Opportunity knocks and you need money fast. Apart from a micro loan, where can you get the money? We look at some questions you might have, such as “how do I pawn my car in Cape Town?” and others, helping you to make an informed decision on how to get money fast.
Can I Pawn My Car in Cape Town Without Having to Explain Why I Need the Money?
Yes. It is your vehicle and your cash. You thus give the security. What you do with the money is up to you.
What Do I Need to Pawn My Car in Cape Town?
You need an ID, driver’s licence, and the original registration papers of the vehicle. If the vehicle is registered in a business name, you need the above and the business registration papers. Give us a call for more information on what is required for a loan against a business-registered vehicle.
How Quickly Can I Get Money in My Bank Account?
The application process takes about 30 minutes. You can have the cash in your account on the same day. It is a hassle-free process and does not require lengthy interviews or the completion of several forms.
What If I Am Blacklisted? Can I Still Qualify for The Short-Term Loan?
Though there is a credit agreement in place for the repayment of the loan amount, it is a secured loan. We do not perform credit checks. It is thus possible to get cash in your account against the vehicle as security, within 30 minutes of the approval.
Why Can’t I Drive My Car in Cape Town If I Pawn It?
The National Credit Regulator (NCR) does not allow for such. Instead, your vehicle is safely stored at our storage facility until the amount has been paid in full.
What If I Struggle with One Month’s Payment? Do I Lose the Vehicle?
No. You can ask for an extension of the loan repayment period, provided the interest has been paid in full at the time.
How Does It Affect My Credit Score?
It does not affect your credit score. Even if you are unable to repay the amount, it is not reflected on the credit report. Instead, the vehicle is sold to recoup the amount owed. There is no repossession of a vehicle or late payments to reflect.
Which Types of Vehicles Do You Accept as Security?
Motorcycles, caravans, cars, and trucks can be used as collateral for the loan.
How Much Money Can I Borrow?
It depends on the vehicle’s value, but you can generally borrow money for up to 50% of the vehicle’s value.
What If I Want to Pay Off the Loan Early? Will I Pay Excessive Penalties?
No. Just call us to confirm the final amount. This makes it possible for you to pay off the loan earlier than originally agreed upon.
What Is the Next Step If I Want to Pawn My Car in Cape Town?
View our video for easy-to-follow instructions. Complete the online form, and a consultant will call you to help you through the process. As an alternative, SMS Quick Cash to 41235 and we will call you. You can also call us directly at +27 (0) 12 997 1062/2946 or email to info@xcelsiorloans.co.za to start the quick and easy application process.
