Getting to a point of needing to pawn your vehicle may not be the best feeling in the world, but at the loan company, we’re here to make the process as simple and smooth as possible. In this blog, we’re going to discuss some of the positives and negatives of pawning your car. Also answering some questions like, “ Should I pawn my car?” or “Should I take a loan against my car?”.
What does it mean to pawn your car?
Getting stuck for cash can hit anyone at any time. To a point where you might not even be able to approach your bank for a traditional loan. This is where approaching a pawn shop or The Loan Company comes in.
Pawning an item is a quick way of getting cash during times of financial emergencies. Although this sounds good in theory, there are a few crucial steps and points to remember when wanting to go through the process. Things like vehicle type, ownership of the vehicle, and age of the vehicle will determine how much cash you can get for the vehicle. Want some more information about what it means to pawn your car? Read here.
How does pawning your car work?
At the Loan Company, we don’t just simply borrow against your car, we provide discreet and professional surety when applying for the loan. You can enquire on our website about any of our asset loan options here. Some questions you might have may be, “Can I pawn my car and still drive it near me?” Unfortunately not, your asset will be kept safe and secure in a locked up facility with 24 hour security and CCTV camera surveillance.
What do I need when wanting to pawn my vehicle?
In order to go through the process of a vehicle asset loan, you need to prove your ownership of the vehicle. You need to provide us with your ID, drivers license, proof of address, vehicle registration document, vehicle service book, and finally the keys to the vehicle.
What is the repayment period of the loan? The full loan and interest can typically be paid back within 61 – 90 days. How much would you qualify for when taking a loan with The Loan Company? We offer loans from as little as R5,000 and upwards, depending on the value of the asset that will be used as collateral.
What about if you’re struggling to pay back the loan on time? We will assist by extending the term of your contract agreement. As long as you’re able to pay back the interest and further charges on the loan. However, our team of specialist will be more than happy to assist you with any queries that you may have.