You can get a loan against your car even if you’re not employed because the loan is based purely on the value of your car and doesn’t require a credit check.
The loan amount we offer you will depend on the resale value of your vehicle. This is because your car will need to be sold to cover the debt if you’re unable to repay the loan.
This is why the value of asset-based loans vary greatly. They can range from R10,000 up to R1 million and more.
In the past, we have approved loans of R10 million, although this is rare.
Once we’ve received your application, you’ll be asked to bring your vehicle to the PE branch for a final evaluation. Based on this, we’ll make you an offer.
If you’re happy to go ahead, we’ll finalise the paperwork and the loan will be paid out within 24 hours. Your vehicle will be securely stored until the loan is repaid in full.
To ensure you get the maximum amount possible, your vehicle must be in good shape. The loan value is mostly based on the make, model and year but a well-maintained car will ensure a better offer.
Make sure your car is clean and the service log is up to date. The tyres and wheels should be in good condition. Having the spare key and the spare wheel in place can also affect the loan amount. Older cars can still be used to get a loan if they’re in good condition.
You will need the following documents to apply for a loan against your car in Port Elizabeth:
- the vehicle’s original registration certificate
- a copy of your ID book or card
- proof of residence no older than three months
- up-to-date service book (optional but helpful).
Your vehicle needs to be registered in your name and fully paid off to qualify. Business vehicles can also be used as collateral. Get in touch with us for more information.
We offer loans against cars in PE. Our Port Elizabeth branch is located in Mount Pleasant. This branch offers loans against a variety of assets.
The address of our PE branch is 6A Gecko Park, 9 Buffelsfontein Rd, Mount Pleasant, Port Elizabeth.
It’s quick and simple to get an asset-based loan against a vehicle from lamna in Port Elizabeth. The advantages of getting a loan against your car include:
- We don’t need to do a credit check to make a loan offer.
- The loan won’t affect your credit score.
- You can get a loan even if you’re unemployed.
- The loan won’t affect your ownership of the vehicle as long as the loan is repaid in full.
- There are no hidden fees or early settlement penalties.
- Our interest rates are NCR compliant.
Loans against cars aren’t completely free from risk.
Our best advice is to accept a loan only from an established, trustworthy lender that’s properly registered as a financial services provider (FSP).
Make sure you know and understand all the terms of a loan agreement before proceeding. Also be reasonably sure that you won’t struggle to repay a loan before committing to an agreement.
Also, we strongly advise South Africans to avoid pawn and drive your car schemes. They put individuals at too great a risk of losing their vehicles. A number of outright scams have occurred over recent years.
We’re a registered credit provider (registration number NCRCP7428) and we fully comply with the National Credit Act. With lamna, our application process is transparent. There are no hidden costs or penalties.
We’re an established credit provider with branches across South Africa and in Botswana.