Can I pawn my car for cash?

Imagine what your bank manager would say if your loan application was rejected and you asked “Can I pawn my car for cash to the bank as an alternative?”

We recognise how difficult it can be for small business owners and self-employed individuals to access money fast if they don’t have proof of income and sterling credit records. XCELSIOR have a solution for you that works.

We recognise how important it is to have all the information at hand before deciding. To this end, we answer your most pressing questions to help you make an informed decision.

Pawn My Car for Cash

What do I need to pawn my car for cash?

You need the original vehicle registration papers to show that the vehicle is not encumbered by another loan. It is also required as proof of your ownership. If you have paid off the vehicle finance and don’t yet have the original papers, get in touch with the bank. They must deliver the documents to you.

Besides the vehicle registration papers, you only need a valid South African driver’s license and your identity document or passport.

What if the car is registered in my company’s name, can I still pawn it for cash?

Yes. You will need the vehicle registration papers, along with the SA identity documents of all the directors and the company registration papers to apply for a loan against the vehicle.

What if I cannot pay on the agreed date?

If you are unable to pay your loan back on the due date, get in touch with our consultants to arrange for an extension of the loan period. If all the interest and fees are paid up to date you can extend the loan repayment period for another month. If you are unable to pay back the loan at all, we sell your vehicle to recoup the outstanding amounts due. Your credit record is not affected. The agreement comes to an end and you don’t owe any money.

Can I get a loan against another type of vehicle?

If you have a caravan, motorcycle, boat or truck, you will be glad to know that you can also borrow money against any of these.

How much money can I borrow?

The loan amount is not income or risk profile-based. We assess the vehicle’s trade value and offer you a loan amount of up to 45% of the vehicle’s value. This means you can borrow from R5 000 to R250 000 against your vehicle and pay it off earlier without incurring penalties for earlier settlement.

How long does it take?

If you have all the documents ready, you can apply now and complete the process in 30 minutes. You drive the vehicle to our premises and it is placed in safe storage for the loan period. If the application is approved, the money is paid to your bank account immediately.

What is the next step if I want to pawn my car for cash?

It is as easy as applying online by completing our online enquiry form.

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