What Does it Mean if I Take a Loan Against My Vehicle?

Many people have thought about taking out loans, but their negative credit history unfortunately counts against them. This is why many people have asked themselves “how do I take out loans against my vehicle” as this might be a good way to secure funding without having to visit a bank. This is where XCELSIOR comes in.

XCELSIOR provides loans against vehicles that are provided as security. These loans can range up to R500Â 000, depending on the value of the car you provide – you can also provide a motorbike or a truck as security. We will assess your application and have an answer in less than an hour, which is much more convenient that banks offer their clients. We aim to make the entire process easy and effortless.

Because of our business model, we don’t conduct affordability checks and background checks like normal banking institutions often do. This means that more people will have access to a loan from XCELSIOR. We have our own business assessment model and we will have an outcome for you in less than an hour after applying. We do our best to make sure that your loan is approved and this is why we eliminated all the difficult and unnecessary paperwork to provide customers with a smooth and effective opportunity.

Our Unique Business Model

XCELSIOR’s business model allows us to provide loans to blacklisted customers; we are a registered credit provider and work according to all legal guidelines. However, there is no need for a lengthy application process. Our application can be done online, thereby minimising any paperwork we might need. This is one of the easiest ways to apply for a loan against your vehicle. We will immediately start working on your assessment and we will contact you with an outcome in less than an hour.

If your loan was approved, you will need to provide us with a copy of your ID document, as well as a proof of address and the original registration papers of the vehicle. This will be kept safe until you can collect your vehicle and in the meantime you can rest assured that under no circumstance will any of our customers’ cars be driven while in storage. Moreover, insurance will cover your vehicle just in case any unforeseen accidents or so may happen.

Once your loan has been approved you will have the funds transferred into your bank account the same day. You can then choose to either repay the full loan amount, or you can choose to make use of monthly payments that will include interest. Most customers choose to repay the loan on a monthly basis to give them time to plan or the repayments can work on their own budget.

Sometimes, unfortunate things happen that prevent people from repaying loans on time. We might be able to extend your contract to assist you in your repayments, but that is not always possible and some people still fail to make their monthly payments. Should you be unable to repay your monthly loan amount, your vehicle will be sold to recover the funds and if there is a surplus, this will be paid back to you. We do everything we can to make the process as easy and effortless as possible.

Our business model allows people to have access to much needed funds without having to dispose of their valuable possessions like their car, but instead your car will be kept safe and sound until it is released back to you.

Our storage facility is under constant surveillance. It is also secured with various security features and we do have insurance in the case of theft ever taking place. However, it is advised that you make sure that your own insurance policy for the car is paid in full. Customers are also welcome to come and inspect our storage facility if they need peace of mind before applying for a loan from us.

If you are wondering if it is possible to obtain loans against my vehicle, contact us today. Our friendly team is standing by to assist you with a simple and hassle-free application that will provide you with an outcome in less than an hour. XCELSIOR is a registered credit provider and we are based in Gauteng.