Pawning a car isn’t what’s portrayed in the movies. It’s a quick and low-risk way to secure a short-term loan based on the value of a vehicle.

Pawn My Car is a leading asset-based lender that offers short-term finance through pawning a car in Cape Town.

Who qualifies to pawn a car in Cape Town

Anyone who owns a paid-off car that’s registered in his or her name can pawn the vehicle to get a short-term loan in Cape Town. The car should be in reasonably good condition.

To get started, submit an online application. You’ll need to provide the car’s original registration papers, your ID and proof of address.

What factors determine the loan amount when pawning a car

An appraiser will determine your vehicle’s resale value based on factors such as the age of your car, the condition, the make and model. The loan amount is based on this value.

In the past, Pawn My Car has offered loans ranging from a few thousand rands up to several million. It depends on the vehicle.

Pawning a car in Cape Town: a low-risk loan option

When you get a regular loan from a bank, it’s unsecured. This means there’s no collateral. The loan is based on your income and track record of repaying debt. If you default on the loan, the bank can take you to court.

A secured loan, such as pawning a car, uses an asset as collateral. This is why your car is appraised. The loan amount can’t exceed the value of the asset. If you find yourself unable to repay the loan, the vehicle is sold to cover the debt.

You could lose your asset, but you wouldn’t be blacklisted or end up with debt you couldn’t repay.

Pawning a car in Cape Town: how it works

Pawning a car in Cape Town is an easy process. When you’re approved for the loan, we take temporary possession of your car. The car remains registered in your name but is securely stored.

Once the loan is repaid, your car is returned to you. This process doesn’t affect your ownership of the car and Pawn My Car is only a temporary custodian.

That said, beware of pawn-and-drive schemes that sound too good to be true. These schemes allow you to drive your car during the loan period.

This is risky because these schemes require you to give ownership over to the lender. Some will even charge you for the privilege of driving your own car.

With Pawn My Car, your vehicle is never driven while in our possession. Ownership of the vehicle doesn’t change unless you default on your loan, which is rare.

How to apply for a loan by pawning a car in Cape Town

For more info on pawning a car in Cape Town, call or WhatsApp us on 0861 112 866. You can start by completing an online application.

We’ll make a preliminary loan offer over the phone, so you can get an idea of what your car is worth. If you’re happy to proceed, you’ll bring the car in for an assessment before we give you a final offer.

Once you’ve accepted and the paperwork is in order, the loan amount is transferred directly into your account within 24 hours. This often happens before you even walk out the door.

Go to Pawn My Car when pawning a car in Cape Town

Pawn My Car has a branch in Cape Town in the city centre on Strand Street. This branch is open Monday to Friday from 8:30 a.m. to 5 p.m. You can contact the branch directly on 021 419 1113.

Slightly further out of the city, we have a branch in Brackenfell on Old Paarl Road. This branch is open Monday to Friday, 9 a.m. to 5 p.m. You can call us directly on 021 000 1879.

With Pawn My Car, you can get a loan using a car, bakkie, MPV, truck, motorcycle or even a boat. We’re registered with the National Credit Regulator (NCR).

Call or WhatsApp us on 0861 112 866 for more information about pawning a car in Cape Town or simply complete an online application to get started.

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