25 Jan Can I Pawn My Car?
Yes you can pawn your car.
There are a couple of conditions of course.
1. The car must be fully paid up and in your name
This may sound obvious but we get asked all the time if people can pawn a car in someone else’s name, and if they can pawn a car with finance charges still due on it.
For the sake of awareness let me educate those of you who are in this boat…
Firstly, how would you feel if a friend tried to pawn your car unknowingly? I bet you would be enraged and not on speaking terms for a while, right?
Same applies. You can’t get money against something you don’t own, it’s as simple as that.
Now that you understand that point, I assume you understand that you cannot get a loan against a car you don’t fully own. If you’re still making car payments, that means the bank or finance house owns the car, not you, and therefor you cannot get a loan against its value.
2. The condition of the vehicle
You can pawn your car if it is in decent working condition and has a value of more than R20,000.
When you visit your nearest Car Pawn Loan office, you will get a complimentary assessment and value for your car.
This is based on the following:
- Make & Model
- Overall Condition
- Mileage on the car
- Current Trade-in Value
These are the main 2 points of consideration when you want to pawn your car.
If you meet these requirements and are happy with the loan amount offered to you, then you you can proceed with the loan process and get money in your account in under 40 minutes in most cases.
The added bonus in getting a loan with CarPawnLoans.co.za is that you can still keep and drive your car.
We simply install a custom GPS unit in your vehicle and your free to move about the country as you wish.
Many loan companies insist they keep your car but that’s not convenient for everyone.
To get started and raise money against your car with a short term loan, contact us via email or telephone today.