24 Jan Can I Get a Loan Against My Car?
The short answer is Yes.
Of course you can get a loan against your car.
Here’s how it works…
1. Free Assessment
First things first, you need to get your cars value assessed.
To do this you can call to schedule an appointment or drop by at a location near you. We have offices in Pretoria, JHB and Cape Town.
On arrival you will be greeted by a friendly staff member who will assess your car based on the following criteria:
- Make and Model
- Current Market Value
- Overall Condition
- Kilometres on the clock
The vehicle assessor will then give you a fair market value of your vehicle and offer you a loan amount against the value of the car.
2. Loan Agreement
Getting a loan against your car typically is a short term loan.
This means the loan repayment period is 30-60 days.
You can negotiate a longer loan repayment period if required and this will be the time to do so.
If you agree on the loan offer, you proceed to paperwork.
3. Documents Required
Firstly you will need to have a clean car title in your name.
You can’t get a loan against a car that is not in your name for obvious reasons.
Secondly the car needs to be 100% paid up. You can’t get a loan against a car that still has finance charges against it because technically the bank or finance house still owns the car.
You will also need your South African ID document and proof of residence.
If any other forms are required based on your situation, now is when you will be notified. You can also call the office before hand to confirm what documents are required so you can have everything on hand from the start.
4. Funds Transfer
Once approved and all documentation has been signed, you will get funds transferred to any local bank account instantly.
The entire process to get the loan against your car typically takes 30-40 minutes.
5. Keep Your Car
With a pawn to drive loan you are able to get cash against your car and still drive it. We will fit the car with a GPS unit and you are free to enjoy your vehicle as always.
If you want to get started contact us via telephone, email or visit an office near you.