This type of loan is based on the value of a car. You don’t need to be employed and you don’t need to have a good credit score.
If you default on the loan, your vehicle will be sold to recoup the loan amount. Therefore, the loan amount can be no more than the resale value of your car.
We offer loans on all types of cars, from standard passenger vehicles to luxury performance cars. This means the loan amount can be anything from a R100,000 to R1 million. In the past, we have approved loans for R10 million.
To qualify as collateral for an asset-based loan, your vehicle must be in good condition, fully paid off and registered in your name. The make, model and year of the vehicle will affect the loan amount.
To improve your chance of getting the maximum loan amount, make sure:
- your car is clean and well maintained
- the service book is up to date
- the spare tyre and jack are in place
- you have the spare key.
Your vehicle will then be evaluated to determine the final loan amount. Based on this appraisal, we’ll make you an offer that you can accept or decline.
If you’re happy, we’ll finalise the paperwork and the loan amount will be paid into your bank account within 24 hours. Your vehicle will be securely stored until the loan is fully repaid.
Before you start the application process, you’ll need these documents to qualify for a loan, so have them ready:
- the vehicle’s original registration certificate
- a copy of your ID
- proof of residence no older than three months
- up-to-date service book (optional but helpful).
If your vehicle is registered to a business, it’s still possible to get a loan against it. Give us a call to find out more.
Loans against cars offer a lot of advantages compared to traditional bank loans. At Lamna, we’ve been offering loans against cars in Durban for many years. We’re an established and registered financial services provider.
Loans against cars with Lamna:
- are unaffected by credit scores
- don’t require credit checks
- don’t require a monthly salary income
- don’t have hidden fees or early settlement penalties
- are NCR compliant
- won’t affect your vehicle ownership.
No, not with Lamna. We don’t offer pawn-and-drive loans against cars because they’re considered very risky for both the lender and the borrower.
Some lenders offer loans that allow you to drive your car while it’s acting as collateral on a loan. These schemes often have hidden clauses that can result in the borrower losing ownership of their car.
If you’re tempted by a pawn-and-drive scheme, remember this – if it sounds too good to be true it probably is.
At Lamna, we offer loans against cars in Durban that are quick, discreet and simple. We’re a registered credit provider (registration number NCRCP7428).
We also offer fast, discreet loans against the value of a wide range of assets, from luxury watches and jewellery to vehicles or artwork.