18 Nov What do I need to Pawn my Car?
As we have mentioned in most of our previous articles, pawning your car is one of the easiest ways to secure instant cash. Pawning your car is often the quickest method to loan cash, especially for those that are blacklisted or sequestrated.
Pawn my Car
Once you have decided to pawn your car, you will need to get a number of documents together before you can meet with a pawnbroker. Read here about How to Choose the right pawnbroker. Below we have a look at what you need in order to pawn your car.
1. A car that is registered in your name. This means that the car has been paid off fully by you and does not belong to the bank. If you are the owner of the car, the cash loan that you request will be based on the value of your car. There are however pawnbrokers that offer cash loans against financed cars, should you not have paid off the full value of the car as yet. In these instances you will require a number of different documents that we will talk about in more detail here.
2. Owners ID Document. The owners ID document is important so that the pawn broker can make sure that you are who you say you are. It also ensures that the car is not a stolen vehicle and does in fact belong to the person that wants to pawn the car.
3. The Original Registration Certificate of the Vehicle. Once you have paid your car off in full you will receive an original registration certificate of the vehicle. This is the moment that your car is transferred from the banks name into your name. The certificate can be collected from each City’s licensing department but you will need to have all the documents from the bank in order to collect it, stating that you have in fact paid off your car.
4. Contract. You will need to sign a contract with your chosen pawn broker on the terms of the repayment agreement. Usually pawn brokers are able to structure a deal around what suits you, so it’s important to ask this question.
What if your car is in your company’s name?
If the car is registered in your own company’s name you are still able to pawn your car. However you will need a number of documents for this as well as the documents mentioned above. These include:
CIPRO or CIPC Documents – When a business is registered, The Companies and Intellectual Property Commission (CIPC) will provide it with a registration number and certificate. In order to pawn your car you will need to present these documents to the pawnbroker.
Company Resolutions – A resolution is the formal means by which decisions are made by a meeting of company members. If there is more than one member in a business this document needs to be submitted.
Copy of the Company Proxy ID – The ID document of the Proxy needs to be submitted together with the other documents.
It’s important to request exactly which documents are needed when you pawn your car, before you make an appointment and have your car evaluated.
In order to pawn your car, you need to find the right Pawn Broker that understands your needs and is willing and able to help you get your car back.
Good Fellows Pawn Brokers are one of South Africa’s leading cash loan companies. With starting interest rates from a ridiculously low 0.7% 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 and vehicles. Speak to a friendly consultant at Good Fellows Pawn Brokers today to pawn your car.