Has the current economic climate caused an unexpected financial situation in your business? Maybe you’re not able to pay your employees’ salaries this month, or you need additional capital to complete purchase orders? Not to worry, there is a convenient short-term solution. If you have a paid-off car, you can use it to secure a short term loan from certain credit providers. Getting a loan against your car is a great way to get immediate funds without having to go through a lot of tedious paperwork.
How does it work?
Firstly, you will need to contact a loan provider and arrange to take your car for a valuation. The loan provider will then determine the value of the loan against the car. After approval, the money will be transferred into your account and your car will be stored in a safe facility. You will be able to collect your car once the loan has been paid off.
What do you need?
Most loan providers would need the following:
- Driver’s license
- Proof of address
- Original registration document
- Service book
How to choose your loan provider
Make sure that they are NCR accredited, which means that they are legally allowed to be professional lenders. Usually, you will see their accreditation listed on their website.
As with any service, it’s always a good idea to have a look at the service reviews and customer testimonials. Finding out other people’s experiences with a company can help you decide on whether you are going with the right provider.
Where can I find someone?
For an extremely simple and hassle-free application process, you can contact The Loan Company.