your boat for you.
How Does a Boat Pawn Loan Work?
Your boat loses about 20% of its value within the first year of owning it. That’s why selling your boat may not be the wisest choice when you want quick cash.
If you want to use your boat as a pawn loan, then you may be able to borrow money from the pawnshop in exchange for them holding your boat as collateral. This exchange works if you have a fully functional boat of high value and in good condition.
Find a Reputable Pawn Shop
Now that you know all about how to pawn your boat and if a pawn loan is right for you, it’s time to find a reputable pawn shop in Florida.
If you’re looking for a high-end pawnshop that will work with you on pawning your boat or taking out a pawn loan, then we’ve got you covered. Check out all the excellent services we offer here.