How to Pawn a Motorbike: Getting the Best Deal

How to Pawn a Motorbike: Getting the Best Deal

One way to secure funds quickly and safely is to pawn a motorbike.

Like a car, bakkie or other vehicle, a motorbike is an asset of value. You can choose to sell it, or you can unlock its value by using it as collateral for an asset-based loan – in which case, you’ll still own the bike once the loan is repaid and the loan agreement comes to an end.

Finding the right lender

There are plenty of pawnbrokers to choose from when you want to pawn a vehicle. However, the short-term loan industry in South Africa has its fair share of shady brokers and con artists, so look out for any red flags.

Some warning signs that a lender might not be reputable:

  • the lender has no physical offices or storefronts
  • clients have left reviews online warning of potential scams
  • the lender isn’t registered with the National Credit Regulator (NCR)
  • you have trouble getting the full terms of a loan agreement
  • a range of extra fees and penalties apply
  • the lender’s website appears unprofessional
  • the loan process affects your ownership of the motorbike (often the case in “pawn and drive” schemes).

Preparing to pawn a motorbike

To ensure you get the best deal when pawning your motorbike, it helps to be well prepared before you go ahead with the application.

Note that to use a motorbike to secure a loan, the motorbike must be in your name and fully paid off.

To help ensure you get the best possible loan offer, it’s a good idea to:

  • make sure your motorbike is in good running order
  • check that your license is up to date
  • give your bike a good clean
  • have all the relevant paperwork and information on hand
  • make sure the spare key is available.

Pawning a motorbike with Pawn My Car

To get a loan against your motorcycle, simply contact us and let us know the bike’s make, model, year and mileage. Based on this, we’ll make an initial loan offer.

If you decide to proceed, you’ll need to arrange to visit a Pawn My Car branch. An independent appraisor will inspect the motorbike, and we’ll then make a final loan offer.

If you accept, we’ll finalise the loan agreement straight away. You’ll need the original registration papers, your ID document and proof of residence. Then we’ll transfer the funds to your account, usually within 24 hours.

Pawn My Car will store your motorbike in a secure facility and, once the loan and agreed interest are repaid, return it to you.

Benefits of pawning a motorbike with Pawn My Car

Here are some of the reasons why it may make sense to pawn a motorbike with Pawn My Car:

  • The loan won’t affect your credit score
  • Funds typically paid out in less than 24 hours
  • An application process that’s simple, transparent and fully confidential
  • Interest rates in line with National Credit Regulator (NCR) guidelines
  • No early settlement penalties or hidden fees.

With Pawn My Car, you can use a motorbike, car, bakkie, truck or boat that’s in your name to secure a loan quickly and easily, with no delays. For more information about how to pawn a motorbike, contact us on 086 172 9648 or simply complete and submit our online application form.

Complete an application now