If you are considering to take out a quick loan against your car, the type of loan you are looking for is called a collateral loan. People often use collateral to get a loan if they are unable to meet the minimum requirements of acquiring a standard loan at a bank or financial lending institution.
The general agreement is that the collateral that is used to obtain the loan can be sold to defray loan costs, if the loan cannot be paid back as agreed. This kind of loan can be ideal, especially if you are only looking for a short-term loan and you are sure that you can easily repay the amount. It means that you can get the cash you need quickly and without all the hassle and red tape that is usually associated with applying for a loan.
In short, the collateral (in this case, your vehicle) will ensure that you can borrow a larger amount and that your loan application approval is guaranteed, even if you are not employed full-time or happen to be blacklisted or under debt review. It can also mean that you secure a better interest rate, as the lender is at less risk. It is a win all around and certainly an option if you are looking for cash now.
Something to be aware of when taking out a quick loan against your car is its value. Make sure that you are aware of its value and that you agree on it with the lender. Most companies will only lend you up to 50% of the vehicle’s value. In fact, that is what we offer at XCELSIOR, but we also have a minimum loan amount of R5000 and a maximum loan amount of R500 000 in place.
It is also important that the vehicle actually belongs to you; you cannot use someone else’s car as collateral. The car must be in your name and it must be paid for in full. This is to safeguard both of the parties involved. You will need to hand your car over for the duration of the loan contract, so it is best to make sure that you have alternative transport for the time being.
We work quickly and professionally. We do not carry out a credit check or ask you to verify your employment and income. We do advise our clients to carefully consider their finances before taking out a loan, to ensure that they can comfortably afford the monthly repayments. It is a quick and easy process when dealing with us and if you apply for your loan early, you could be walking away with the much-needed cash on the same day. Our staff members are also friendly and helpful, so if you have any questions, simply get in touch with us.
We offer loan convenience and we are keen to assist you with regaining a better financial position once again. For more information and advice on how to take out a quick loan against your car, give us a call or send us an email at XCELSIOR today.