What do I need for a loan against my car in Cape Town? Your questions answered
Do you own a fully paid up vehicle and live in or near Cape Town? Do you need money for an emergency or to finance a new business venture, but do not qualify for a conventional bank loan? If you have answered yes to any of the questions, read on as we provide the information you need to make an informed decision on how to get cash against your car.
What are the requirements for getting a loan against my car?
You need to have a vehicle that is fully paid up and registered in your name. Other than that, you only need the original vehicle registration papers as proof of ownership, your South African ID or passport, and a valid South African driver’s license.
Do you have a branch in Cape Town?
Yes. The address is Unit C15, Pinelands Business Park, New Mill Road in Pinelands.
What is the minimum amount that I can borrow against my car?
We offer loans from R5 000 to R250 000, depending on the assessed trade value of your vehicle.
Can I only get a loan against my car or can I borrow against another type of vehicle?
You will be delighted to know that you can put up a boat, motorcycle, truck, trailer, or caravan as collateral for the loan.
Why can I not pawn my vehicle and still drive it in Cape Town?
The pawn your vehicle and still drive it is not legal. As a NCR registered credit provider, we adhere to strict ethical codes and provide loans in compliance with the credit regulations. It is also rather risky to pawn your vehicle and drive it since the asset is the security for the money you borrow. The vehicle’s value is reduced with every kilometre on the clock, it is subjected to wear and tear, and can be damaged in an accident. It can also be stolen or damaged because of vandalism or weather elements. You will then still have to pay back the money but will not have benefit of owning a well-protected asset.
What happens to my vehicle when I pawn it?
We place it in storage at a highly secure facility. It is not driven for the entire period and the asset is insured. It is also protected against weather elements, vandalism, and theft. The facility has 24-hour security that includes electric perimeter fencing and camera surveillance. You can thus have peace of mind, knowing that it is safely kept until the loan with interest has been paid off over the agreed period.
Can I pay off the amount earlier?
Yes. Unlike fixed-term loans that have penalties for early settlement, our solution enables you to pay off the amount earlier.
How long does it take before I have the money?
The application process is quick and can be completed in 30 minutes. Once approved, the money is immediately paid to your bank account.