Whether you require money to put down a deposit for a property, need to pay off credit cards, or want to start a business, pawning your vehicle is a suitable solution. However, we want you to make an informed decision and thus answer some of your typical questions below.
I have a poor credit history, so can I still pawn my car?
Yes. The vehicle is the collateral for the money you borrow. It is thus a secured transaction. As such, you can borrow the money against the vehicle even if you have a poor credit history.
For what amount can I pawn my car?
It depends on its assessed value. You can borrow up to 50% of the vehicle’s assessed value. You can borrow from R5000 to a maximum of R500 000 against your vehicle.
What if I cannot pay back the money even after having made arrangements to extend the payback period?
The car is already in secure storage. As such, the agreement comes to an end and we sell the vehicle to recoup the money owed. Any surplus is paid over to you. And it does not affect your credit record.
For what can the money be used?
It is your money and as such, you can do with it what you want.
Which documents are required if I want to pawn my car?
• The original registration papers, indicating that the vehicle is registered in your name.
• ID or passport.
• Driving licence.
The vehicle is registered under my business; can it still be used as collateral?
Yes. In this instance, you need to submit your company documents and the business registration certificate, in addition to the ID documents of all the directors.
How long does it take before I have the money?
Our application process is quick and takes around 30 minutes to complete. It is thus possible to have the money paid to the bank account of choice very soon after the completion of the application process.
Can I keep my vehicle while paying back the money?
No. The NCR recently ruled that to pawn your car and still drive it is illegal. As such, the vehicle must be stored at a secure location.
What about insurance and the risk that of someone driving it during the payback period?
Your vehicle is stored at a secure location and our insurance covers all the vehicles in our storage. The vehicle is not used during the period of payback. The only time it is driven is when we collect it from and deliver it to you. In this instance, it is driven by a qualified person with a driving licence or we load it onto a truck for safe transportation.
Which security measures are in place at the storage facility?
The facility has 24-hour surveillance security, electric perimeter fencing, and access control.
How do I start the process if I want to pawn my car?
Make sure you have the relevant documentation. Use our online form to contact us. We assess the vehicle you put up as security and, based on the assessment, offer a loan amount. If approved, the money is paid to your bank account.
