Can Pawn Shops Offer Car Mortgages Without Impounding the Vehicle?

[Thalia]

Pawn shops offer two scenarios for car mortgages without impounding the vehicle: 1. If the vehicle is temporarily not in use, you can choose to impound it. The interest rate will be relatively lower, and the loan amount will be higher. 2. If you need to use the vehicle, you can opt not to impound it. This way, you can both borrow money and use the car without conflict. Generally, not impounding the vehicle requires the installation of a GPS. Additional information is as follows: Differences between impounding and not impounding the vehicle in pawn shop mortgages: 1. If the borrower chooses not to impound the vehicle, the owner can still use it for travel, enjoying great convenience in transportation. The pawn shop bears the loan risk, and to mitigate this, they will implement preventive measures in the loan pricing. For those who choose not to impound the vehicle, the loan fees will be higher than for vehicle mortgages. 2. If the borrower chooses to impound the vehicle, the pawn shop will store it in a specialized garage under professional custody until the owner redeems the vehicle.