The car for loan scheme is a quick, easy and discrete way of borrowing money.
If you’ve got a fully paid-up vehicle, and need a financial fillip, here’s all your questions answered about pawning a car in South Africa.
How do loans against cars work?
It’s simple. You tell us all about your car. Based on that information, we make you an initial offer of a loan – online or over the phone.
If you want to pursue the offer, you bring the car to your nearest lamna branch for an independent vehicle appraisal.
We confirm the amount of money we’re prepared to lend you. An agreement is drawn up and signed. Your car is handed over to secure the funds and the cash is electronically transferred into your bank account.
Can I get a loan against a financed car?
No. In order to qualify for our car for loan scheme, your vehicle has to be fully paid up. You must be the registered owner.
How do you assess the value of a car for loan?
We take the make, model, mileage and condition of the car into account, together with its market-related resale value. We offer you a percentage of the assessed value of the car as a quick cash loan.
How long can I pawn my car for?
Our repayment terms are negotiable. They range from a month to a year or more.
Can I qualify for a loan against a car without proof of income?
Yes. The car is used as security for a loan, so we don’t require proof of income. We don’t request your credit history or score. And we don’t share information with the credit bureau.
Where can I get a personal loan against a car in South Africa?
lamna has conveniently located branches in Cape Town, Johannesburg, Port Elizabeth and Durban. Call 086 111 2866 or submit your information online. A friendly consultant will guide you every step of the way.
What documents are required to borrow money against a car?
We only require three documents:
- a copy of your ID
- proof of residence
- the original registration papers of the car.
Do you charge interest on loans against cars?
Yes. We charge interest at a rate compliant with NCR guidelines.
Can I pawn my car and still drive it?
No. Your car is collateral for the loan. This means it’s held in a lock-up facility until the money, plus interest, is paid back in full.
How much can I borrow against a car?
It depends upon the appraised value and condition of your car. The appraisal takes place at one of our branches.
Can I extend the car for loan repayment period?
Yes, but only if your payments are up to date.
Can I pawn my car in Johannesburg?
Of course. The team at the lamna Jo’burg branch is standing by to process loans on all vehicle types, including cars. We’re located off the M1 in Sandton.
How long does it take to process loans against cars?
The funds will be in your account within 24 hours of making the car for loan application.
When I pawn my car is it securely stored and covered by insurance?
Yes. Your car is stored in a secure, restricted-access facility offsite. While in our care, it’s covered by insurance.
Can I borrow money against a car in Cape Town?
Yes. We have a branch in Strand Street in the CBD. We suggest you call 021 419 1113 to set up an appointment.
What happens if I can’t repay the loan?
You can apply for an extension to the repayment period. If you still can’t settle the outstanding amount, your car is sold to cover our losses.
Now you understand that the car for loan scheme is a quick, easy and discrete way of borrowing money. At lamna, we offer fast, discreet loans against the value of a wide range of assets, from vehicles and luxury watches to jewellery or artwork.
Client borrows R10,000 for 90 days.
|Loan Amount||Repay Terms||Monthly Repayment||Total Repayment||Initiation Fee||Monthly Fee (Interest + Service charge)||APR|
|R10 000||3 months||R568.40||R12 902.20||R1 197||R560||60%|
How to get a quick and easy loan against your car in Port Elizabeth.read more
How to get a quick and easy loan against your car in Durban.read more
What to do and where to go to get a loan against your car in Sandton.read more