Can a pawnshop accept vehicles as collateral?
1 Answers
Pawnshops can accept vehicles as collateral, here are the relevant details: Business scope: The business scope of a pawnshop includes real estate pawn, motor vehicle pawn, and personal items pawn (such as gold, platinum, diamonds, luxury watches, jade, digital products, and other high-end goods), as well as consultation, appraisal, and evaluation services. Customer options: For vehicle pawn services, users only need to use their car as collateral for a loan at the pawnshop. When processing a vehicle pawn, customers can choose whether to leave the vehicle at the pawnshop or keep it based on their personal circumstances. Definition: Vehicle pawn refers to a type of loan financing business where a motor vehicle serves as collateral. The vehicle owner delivers the motor vehicle and its accompanying documents to the pawnshop, pays a certain percentage fee, and receives the loan amount.