Can I Pawn an Older Car?

Can I Pawn an Older Car?

pawn an older car

If you own an older car and are wondering if you can pawn it, the answer is yes. Getting an asset-based loan from Pawn My Car allows you to access the value of your older car to get instant funds.

This type of loan is fast and low risk because it’s based on the value of the vehicle and not your income or financial worth.

How much can you get for pawning an older car?

This depends on how much the car is worth. When it was manufactured, the mileage and the overall condition factor into this amount. The make and model will also play a role.

When it comes to older cars, the age becomes a bigger factor. It can either devalue a vehicle or give it a boost if the car is considered classic or collectible.

How old is a classic car?

For a car to be considered “classic”, it has to be of a certain age. But it also depends on the car’s popularity as a collectible. If no-one wants to buy a particular model of car, it will never be considered a classic – just old.

Generally speaking, between 20 and 40 years old puts a car in the vicinity of being classic. Add a particular make, model and popularity, and you may have a classic in your garage.

Can you be denied a loan?

Yes, there are a few factors that result in your asset-based loan being denied. If the car is not in good condition, it might be considered too high risk for a loan.

If your car isn’t paid off, it won’t qualify as collateral on an asset-based loan. If you don’t have the papers for your vehicle, this will disqualify the vehicle – even if it is paid off.

Where to pawn an older car

You can pawn an older car with Pawn My Car at any one of our branches nationwide.

Your vehicle will be evaluated and, if all goes well, you should get a loan on the same day.

How does pawning a car work?

You can apply for a loan from Pawn My Car via our website (or call us directly). The application process is quick and discreet.

You can get an instant idea of the loan amount available to you just by providing details of your vehicle (its make, model and age).

If you’d like to proceed, the vehicle will be inspected and a final loan offer is made.

Once paperwork is completed, the loan amount is deposited into your bank account – typically within 24 hours of your loan application.

Your car will be stored in a secure facility for the duration of the loan term. Once the loan and interest are repaid, the vehicle is returned in the same condition you left it.

The loan won’t affect your ownership of the vehicle or your credit rating.

Why choose Pawn My Car?

Pawn My Car specialises in asset-based loans for vehicles of all types. This includes cars, trucks, bakkies, motorcycles and even boats.

We’re highly experienced in evaluating vehicles to ensure our clients are quoted a fair and accurate loan amount.

Advantages of Pawn My Car:

  • a quick and discreet application process
  • quick access to funds (usually 24 hours or less)
  • no credit checks
  • no early-settlement penalties or hidden costs
  • flexible repayment terms
  • NCR-compliant interest rates.

With Pawn My Car, you can pawn an older car that’s in your name to secure a loan quickly and easily, with no delays or laborious paperwork. For more information, contact us on 0861 112 866 or simply complete and submit our online application form.

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APR & Loan period

Fixed rates range from 36% to 60% APR and payment options range from minimum 3 to maximum 24 months. Apart from the initiation and monthly fees shown below, the only additional fee is credit life insurance if the borrower does not have this already.

Renewals

All accounts may be renewed if they are up to date.

Collection

All payments are made via EFT or direct deposits into Lamna’s bank account. There are no debit orders.

Non-payment

Non-payments may result in the matters being escalated.

Illustrative example

Client borrows R10,000 for 90 days.

Loan
Amount
Repayment Terms
Monthly Repayment
Total Repayment
Initiation
Fee
Monthly Fee
(Interest + Service Charge)
APR
Loan Amount

R10,000

Repayment Terms

3 Months

Monthly Repayment

R560

Total Repayment

R12,370

Initiation Fee

R1,000

Monthly Fee (Interest + Service Charge)

R650

APR

60%