xxx

Value car

A fully paid-up car in your name has value and can be used as a form of equity. If you need cash, it’s possible to unlock part of this value without selling the vehicle. Instead you can use the car as collateral for a short-term loan.

This means you can get the money you need and, once you’ve repaid the loan, you’ll still have your car. You also won’t have been forced to accept a poor deal as a result of having to sell the vehicle in a rush, which is seldom a good idea.

Using you car to get a short-term loan could be an appropriate option if, for example, you need cash quickly to:

  • get your business through a temporary cash flow problem
  • capitalise on an unexpected opportunity that you’ll otherwise lose out on
  • pay off unplanned expenses or other debts.

Advantages of using a car to get a loan

Using a car title to get a loan isn’t the only way to secure funds. For example, you could approach a bank for a loan instead. However, using your vehicle or another valuable asset to secure a loan has important advantages.

The first is that a bad credit score won’t prevent you from getting the loan. Because the vehicle serves as collateral, your credit history isn’t relevant. It’s the value of the vehicle that secures the loan.

Similarly, we’re not interested in other factors that banks typically consider when deciding whether to approve a loan, such as your current salary, demographic profile and spending habits. These are your business, not ours.

The second key advantage is speed. If you need money fast, a bank loan may not meet your requirements. The average bank loan takes time and plenty of paperwork, all of which has to make it though a potentially lengthy approval process.

In the case of a short-term, asset-based loan on your car, you’ll have access to the funds almost immediately.

How it works

To use your car to get a loan from lamna, simply contact us and tell us the make, model, year and mileage of your car. We’ll then make you an offer straight away, over the phone. The value of the car will determine the value of the loan we offer.

If you choose to proceed, we’ll arrange a meeting, where we’ll ask to see the original car registration documents, which must be in your name; your ID book; and proof of address. We’ll inspect the vehicle and, if all is in order, finalise the agreement. Then we’ll transfer the funds to you straight away, while you’re still in the office.

Note that for your car to qualify as collateral for a loan, there can’t be any debt outstanding on it. Any car left in our care is stored in a completely secure location. Once you’ve repaid the loan and monthly interest (which is charged in line with National Credit Act guidelines), the vehicle will be safely returned to you.

To use your car to get a loan today, simply complete the application form on our site or call us on 086 111 2866.

Related posts