Loans Against Cars in Cape Town: A Safe, Low-Risk Option

Loans Against Cars in Cape Town: A Safe, Low-Risk Option

car loan cape town

With multiple branches in the Mother City, Pawn My Car offers quick, safe loans against cars in Cape Town. Here we outline what’s involved.

Who can apply for a loan against a car in Cape Town?

Anybody who owns a vehicle that’s fully paid up and registered in their name can apply for a car loan in Cape Town.

Documents required to complete a loan agreement are the original vehicle registration papers, a copy of the loan applicant’s ID and proof of address.

What determines how much you can borrow against a car?

An appraiser’s assessment of a car’s resale value will determine how much money you can borrow against a car. Among the factors that affect this value are the car’s make, model, age and condition.

At Pawn My Car, we offer loans ranging in value from thousands to several million rand.

Why loans against cars in Cape Town are a low-risk option

Say you take an unsecured loan from a bank or other institution. For whatever reason, you’re then unable to repay the loan in accordance with the terms of the loan agreement.

Working through the courts, a bank may be able to garnish your wages or take even more drastic steps.

It’s never advisable to default on a loan. With a car loan, however, the only item that’s at risk if you default is the car. So this type of loan doesn’t put your and your family’s income, home and other possessions at risk.

At Pawn My Car, we don’t share information with credit bureaux or any other third party. A loan you take with us is completely confidential and won’t affect your credit rating.

Our interest rates comply with the National Credit Regulator (NCR) guidelines, and we don’t charge any hidden fees or penalties.

Together, all these factors make a Pawn My Car loan against your car one of the safest ways to borrow money in Cape Town.

How car loans in Cape Town work

A car loan is a type of secured, asset-based loan. The loan is “secured” because you provide a car as collateral for the loan.

With Pawn My Car, your vehicle is kept in a secure, access-controlled facility for the duration of the loan agreement. Once the borrowed funds and agreed interest are repaid, the car is returned to you.

Some “pawn and drive” schemes involve the lender taking ownership of your vehicle at the outset of a loan agreement. The lender may then even charge you rent to drive your own car.

At Pawn My Car, your vehicle remains in your name while it’s in our care and won’t be driven or used by anyone else. Your ownership of the vehicle would be compromised only in the event that you defaulted completely on a loan. That’s not in your or our best interests (we don’t want to have to resell cars), so we do what we can to prevent this from ever happening.

How to borrow money against a car in Cape Town

With Pawn My Car, you can simply contact us and tell us about your vehicle, over the phone, via email or using our online application form). We’ll make an immediate, preliminary loan offer.

If you choose to proceed, we’ll ask that you bring your car in to one of our Pawn My Car offices in Cape Town.

An independent assessor will conduct a quick vehicle appraisal and, on that basis, we’ll make a formal loan offer.

If you decide to go ahead, we’ll complete the paperwork and transfer the funds into your bank account, then and there. So you’ll get the funds on the same day you apply, before you even leave our branch.

Where to apply for car loans in Cape Town

Pawn My Car is a leading provider of loans against cars in Cape Town.

We have walk-in, physical branches in accessible locations in Cape Town’s CBD, Southern Suburbs and Northern Suburbs:

Office 201E, Second Floor, Soho on Strand
128 Strand Street, De Waterkant

When travelling along Strand Street towards Greenpoint, the Cape Town branch is on the right corner of Rose and Strand Streets, opposite the State House building.

Shop 4, Aroma Village Centre
Old Paarl Road, Brackenfell

The Brackenfell branch is located opposite the KFC on the Old Paarl Road, between Gert Kotze and Jeanette Streets.

Unit 2, Milward House
119 Main Road, Heathfield

You’ll find our Heathfield branch on the corner of Main and Larne Roads.

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

Complete an application now