Debt Consolidation

How You Can Use Your Car for Debt Consolidation

Many people nowadays opt for debt-consolidation loans to get them out of their financial distress. If you simply cannot afford to service all your individual debts anymore, you will probably consider this route too. Debt consolidation is where one larger loan with a lower interest rate and longer repayment term is taken out to cover all your other high-interest, smaller debts. This closes all your accounts and puts all your debt into just one account. It simplifies things and helps you save money spent on interest on a month-to-month basis. Unfortunately, when you opt for this type of debt consolidation as part of a debt-counselling process, it goes on your record and you cannot open new accounts or apply for credit for five years.

Now comes the interesting part. What if we told you that you can use your car for more effective debt consolidation without the legal debt-counselling caveats? You would certainly look into it. At XCELSIOR, we offer our customers the opportunity to take out a different kind of debt-consolidation loan. You can use your car as collateral and the entire process will not affect your credit history and rating at all.

If you own a fully paid-off vehicle, you can “pawn” it to us temporarily. We can provide you with a loan of up to 50% of the value of the vehicle. We will ensure that your vehicle is safely and securely stored for the duration of your loan with us. Once the loan has been repaid in full and according to the agreed-upon terms, the vehicle will be given back to you. It is a simple concept that works well for thousands of people – and you could be one of the people benefiting from such a loan model. Say goodbye to the stress and strain of unmanageable debt and earn yourself some financial breathing space by using your car as collateral for a debt-consolidation loan.

How Will I Cope Without My Car?

Before using your car as collateral for a debt-consolidation loan, you obviously have to make sure that you have alternative transport. If you have a spare vehicle to use, that would be ideal, but if you are using your main mode of transport as collateral, you should plan before applying for a loan. Consider local public-transport options and routes or chat to colleagues and friends about joining a lift club to and from work. Once you are ready and have everything arranged, we will be waiting, ready to help you.

Quick and Easy Process

We pride ourselves on providing our customers with a debt-consolidation loan process that is quick and easy. You can apply online and one of our consultants will be in touch with you. We will need to evaluate the vehicle before a loan amount can be decided upon. And, we will come to you! There is no need for bank statements or payslips and we will still be able to assist you even if you are blacklisted.

To learn more about the process and what to expect, contact us via email or telephone at XCELSIOR today.