How to Pawn your Car

24 May How to Pawn your Car

Unfortunately in today’s trying economic times, as prices of food, oil and basic necessities rise many people are unable to make ends meet. There is however a solution and that is to pawn your car, your jewelry or any of your other high value assets. So how does it work, to pawn your car?

 

Unfortunately in today’s trying economic times, as prices of food, oil and basic necessities rise many people are unable to make ends meet. There is however a solution and that is to pawn your car, your jewelry or any of your other high value assets. So how does it work, to pawn your car?

hands-car-keys-cash

We have a look at the steps you need to take to pawn your car.

Pawn your Car:

1. Do your Research

If you are looking to pawn your car it’s important to research and find the most reputable pawn brokers around. A reputable pawn broker will have all the correct licensing and A pawn broker should be helpful, easy to use and preferably offer a very low interest rate. Once you have selected the best pawn broker to use for your needs, it’s time to give them a call or pay them a visit.

2. Valuation

In order to pawn your car you will need to visit the pawn broker’s premises (some pawnbrokers will come to you) where they can assess your car and give you a valuation. The valuation process is based on your cars age, market value and resale value and therefore you may get different valuations from different pawn brokers.

3. Offer

The pawn broker will now make you an offer to pawn your car. It is probably a good idea to shop around for the best offer, don’t settle for the first one.

4. Paperwork

Once you have been made an offer to pawn your car there will be paperwork to complete to protect both you and the pawnbroker. This should include a pre-contract Information document with the terms of the credit agreement before the transaction takes place.
You would then sign a credit agreement with the pawn broker and be given a period of time in which to pay back the loan according to their terms. The pawn broker will then give you a receipt which you will need to keep to prove that you own the item.

5. Repayment

Depending on the pawn brokers terms, you will have a period of time to repay the loan you received to pawn your car. You will need to pay this money back plus interest. Some pawn brokers offer low interest rates of 1% per day for example where others offer much higher interest rates such as 2% but allow you to have longer to pay the loan back. When you’ve repaid the money owed you get your car back. But if you don’t repay the loan after the agreed period the pawnbroker can sell it to recover the cash.

In our next article we will look at the pros and cons you should know before you pawn your car.

Good Fellows Pawn Brokers are one of South Africa’s leading cash loan companies. With a ridiculously low 0.7% interest rate per day and many years’ experience in helping you get your asset back, Good Fellows Pawn Brokers offers instant cash loans on all assets such as cars, bikes, jewelry, business assets and more. Speak to a friendly consultant at Good Fellows Pawn Brokers today to pawn your car for cash.



Select Provence *

Name *

Email *

Cell *

Message

Pawn & Park
Pawn & Rent JHB
Pawn & Sell
GET IN TOUCH