Need cash more than your car? Why not pawn your car for cash and have peace of mind knowing that once you have repaid the loan, you can get it back? If you are struggling to get approval for a loan the regular way (via the bank or a financial institution), don’t fret! There are other ways! And your car presents the perfect opportunity.
Too many people think that they are out of options when their loan application is denied / rejected, but this isn’t the case. By using your car as collateral, you can get the cash that you need without having to go through the usual red tape associated with loan applications. Why not? Why is there no red tape involved? Well, that’s how it works when you use your car for cash…the car is considered to be collateral and as a result, there’s no need to prove that you can pay for the loan or undergo an affordability assessment or credit check. It does however mean that you need to be sure that you can repay the loan. Failure to do so will result in the vehicle being sold to recover the loan expense.
Of course, there are a few requirements that you need to meet with in order to qualify for such a quick and easy loan. Let’s take a closer look at what’s required:
- You need to be of a legal age and be a South African resident.
- You must be the registered owner of the vehicle that you propose as collateral.
- You can only use the following vehicles as collateral: cars, bakkies, motorbikes, jet skis and trucks.
- The total amount that you can loan can only be up to 50% of the value of the vehicle, as assessed by our trained team members.
- The vehicle must be surrendered to us and stored in our secure facilities for the duration of your loan.
While we don’t carry out affordability tests, we do always advise our clients to budget for their loans, to ensure that they can repay the total amount. If you are using the cash as bridging cash, you can choose to repay the total lump sum by an agreed upon date. There is also the option of paying set monthly instalments – the choice is yours.
You can even make some extra cash by referring family and friends who need financial assistance, to us. You can earn as much as 1% of the total loan amount paid out to them. Also, all existing customers will receive a 10% discount on their second loan! This is just another way in which we are giving back to our clients and showing them how much they mean to us.
If you would like to learn more about how to use your car for cash, take the time to get in touch with us at XCELSIOR. Alternatively, apply for one of our loans online, and a friendly and knowledgeable consultant will walk you through the process. We are available via telephone and email, and look forward to assisting you with your financial needs.
