What you Need to Know Before you Pawn your Car

24 May What you Need to Know Before you Pawn your Car

If you are looking to pawn your car it’s a good idea to do a bit of research in order to get the best interest rate as well as using a pawnbroker that really wants to help you to get your asset back. Have a read through How to Pawn your car for a more in depth look at the process. In this article we will look at what you need to know before you pawn your car.

If you are looking to pawn your car it’s a good idea to do a bit of research in order to get the best interest rate as well as using a pawnbroker that really wants to help you to get your asset back. Have a read through How to Pawn your car for a more in depth look at the process. In this article we will look at what you need to know before you pawn your car.

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Pawn your car

 

Pawn your Car – The Pro’s

  • Pawn Brokers do not perform credit checks before you pawn your car. Therefore if you have a poor credit rating you can still pawn your car for money.
  • Pawn Brokers work quickly and they will normally give you money on the same day that you sign the agreement to pawn your car.
  • A pawn broker should let you redeem your car at any time and only charge interest for the period you have borrowed the money. Some pawn brokers offer interest rates as low as 0.7% to pawn your car or asset.
  • The pawn broker carries all of the risk when you pawn your car. If the valuation of the car was wrong, once the item is sold, it will not cover the full costs of the original debt.

 

Pawn your Car – The Con’s

  • Using a pawn broker can be quite an expensive way to borrow money when compared to other types of borrowing and lending institutions. However as mentioned in the points above pawn brokers lend money to those with poor credit standings and also lend money very quickly when you pawn your car or asset.
  • You can usually only borrow a percentage of the value of the car when you pawn your car, jewelry or any other high value asset. So if, for example, you have jewelry worth R2000, you might only be able to borrow R1000.

 

Lastly it’s important to understand the deadline you have when you pawn your car. If you can’t repay your loan by the allotted cut-off date and you don’t want your car to be sold you will need to discuss this with the pawn broker and perhaps extend the deadline, they are however not obliged to do so and it is completely up to them.

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, jewellery, business assets and more. Speak to a friendly consultant at Good Fellows Pawn Brokers today to pawn your car for cash.



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