Pawn my car for a cash loan, how does it work?
Our pawn my car loan service is responsible, quick and private. Thus we are offering a professional and hassle free experience. the charges are extremely competitive and there are also no hidden fees or unknown catches therefore fully transparent. When you pawn your car, motorbike, boat or truck with us we’ll react quickly and privately with funds being available the same day.
There’s no form of finance as hassle free and discrete as taking a loan against your car, boat, bike, truck etc .
How does this service work?
The car needs to be paid off and in your name to qualify for a loan.
What do I need to do to get the process on the go?
Simply fill out the form and we will contact you to make arrangements.
How long does it take?
Normally the process takes only a couple of hours but in some cases can take up to 24hrs, we always try do our best for same day service.
How much do you pay?
Between R5 000 to R100 000 for Pawn and park clients
In addition up to R1000 000 for pawn and drive clients.
Pawn Loan period
Fixed rates range from 15% to 30% APR and payment options range from minimum 1 to maximum 24 months.
Collection after I the deal has been dane.
All payments are made via EFT or direct deposits into our bank account. Therefore no debit orders.
Renewals when I pawn my car:
Loans are not renewed automatically. However, loans are renewed by agreement on the same terms as the original loan.
Thys Smit :
Also visit www.potofgold.co.za cash for gold
Lets do some paper work
Non-payment on pawn my car
Non-payment will result in the ownership of the borrower’s pledged asset being transferred to the lender with no further impact on the borrower (including fees and credit bureaux). Pawn my car made easy
More about Pawn My Car
With spiraling costs, a weak rand and comparatively low salaries, many South Africans are struggling to make ends meet. At the same time, financial institutions are tightening their lending policies.
In this context, using a paid up vehicle to secure a short-term, asset-based loan is an attractive option. However, we strongly advise against the many schemes offering to let customers have their cake and eat it.
When something sounds too good to be true, it usually is
Pawning your car to get funds and still being allowed to keep driving it sounds appealing. However, there tend to be distinct disadvantages in terms of what you’ll end up paying, how long and complicated the loan process is and how vulnerable you are to losing ownership of your vehicle.
At Pawn My Car, we keep customers cars in highly secure facilities until loans are repaid. This is what makes it possible for us to offer faster, better value loans at reasonable interest rates, without putting our client’s possessions at unjustified risk.
“Pawn and drive” scams in South Africa
Unfortunately, a number of predatory businesses offering “pawn and drive” schemes in South Africa are currently undermining the asset-based loans industry.
The recent case of Allied Capital
One such predatory lender is Allied Capital, a company that claimed to offer car title loans while still allowing borrowers to continue driving their vehicles.
Thousands of consumers who applied for loans from Allied Capital were charged exorbitant interest rates and fees. These consumers signed ownership of their vehicles over to Allied Capital, and were then required to pay a rental fee to continue driving their vehicles.
In 2016, the Democratic Alliance laid a complaint with the National Credit Regulator (NCR) against Allied Capital for illegal loan agreements and illegal advertising.
Recently, the National Consumer Tribunal (NCT) ruled that Allied Capital’s scheme is unlawful and in breach of the National Credit Act (NCA). The Tribunal ordered Allied Capital to return all vehicles that they “purchased” under illegal agreements and to refund all fees and interest to consumers.
The NCT also ordered Allied Capital to alter its business model or shut down its operations, and to withdraw all advertising that was judged illegal.
Other disadvantages of “pawn and drive” schemes
Although it may seem safe to take a loan against the value of your vehicle if the lender complies with the terms of the National Credit Act, you should beware that most “pawn and drive” schemes require that you sign ownership of your vehicle over to the lender, pay rent to continue driving your vehicle and then have to buy it back from the lender at a later date.
It’s far cheaper to pawn your car with a lender that keeps your car as security only for the duration of the loan, even if you were to end up renting another car in the interim.
The advantages of a loan from Pawn My Car
Pawn My Car is a reputable lender, offering quick, convenient short-term loan against the value of fully paid up vehicles. With no credit checks or lengthy application process.
With a loan from Pawn My Car, you retain ownership of your vehicle. You can rest assured that it will be returned to you once the loan and agreed interest are repaid. Pawn My Car offers competitive rates and fees, in line with the terms of the NCA.
For more information or to apply for a loan, contact us on 0823387622 or simply complete and submit our online application form.