If you have already approached a loans company in the hopes of securing finance for a business venture and have been turned down, do not despair. A solution is available that does not involve having a good credit record, proof of residence, and proof of income.
How is it possible?
Unlike short-term solutions based on your income or a bank that requires a long history of creditworthiness before you can borrow money, we provide loans against vehicles. It is similar to a pawn agreement in the sense that the amount you can borrow is determined by the assessed value of the asset. In this case, the asset is a vehicle. If you approve the amount, an agreement is signed, and the vehicle is placed in safe storage until the full amount has been paid back. Once done, you take possession of the vehicle and the agreement comes to an end.
What makes it different?
Our company does not require any of the following:
- Credit checks
- Background checks
- Proof of income
- Proof of residence
How is it easier?
Applications to borrow money usually entail the completion of lengthy forms and having to go through extensive credit checks. In addition, non-payment, or late or miss payments result in your credit record being negatively affected. If you cannot pay at all, the lender can take legal action, which can mean the loss of assets and a resulting poor credit standing.
With our solution, the application form is straightforward. The vehicle is the security. It does not matter what your credit standing is. And because it is a pawn transaction, should you not be able to pay, your credit record stays unaffected. In this instance, the vehicle is sold to recoup the money owed. The agreement comes to an end with no adverse effects, such as judgments or debt collection. With nothing of the kind, the application can be completed within 30 minutes, and the money is paid into your bank account immediately.
If you cannot make payment for a particular month, you can ask for an extension of the loan period. If all the interest is paid up to date, the extension can be given.
Types of vehicles
Loans are provided against private and company vehicles, such as passenger cars, caravans, bakkies, boats, trailers, trucks, and motorcycles.
What is needed?
In the case of the vehicle registered in your name, you will need your ID, valid South African driver’s licence, and the original registration papers for the vehicle. In the case of a business-registered vehicle, you need the original vehicle registration papers, the company registration documents, your ID, and the ID documents of all the directors.
Safe storage of the vehicle
The vehicle is stored in our highly secure storage facility that includes camera surveillance, 24/7 security, access control, and electric perimeter fencing. The vehicle is insured for the entire period in storage, but you can also insure it. As such, the asset is protected against wear and tear, vandalism, theft, and environmental factors. It is not driven for the entire period.
Whether for loans against company or private vehicles, you do not have to break open your entire history to borrow money. Use our online enquiry form for more information to get started.