Short-term loans are a lifesaver when you’re hit with an unexpected expense. Pawn My Car offers a quick and low-risk way to secure a short-term loan by pawning a car in Durban.

Pawning a car in Durban: Who can apply

Anyone who owns a car in good condition that’s fully paid off can use it as collateral on a short-term asset-based loan.

You’ll need to submit a completed loan agreement, the vehicle original registration papers, a copy of your ID and proof of address in your application.

You’re not required to submit bank statements or a credit rating because the loan is based on the vehicle’s value and not your income.

What determines how much you can borrow when pawning a car

An appraiser will assess your vehicle and determine its resale value. This amount is what the loan is based on.

Factors that can affect this amount include the car’s make and model, the age of the vehicle and its overall condition.

Past loans against vehicles from Pawn My Car have ranged from a few thousand rands up to millions.

Why pawning a car in Durban is low risk

Regular bank loans carry high risk because the bank can use a court order to garnish your wages should you default. If this isn’t possible, the consequences may be more severe.

With a loan based on a vehicle, in the unfortunate event that you’re unable to repay the loan, the vehicle is sold and the proceeds are used to settle the debt. This is one of the reasons an appraisal is needed.

You may lose your asset but you won’t end up with debt you’re unable to pay, which could lead to legal issues and being blacklisted.

How pawning a car in Durban works

Pawning a car in Durban is an easy and safe way to get what’s called a secured loan. The loan is secured by the value of the vehicle. This is why it’s also called an asset-based loan.

Bank loans, by comparison, are unsecured. This is why you have to prove your income and have a good credit rating.

When you pawn a car in Durban with Pawn My Car, your vehicle is kept in a secure facility for the duration of the loan. Once the loan and any accrued interest are repaid, the vehicle is returned to you and your ownership is unaffected.

Beware of pawn-and-drive schemes that promise you can still drive your car while using it as collateral on a loan. These schemes often require you to sign ownership to the lender. They may even charge you to drive your own car.

With Pawn My Car, your vehicle is not driven during the loan period. Ownership of the vehicle doesn’t change unless you default on the loan.

How to secure a short-term loan by pawning a car in Durban

To secure a short-term loan by pawning a car in Durban, complete an online application or call or WhatsApp us on 0861 112 866.

Based on information about your car, we can make a provisional loan offer. If you choose to go ahead, you’ll need to bring your car in for final assessment and a formal loan offer.

If you accept this offer, you’ll submit your paperwork and the funds will be transferred into your account within 24 hours.

Where to pawn a car in Durban with Pawn My Car

Pawn My Car has an established branch in Durban on Sydney Road in Congela. To contact this branch directly, you can call on 031 305 7202. This branch’s operating hours are 9 a.m. to 5 p.m., Monday to Friday.

We accept passenger vehicles, bakkies, MPVs, trucks, motorcycles and even boats as collateral on short-term loans. Pawn My Car is registered with the National Credit Regulator (NCR) and is a registered financial services provider.

Call or WhatsApp us on 0861 112 866 for more information about pawning a car in Durban – or start your application process now by completing an online application.

Complete an application now