How pawning works
Pawning a car involves using it as collateral to secure a loan. The loan amount that’s offered will be based on the assessed resale value of the car. During the loan period, the car is handed over to the loan provider for safekeeping, as security for a loan.
Yes. You can pawn a car or other vehicle to secure a loan, provided you are the registered owner of the vehicle and it’s fully paid up.
Contact Pawn My Car on 0861 112 866 or simply complete our online application form. Tell us the make, model and year of the car, and any other relevant information and we’ll make an initial loan offer.
If you choose to proceed, we’ll arrange to appraise the car, make a final offer and complete relevant paperwork at one of our branches. The funds will then be transferred to your bank account straight away (often before you leave the branch).
No. Traditional pawn shops in South Africa do not deal in cars. Pawn My Car differs from these pawn shops in that it’s a division of lamna, a registered Financial Services Provider. As an asset-based loan provider, we offer loans against cars and other vehicles, including bakkies, light commercial vehicles and boats.
If you have all the documentation, less than an hour.
We prioritize the safety of your vehicle and the integrity of the loan process. Keeping the vehicle in our care ensures it remains in good condition and fully protected, which benefits both parties.
Privacy & safety
All loans are completely private and discreet, and by appointment only. We don’t share information with credit bureaus or any other third parties.
No, nobody will drive it or tamper with it in any way. For the full loan duration, your car will be kept in a secure, access-controlled storage facility.
We strongly advise against “pawn and drive” schemes. At worst, they involve scams. At best, they put those who take loans at high risk of losing their vehicles. Find out more about why we don’t recommend pawn and drive loans.
Loan terms
It depends on the vehicle’s age, condition, service history, mileage, and trade value. We offer loans ranging from thousands to millions of rand.
You can settle a loan from Pawn My Car early and we don’t charge any early settlement penalties. Interest is stopped when the repayment reflects in our bank account.
Our interest rates fluctuate with national rates and are compliance with National Credit Regulator (NCR) guidelines.
There is no fixed loan period. This is up to you.
Vehicles
Unfortunately, we’re not able to assist with loans against rebuild (code 3) vehicles. Due to their low resale value and higher risk, we only accept code 1 and code 2 vehicles as collateral.
No. Before you can pawn a car, the vehicle must be fully paid up. Up to that point, it’s not fully your property and the bank still has a financial interest in it.
No. We offer loans only to registered vehicle owners. The legal owner needs to sign all documentation and nominate the account where the funds are to be paid (which doesn’t have to be the owner’s bank account).
We need to see the original FORM RC1 and your ID before we can help. Any vehicle must be registered in your name and fully paid up before it can be used to secure a loan.