Have you ever considered pawning your car for cash? If you have not thought about it as an option when you need a loan, perhaps you should. Applying for a regular loan with a bank or financial institution can often be unrewarding. After spending hours gathering the right paperwork, sitting through affordability assessments, and having your credit rating and history scrutinised, you could still be turned away with a rejection notice.
Unfortunately, loans are often impossible to obtain when you really need them the most.
When you pawn your car for cash, your current and past financial situation is not a determining factor. There is no need to explore your credit history and investigate what you are currently earning, as the vehicle acts as security for the loan. The loan is provided to you with the assumption that it will be repaid. However, if you cannot pay it back, the vehicle supplied as collateral can be used to cover the cost of the loan. It is a simple loan model and works wonderfully for those who have a fully paid-off vehicle that they are able to part with for a while.
When you pawn your car for cash, you are not losing the vehicle. You are not giving it up or selling it, but you are simply placing it in storage until the loan is repaid. This means that one of your most valuable assets, which is quite expensive to replace, will not go anywhere. You will not need to replace it. You are not tied to any long-term credit when you pawn your car for cash. In fact, the terms of the loan are negotiated, and you can pay back the amount in once-off or in monthly repayments. The amount that you loan is also negotiable. This does not mean that you can loan any amount that you want. You can take out a maximum loan of up to 50% of the vehicle’s value. We recommend that you do not loan more money than you need just because it is available. The minimum loan amount at XCELSIOR is R5 000 and the maximum is R500 000. Of course, a great deal of the loan amount will depend on the type of vehicle you use as collateral and its condition.
If you have not thought about pawning your car for cash yet, we would like to assist you and help you understand and navigate the process. We are available to discuss your options, and what you can expect during the process. Get in touch with us so that we can discuss your situation, the options available to you, and how to go about applying. You will be pleasantly surprised to know that if you opt to pawn your car for cash with XCELSIOR, the loan can be paid into your bank account in less than an hour! Need more information? Give us a call or send us an email today.