How to get money for your business expansion: getting a business loan against a vehicle
Entrepreneurs form the backbone of the economy, yet, accessing funds for new projects, start-ups, expansions or to manage cash-flow situations can be challenging. A solution is now available in the form of a business loan against a vehicle.
How does it work?
Whether it is a boat, car, truck, trailer, caravan, motorcycle or bakkie, it is an asset against which you can borrow money. The application process is straightforward, and you can have the cash in the business account immediately after approval. The application is completed, documents submitted, and the vehicle assessed in terms of value. Based on the assessment, we offer a loan amount and explain the interest and payment terms. It is a short-term loan, but you can pay it off earlier than originally agreed without incurring hefty penalties for doing so. Once paid, the asset is returned to you in the exact order as originally received.
What is needed?
The original registration papers of the car, your South African driver’s license and ID, if you are the applicant, are needed. The company or close corporation registration papers along with identity documents of all the close corporation members or directors (as relevant) must also be submitted.
What about credit checks?
It is a pawn transaction. The asset is the security for the amount you want to borrow. If the agreed-upon amount and interest are not paid back, then the asset is sold to recoup the loan amount. It doesn’t affect the credit history or record of the business and its directors or close corporation members.
What amount can be borrowed for a business loan against a vehicle?
The amount is determined by the car’s value and not the company or close corporation’s credit standing, income generation capacity, or risk profile. An amount from R5000 to as much as R250 000 can be borrowed.
What happens to the asset?
It is placed in safe storage for the period of repayment. The storage facility has camera surveillance, electric perimeter fences, gate access control and 24/7 security. The assets at the property are protected against usage, vandalism, theft and weather-related damage. We insure your vehicle while in our care. You can also insure it for the period.
Where to take the car?
We have six branches in South Africa. The application can be started via email and over the phone, but the car must be brought to the branch of choice for completion
How quick is the cash released?
The application is quick. It is possible to unlock the value of the asset within 30 minutes and with payout immediately after approval. You don’t need to state the reason for borrowing against the asset. Whether you need it to bridge a cash-flow situation, want to buy into a new venture or require funding for business expansion, it is up to you to determine how to use the money.
Where to get more information
SMS Quick Cash to 41235 and we will call you. As alternative, complete the online enquiry form to have a consultant call you to start the application process for a business loan against your vehicle. We also welcome direct communication with one of our branches. Reach out to the branch of choice here.