If you have a fully paid-up boat in your name, you can unlock its value without having to sell it, by using it as collateral for a short-term loan.
This means you can get the money you need and, once you’ve repaid the loan, you’ll still have your boat. You also won’t have been forced to accept a poor deal as a result of having to sell the boat in a rush, which is seldom a good idea.
Advantages of pawning a boat or other vehicle
If you use your boat to obtain a short-term, asset-based loan with us, you can expect the cash you need to be in your account within 24 hours.
There’s no credit check, no laborious paperwork and no waiting period, and the process is completely confidential.
How to pawn a boat
To get a loan against your boat, simply contact us and tell us the make, model, year and mileage of the boat. The value of the boat will determine the value of the loan we offer.
If you choose to proceed, we’ll arrange a meeting, where we’ll ask to see the original boat registration documents, which must be in your name; your ID book; and proof of address. We’ll inspect the boat and, if all is in order, finalise an agreement. Then we’ll transfer the funds to your account straight away.
Note that for your boat to qualify as collateral for a loan, there can’t be any debt outstanding on it. Any boat left in our care is stored in a completely secure location.
Once you’ve repaid the loan and monthly interest (which is charged in line with National Credit Act guidelines), the boat will be safely returned to you.