Frequently asked questions about pawning your car | Pawn My Car

FAQ

Is your loan service private?

All loans are completely private and discreet, and by appointment only. We don’t share information with credit bureaux or any other third parties.

My car is a rebuild code 3. Can you still help with a loan?

Code 3 vehicles have low resale value. It’s still possible that we can help you. However, the loan amount we offer will be lower than for a comparable code 1 or code 2 vehicle.

Will anyone drive my car while it’s in your posession?

No. For the full loan duration, your car will be kept in a secure, access-controlled storage facility. Nobody else will drive it or tamper with it in any way.

Can I pawn a car if if I don’t have the original registration papers (Form RC1)?

We need to see the original FORM RC1 and your ID before we can help. Any vehicle must be registered in your name and fully paid up before it can be used to secure a loan.

Can I settle a loan early? Are there any early payment penalties?

You can settle a loan from Pawn My Car early and we don’t charge any early settlement penalties. Interest is stopped when the repayment reflects in our bank account.

How much can you loan against a vehicle?

It depends on the vehicle’s age, condition, service history, mileage, and  trade value. We offer loans ranging from thousands to millions of rand.

What is your interest rate?

Our interest rates fluctuate with national rates and are compliance with National Credit Regulator (NCR) guidelines.

I still owe the bank money on my car. Can I pawn it?

No. Before you can pawn a car, the vehicle must be fully paid up. Up to that point, it’s not fully your property and the bank still has a financial interest in it.

Can I use a car I don't legally own as collateral for a loan?

No. We offer loans only to registered vehicle owners. The legal owner needs to sign all documentation and nominate the account where the funds are to be paid (which doesn’t have to be the owner’s bank account).

How long does the whole process take?

If you have all the documentation, less than an hour.

How long can I pawn my vehicle for?

There is no fixed loan period. This is up to you.

Call us for more information on 0861 112 866

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