What Should I Know Before I Pawn My Car?

Before you pawn your car, there are a few things that you need to know and understand. Remember that all loan companies operate differently. What might be a good deal with one company, could be an unsavoury one with another. Not all pawn companies offer the same loan models, which is something to look out for. Make sure that you understand the details, terms, and conditions of the loan before you follow through. Below are a few questions that we frequently have to answer at XCELSIOR. Reading through them might enable you to discern between a good loan and a bad one.

Can I Still Drive My Car After I Pawn It?

No. You shouldn’t be able to drive your car around after pawning it. Some loan companies might offer this as an option, but these types of loans come with huge risks attached and you stand to lose a lot of money, especially if you are in an accident. At XCELSIOR, when you pawn your car for cash, we take possession of the vehicle, the keys, and title of the car until the loan is paid back in full. Don’t worry, we store all vehicles in a safe and secure facility to ensure that nothing happens to the car while you are paying the loan back. Your car won’t be sold without your knowledge. We will only sell it if you are unable to pay the loan back. We don’t sell vehicles to make quick cash. We aim to get the value of the vehicle and will pay you the balance of any additional money made, after deducting what is needed to pay off your loan. It’s good to be realistic about a loan. Pawning your vehicle and still driving it around could mean trouble that you don’t want or need.

Can I Pawn My Car If I Am Still Paying It Off?

Unfortunately not. In order to pawn your car, it must be paid off in full and must be registered in your name. You cannot pawn someone else’s vehicle without their consent. To pawn your car for cash, you will need to provide the registration document and a copy of your ID. If you are offered the option to pawn your car while it is still not in your name, rethink the legitimacy of the loan.

How Much Can I Pawn My Car For?

The amount that you can get for your car depends on its condition and overall value. When you pawn your car with XCELSIOR, one of our qualified and experienced assessors will examine the vehicle to determine its value. We can loan you any amount below 50% of the vehicle’s value. We have a minimum loan amount of R5 000 and maximum total of R500 000 in place. It’s always a good idea to loan the amount you need instead of taking more than is necessary. The easier and the quicker you can pay the loan back, the better.

Need more information and advice on pawning your car? Get in touch with us at XCELSIOR and we will assist you further.