So, you need some cash and you need it to be available now. Maybe it is an opportunity that comes around once in a blue moon and you need to act fast. Maybe an emergency expense cropped up that you have not budgeted for. Or maybe it is simply one of those months where there is too much month left at the end of the money. Your bank spins too much red tape, loan sharks are too expensive, and you are not going to ask your father-in-law for help. What to do? You have heard about the option to pawn your car and still drive it, but is this even possible?
The short answer is yes, it is definitely possible to pawn your car and still drive it. For those who are considering this option, here is a collection of some of the most frequently asked questions and their answers to help guide you through the process:
- Does my vehicle qualify? There are a few requirements that you must meet if you want to pawn your car and still drive it. First, your vehicle must be fully paid and belong to you. If you still owe money on your vehicle, it does not qualify. Second, it must have a valid licence disc. Third, it should also be in a drivable condition.
- What type of vehicles can be used as security? Most credit providers who loan money against assets are willing to accept a range of vehicles other than standard cars. You could potentially use your truck, motorbike, boat, caravan, or even your trailer as collateral for credit.
- What size loan can I get? While a number of factors may influence the amount you will be able to borrow, including what you could afford to repay, the main determining factor would be the value of your vehicle. So, the more your vehicle is worth, the larger the loan amount will potentially be. The credit provider will determine this value.
- How soon do I get my money? One of the main reasons to pawn your car and still drive it is the fact that you can get the cash faster than through traditional financial-services channels. This is because the credit is secured by an asset and the loan thus poses much less of a risk to the credit provider. As soon as the amount has been agreed upon and the paperwork has been signed, the money can be transferred directly to your account.
- Do I really get to keep my car? This depends on the credit provider but yes, it certainly is possible to pawn your car and keep it so that you can still drive it. This is great for those who are dependent on their vehicle to get to and from work and who cannot manage without private transport.
- How do I get started? If you want to pawn your car and still drive it, contact Cash Drive – a registered credit provider. One of our representatives will talk to you through the requirements and arrange a date for you to bring your vehicle for an assessment.