How to Find a Reputable Car Pawn Loan Company Online
The online car pawn loan industry has mushroomed over the past decade in South Africa. Especially online, numbers of lenders – both respected financial service providers and fly-by-night scamsters – have continued to grow.
A problem for those looking to pawn their cars is finding a reputable car pawn loan company online.
Look for a car pawn loan company with physical branches
A car pawn loan company that doesn’t give one or more physical branch addresses is less likely to be reputable than one that does.
Similarly, it’s a good rule of thumb to check for landline numbers, instead of cell numbers only. This guideline is going to fall away as landlines start to go the way of the dodo – but it still applies to a large extent among SA businesses.
Pawn My Car has branches in Cape Town, Heathfield, Brackenfell, Port Elizabeth, Sandton, Florida and Durban. Find a car pawn loan near you:
T: 021 419 1113
Office 201E, 2nd Floor, Soho on Strand, 128 Strand Street De Waterkant, Cape Town 8001
T: 011 440 0052
Eezistore Building 5 5th Street Wynberg Sandton 2090
T: 021 000 1879
Shop 4, Aroma Village Centre, Old Paarl Rd, Cape Town, 7560
T: 010 880 2416
Highway Court, Corner Ontdekkers and Gordon Rd. Florida North
T: 021 000 1877
Unit 2, Milward House, 119 Main Road, Heathfield, Cape Town
T: 031 305 7202
MAP House, 77 Sydney Rd, Congela, Durban, 4001
T: 041 368 9590
6A Gecko Park, 9 Buffelsfontein Rd, Mount Pleasant, Port Elizabeth
Check for registration with the NCR
Car pawn loan companies are more likely to be reputable – and you’ll have more recourse if they’re not – if they’re properly accredited.
Pawn My Car is a division of Lamna Financial Services, which is registered with both the National Credit Regulator (NCR) – number NCRCP7428 – and the Financial Services Board (FSB).
Ask the right questions
One of the best ways to find a reputable car pawn loan company online is simply to ask the right questions. Some examples:
- Do you have any charges aside from the interest on a loan? If so, what are they?
- Do you charge a penalty for early loan settlement?
- Do you charge anything for administration? If so, how much?
Also ask if getting a car pawn loan will mean that the lender takes ownership of your car. Note that this is what so-called Pawn and Drive companies typically do. Then you have to pay them to rent back your car, so you can drive it.
At Pawn My Car, we don’t charge any hidden fees or penalties.
You can’t drive your car when you get a loan from us. Instead, we store it securely until you’ve repaid the loan and agreed interest. But unlike Pawn and Drive schemes, we don’t take ownership of your vehicle when giving you a loan – so you’re not at unreasonable risk of losing it.
Use common sense
Not always, but often, those taken in by scams know initially that something doesn’t “feel right” – but they go ahead anyway.
Don’t! Instead, follow your instincts. A reputable car pawn loan company online might not have the most sophisticated website you’ve ever seen. You might spot the odd spelling error. That’s OK. But if anything appears “off”, walk away.
For example, website copy that’s riddled with errors; poor-quality or inappropriate images; offers that are too good to be true; premature requests for your banking details; and a lack of physical contact details are all warning signs.
The same applies on the phone. If anything leaves you suspicious or someone suggests meeting in an area where you might be unsafe, move on. There are other, reputable car pawn loan companies to try.
With Pawn My Car, you can use a car, bakkie, truck or boat that’s in your name to secure a loan quickly, easily and safely. For more information, contact us on 086 172 9648 or simply complete and submit our online application form.