Pawning a vehicle enables access to cash, without the usual constraints of conventional bank loans. We offer six good reasons why you might consider leveraging your car to get needed funds.

1. Guaranteed loan approval

When you pawn a car, the vehicle secures the financing. That means anyone who owns a fully paid-up bakkie, boat, car or motorbike is automatically eligible for a loan – and that includes freelancers, small business owners and the unemployed.

You don’t have to demonstrate how you’ll pay back the borrowed money, or submit employment records, payslips or bank statements to support your application.

Provided you can prove ownership of the vehicle, and it’s in good condition, you’ll qualify for funding based on the appraised value.

2. Immediate access to funds

Compared to unsecured loans the pawn a car lending model is devoid of red tape.

All you have to do is:

• set up an appointment with the loan provider
• take your vehicle to the lender’s offices to be appraised
• choose whether to accept the loan offer you’re given
• formalise the agreement in writing
• hand the vehicle in for the duration of the loan term.

The funds are electronically transferred into your bank account, usually on the same day. And once you’ve repaid the loan and agreed interest, your vehicle will be returned to you.

3. No impact on your credit rating

Pawning a vehicle is a discrete way of borrowing money.

As your existing credit rating remains unchanged, it’ll be far easier for you to apply for a line of credit, or an unsecured bank loan, sometime in the future.

Quick resolution for a cash flow crunch

South Africa’s current economic conditions are particularly challenging for startups, informal traders and small to medium enterprises.

In many cases, cash flow – or the lack thereof – is driving liquidations, sequestrations and business closures. By pawning your second car or company vehicle, you can instantly improve your business’s liquidity without selling a key asset.

Instant funding for unexpected expenses

When facing mounting costs generated by emergency medical procedures, vet visits or house, equipment or business infrastructure repairs, pawning a car is the quick and easy way of accessing extra funds.

You can settle the debt immediately, and pay off what you owe to the loan provider piecemeal, and over an extended period, up to 24 months.

Blacklisted? Get financial relief

Spiralling costs are making it difficult to pay for basic items like food, petrol, medical aid and school fees. When you’re blacklisted by the credit bureaux, you won’t qualify for a credit card or personal bank loan.

By pawning your car, you can free up cash to tide you over. It’s an easy way of getting financial relief, from a trustworthy and regulated source, when you need it the most.

About Pawn My Car

With Pawn My Car, you can use a car, truck, motorbike or boat that’s in your name to secure a loan quickly and easily, with no delays.

Pawn My Car is a division of a registered finance provider and has physical branches in South Africa’s major cities.

For more information about getting a loan, contact us on 086 172 9648 or simply complete and submit our online application form.

Complete an application now