Using a Truck To Get A Loan

Do you have a small truck or bakkie for your business, or as a personal vehicle? If you do and you need cash, you can use it to secure funds – without having to sell it.

Using a light or medium commercial vehicle or a bakkie, you can obtain a short-term, asset-based loan.

How it works: getting a loan for a truck

In the case of an asset-based loan, you use an asset you own – such as a truck or bakkie – as collateral for the loan.

So how do you get started? Simply contact a reputable asset-based, short-term lender, such as Pawn My Car, and provide basic details about your truck. Then you and the lender can agree on a time that suits you to meet, to give the vehicle a quick inspection and deal with the paperwork.

Provided the truck is in your name and you own it fully, the loan provider will assess its value based on factors like its manufacturer and model, year and condition. Then you’ll be offered a loan amount, based on that value.

If you accept the offer, your truck or bakkie will be held in a secure facility, to back the loan. Once you’ve repaid the loan with the agreed interest, your vehicle will be returned to you in the same condition you left it.

Why you might need a loan for your truck or bakkie

Our clients need loans for all kinds of reasons. If you have a business, you may be facing cash flow issues – making it difficult to pay staff or cover operating costs.

In our tough South African economic environment, you might have had to liquidate your business, or perhaps you’ve been retrenched. Or you might have encountered sudden, unanticipated expenses, due to a family or business emergency.

In any of these situations, it may suit you to secure a short-term, asset-based loan rather than another loan type.

Reasons to get an asset-based loan for your truck or bakkie

Depending on your situation, a short-term asset-based loan has specific advantages:

  • you can access the funds you need almost straight away; if papers are in order, often on the same day you apply
  • there’s no need for credit checks and your details won’t be shared with credit bureaux; there’s no need because your truck secures the loan
  • you won’t be refused a loan because you’re unemployed, self-employed or have a new business with little financial history
  • you won’t have to sell your truck or bakkie, which may be important to you for business and personal reasons (and selling any asset in a hurry is seldom a good idea).

Getting a loan for your truck from 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 truck or bakkie, simply contact us on 086 172 9648 or complete and submit our online application form.

Complete an application now

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