Using a Bakkie to Get a Loan
Vehicles aren’t usually considered assets, but a paid-off bakkie can be a good source of funds if you’re stuck for cash.
The best part is you don’t have to sell your bakkie. Instead, use it as security for a short-term, asset-based loan from Pawn My Car.
How do you use a bakkie to get a loan?
These kinds of loans are based on the value of an asset. This makes asset-based lending simple and quick.
Simply get in touch with a reputable lender, such as Pawn My Car, with all the details of your bakkie in order to start the process. The lender will need to do a quick inspection to assess the value of your bakkie.
This will be based on the age, make and model, condition and service history. Based on this, you will be offered a loan amount.
If you accept the offer, the lender will proceed with the paperwork and will advise what documentation they need from you.
Will an asset-based loan suit your needs?
Asset-based loans are an ideal option if you need funds quickly. This type of loan is quick and easy to obtain. There’s no need for inquiries into your financial history or a lengthy approval process because your bakkie services as security for the loan.
An asset-based loan is also a good option if you don’t have a great credit rating or would prefer to take out a loan that won’t directly affect your credit score.
If you need a quick, secure short-term cash loan to cover anything from unexpected medical costs to household or business expenses, a loan against your bakkie is a low-risk solution. It also means you don’t have to sell the bakkie.
What are the benefits?
The main benefits of an asset-based loan against a bakkie are:
- quick access to funds, typically within 24 hours of applying
- the loan won’t affect your credit score
- you can still get a loan if you’re unemployed, self-employed or under debt review
- you don’t have to sell your bakkie
- the process is completely transparent and confidential.
Pawning your bakkie with Pawn My Car
Pawn My Car is a well-established, reputable loan provider that specialises in short-term, asset-based loans for vehicles, including cars, bakkies, trucks and even boats.
To secure a same-day loan for your bakkie, simply contact us on 086 172 9648 or complete and submit our online application form.
