We pawn your vehicle when you need instant cash, here are the qualifying requirements you need, first is your age and ID book because you require to be 18 or older, with a valid driver’s license or a South African identification before we can loan you cash for your car.
Although borrowing against an asset like your car might provide you with a short-term amount of cash you need, and the amount a lender will approve will never match any car’s market value. But after a few months of successive roll-overs, the amount of money you owe will soon surpass the worth of the car.
There are employment and income requirements. We may not look extensively at the your credit, since there is collateral on hand, but they generally want to know whether the you earn enough to pay back the loan on time. That’s why we include income requirements for qualification on these types of loans. The Terms and Rollovers be required to agree to a set loan period, which may be quite short, and a series of rollovers, as a contingency for a non-payment situation.
One of the best advantages of auto pawn is that the you get cash on the spot. Some auto pawn loan lenders have been known to issue the amounts in as quick as 1 hour or less depending on the condition of your car.
With us pawning will be less hassle Because auto pawn loans are secured with the title of a car as collateral, they are not subject to some credit requirements, as well as some of the onerous paperwork, that may be involved in other loan types and,
The “Rollover” system will allow for more time to pay off an auto pawn loan. Without rollovers, the lender would be left with no choice other than to quickly repossess the vehicle and stick the borrower with whatever debt is left over. With rollovers, a borrower has numerous chances to pay off the loan and keep the vehicle that they put up as collateral.
Pawning your car or line of credit is in intended for short-term financial relief and may not be suitable as a long-term financial solution. If you are facing debt and credit difficulties, we recommend that you come see us first Please note that some pawn shops require credit checks as part of their credit approval process, which, if requested, we will provide to them. You will not be charged a fee to use our service, and you are under no obligation to apply for credit with any of our services.
We limit the value of an auto pawn loan to under 50 percent of what the vehicle is actually worth. This prevents borrowers from all kinds of carelessness in racking up debt that would lead to vehicle repossession from us. Because the vehicle is more valuable than the loan, you are more likely to be making payments on time and preventing repossessions from us, which saves everybody a lot of time and hassle.