Pawn Your Car in Randburg WITHOUT Signing Over Ownership
With Pawn My Car, you can pawn your car in Randburg without the risks associated with “pawn your car and still drive it” schemes, which typically involve signing over ownership of your vehicle.
We offer straightforward loans against vehicles, with no funny business. Our processes are transparent and fair, our rates are competitive and we don’t charge hidden fees.
A warning against Randburg pawn and drive it schemes
For years, articles like this one from Daily Maverick have been warning South African consumers against pawn and drive it schemes.
These schemes put people at unacceptably high risk of losing their vehicles.
To avoid key requirements legislated under South Africa’s National Credit Act, pawn and still drive it schemes have come up with a “creative” solution. Here’s how they work:
- the lender “purchases” your car from you…and has the original registration papers and a signed sales agreement to show for it
- you are charged monthly rental in order to drive your own car
- at the end of the contract, the full “sale price” becomes due and must be settled in one lump sum; in other words, you have to buy back your vehicle
- if you miss even a single payment, your car may be tracked down and seized; you’ll have a hard time convincing anyone to take action on your behalf because the vehicle is no longer yours.
At Pawn My Car Randburg, this is not how we operate.
Our loans against cars
We offer conventional, short-term loan agreements that comply fully with the National Credit Act.
At no point do we ask you to sign over ownership of your car.
We don’t need credit ratings, proof of employment or other types of personal information to approve a loan. This is because our loans are asset-based. (It’s the value of your vehicle that secures the loan).
You hand over your vehicle as collateral for the loan term, and it is stored in a highly secure, access-controlled facility.
Once the loan and agreed interest have been repaid, your vehicle is returned to you in the same condition you left it (and still in your name).
How much we offer as car pawn loans
Pawn My Car has processed car pawn loans ranging in value from a few thousand to millions of rand. The loan amount we’re able to offer will depend on the appraised resale value of your vehicle.
Our accreditation
Pawn My Car is a division of Lamna Financial Services, which is registered with both the National Credit Regulator and the Financial Services Board.
The company has been operating for many years and has a network of physical branches across South Africa.
Getting a car pawn loan in Randburg: next step
To pawn your car in Randburg, start by simply giving us some details about your vehicle. To do this, call us on 0861 112 866 or simply complete and submit our online application form. We’ll get back to you straight away with an initial loan offer.
