Vehicle-backed loans are fast funding solutions that aren’t tied up in red tape. Here’s how you can get a loan against a car in Port Elizabeth and have the money you need within 24 hours.

How to get a loan against a car in Port Elizabeth

Lamna is a specialist short-term loan provider with branches located across South Africa. We accept debt-free vehicles as collateral and process loan applications quickly.

You can contact us on 086 111 2866 or find us at 6A Gecko Park, 9 Buffelsfontein Road, Mount Pleasant.

Our consultants and vehicle appraisal experts are available during normal office hours. We operate on an appointment-only basis.

How to get a vehicle-backed loan in Port Elizabeth

Our easy application process involves an initial telephone call to the PE branch. Alternatively, you can submit your details via our online loan application form.

Once you’ve shared the car’s make, model, age, condition and mileage, we make an offer of the approximate amount we are prepared to lend you.

If you’re satisfied with the proposed loan, the car is brought in for an appraisal at the branch. If all is in order, we make a formal offer that you can accept there and then.

The car is handed over to us as security, an agreement is signed by both parties and the funds are electronically transferred into your bank account.

Who qualifies for cars as collateral loans?

Anyone who owns a car, bakkie, van, truck or motorbike can apply for a short-term loan from Lamna.

The only provisos are:

• the car must not be financed by a bank or vehicle financing company
• the person who applies for the loan must be the registered owner.

We need a copy of your ID, proof of your current address and the original vehicle registration papers in order to process your application.

How much can you borrow against a car?

The amount we’re prepared to lend you is subject to the appraised value of your car. Once we have independent confirmation of how much the car is worth on the trade market, we offer a percentage of that value in the form of a short-term loan.

Why consider a loan against a car in Port Elizbeth

Our quick and easy personal financing loans are ideal for all PE residents – whether you’re employed or not. As the funds are secured by the car, we don’t request payslips or bank statements. Also, we don’t carry out credit checks.

If you can’t repay the loan as per the terms of the agreement, we don’t alert the credit agencies. We do, however, sell the car to recover our losses, but that’s as far as the matter goes.

While the car is in our safekeeping, it’s fully insured and safely stored in a secure lock-up facility. Once the funds have been paid back in full, the vehicle is returned to you.

Loans against cars by Lamna are legitimate and discrete. There are no hidden fees or early settlement penalties. Our interest rates are NCR compliant.

About Lamna

At Lamna, we offer fast, discreet loans against the value of a wide range of assets, from cars to luxury watches, jewellery and artwork.

For more information about using an asset to secure a short-term loan, contact us on 086 111 2866 or simply complete and submit our online application form.