Did you know that you can get a loan against your car in Gauteng? Did you know that you can pawn your boat, caravan, motorcycle, truck, trailer, or bakkie instead of your car? It is easier and more convenient than getting a short-term loan from a micro-lender or an overdraft from a bank.
Restrictions on crowd size, the ban on liquor sales, and the closure of beaches have left many business owners without income. Thousands of people have lost their jobs and are now self-employed. Being self-employed has many benefits, but not when it comes to getting a loan.
Banks and other lenders are reluctant to lend money to people who do not have proof of income, solid credit records, proof of residence, and even long employment histories. If you fall within the self-employed category and still need cash to bridge the slow income period, you will be glad to know that an alternative solution is available: get a loan against your car.
What makes it superior to many other means for borrowing cash in Gauteng?
- Reasonable interest rates in line with the NCR regulations
- No penalties for early settlement
- The immediate payment of cash to your bank account
- A quick application process that can be completed within 30 minutes
- No need for proof of residence
- Your credit history does not matter
- Privacy – as you do not have to state why you need the money
- The amount offered is based on the vehicle’s assessed value and not your risk profile
- No effect on your credit record
At long last, self-employed people can borrow money without hefty interest rates and extensive background checks. The vehicle is placed in safe storage for the period of repayment. It is never used during the period and is insured.
Given the regulations that limit the use of water resources for recreational purposes at present, you can use your boat as collateral for the loan and not even miss it for the period of repayment. This is true also for your caravan.
How the process works
It is a pawn transaction whereby the asset is used as collateral for the amount that you borrow. As with regular pawn transactions, the asset is placed in safe storage until the amount and interest have been paid in full. With it being a pawn transaction, you can pay off the amount earlier without incurring hefty penalties. If you cannot pay the agreed instalment for a particular month, simply get in touch with our offices in Gauteng to arrange for an extension of the repayment period. An extension can be arranged, provided the interest and fees have been paid up to date. Once the agreed loan amount is paid back, you receive your car back in the exact condition as the day you drove it to our offices.
Why no background checks?
Your vehicle is the security for the short-term pawn agreement. It thus does not matter what income you earn, whether you have an immaculate credit history or not, and whether you work for a salary, are self-employed, or are unemployed. You also do not have to state the reason for borrowing money against your vehicle.
How to get the ball rolling
Get the original registration papers for the car, your ID, and driver’s license. Complete the online enquiry form to get a loan against your car in Gauteng. We will call you back, thereby also saving you on communication costs.