How to pawn a vehicle
To get a loan against your vehicle, simply contact us and tell us the vehicle’s make, model, year and mileage of your vehicle. Note that to qualify, the vehicle must be fully paid up and in your name.
Once we have the details, we’ll make you an offer straight away, over the phone. The value of the vehicle 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 vehicle registration documents, which must be in your name; your ID book; and proof of address. We’ll inspect the vehicle and, if all is in order, finalise the agreement.
Then we’ll transfer the funds to you straight away.
Once you’ve repaid the loan and monthly interest (which is charged in line with National Credit Act guidelines), the vehicle will be safely returned to you.
Advantages of using a vehicle to get a loan
Using a vehicle title to get a loan isn’t the only way to secure funds. For example, you could approach a bank for a loan instead. However, using your vehicle or another valuable asset to secure a loan has important advantages.
The first is that a bad credit score won’t prevent you from getting the loan. Because the vehicle serves as collateral, your credit history isn’t relevant. It’s the value of the vehicle that secures the loan.
Similarly, we’re not interested in other factors that banks typically consider when deciding whether to approve a loan, such as your current salary, demographic profile and spending habits. These are your business, not ours.
The second key advantage is speed. If you need money fast, a bank loan may not meet your requirements. The average bank loan takes time and plenty of paperwork, all of which has to make it though a potentially lengthy approval process.
In the case of a short-term, asset-based loan on your vehicle, you’ll have access to the funds almost immediately.