What You Need to Pawn a Car
Pawning a car in South Africa is a straightforward process. It involves handing over your fully paid-up vehicle to a reputable short-term loans provider in exchange for instant funding.
At Pawn My Car, the only requirements are that you sign a loan agreement and submit a few supporting documents, and we’ll electronically transfer the money into your account within 24 hours.
Below we’ve outlined each of the steps, with any associated requirements, involved in pawning a car.
Step 1: Schedule an appointment
Your first step is to email us or call our hotline to apply for a loan and set up an appointment. We’ll ask you a few questions about your car, such as the age, mileage, make and model, so that we can make you an initial verbal offer of an instant cash loan.
We’ll schedule a suitable time and date for a meeting at the nearest Pawn My Car branch to formalise the loan agreement. This is a good time to ensure your car licence and registration papers are in order, and that your vehicle is clean and in order.
Step 2: Have your car’s value assessed
We’ll confirm the offer of a loan once we’ve physically assessed the value of your car at the Pawn My Car offices in your city. If the particulars you gave to us over the phone or online are correct, and the vehicle has a comprehensive service history and is in good shape, we’ll draw up a standard loan agreement.
Step 3: Submit documents
At this stage, you’ll be expected to submit:
- your car’s original registration certificate (Form RC1)
- a copy of your ID
- proof of address, such as a municipal bill.
If the car is registered in the name of a company or business, we’ll need the cipro documents and a copy of the proxy’s ID.
Step 4: Proceed with the loan agreement, if you choose
If you are satisfied with the terms of the loan and the rate of interest as outlined in the paperwork, and you have carefully read through the fine print, your signature is required to cement the deal.
Step 5: Hand over your car for secure storage
Once the paperwork is in order, all that’s left for you to do is hand over your car keys. We’ll transfer the vehicle to a secure lock-up facility off-site, where it is held in safekeeping until you have paid the loan back in full.
Step 6: Access the funds
Where possible, the loan amount is transferred into your bank account via EFT while you’re still at the Pawn My Car office. Typically, you’ll have the funds within 24 hours.
For more information about what you need to pawn a car, contact us on 086 172 9648 or, to apply for a loan now, simply complete and submit our online application form.
