With Lamna, there is no absolute maximum loan against a car. The amount available as a loan is determined entirely by the appraised market resale value of the vehicle.
How much Lamna lends against vehicles
Lamna offers vehicle-backed loans ranging from R20,000 to R10 million or more.
We accept any vehicle that’s paid up and in good condition as security for an asset-based loan. In the past, we have advanced funds secured by boats, yachts, motorbikes and even an airplane.
What determines how much you can borrow
We base the loan amount we offer against a car on four main factors – vehicle make, model, age and condition.
Lamna specialises in loans against luxury assets. Many of our customers secure loans against luxury vehicles, with marques ranging from BMW and Mercedes-Benz through to Porsche, Ferrari or Lamborghini.
However, we do offer loans against other vehicles of all types (including older vehicles).
High-end vehicle makes and models are, of course, significant assets. Borrowing against them is a fast, straightforward way to unlock their value, without having to sell.
Well-maintained vehicles with comparatively low mileage and full service histories have higher resale value. They attract correspondingly higher loan offers.
Why is the maximum loan against a car only a percentage of its resale value?
Asset-based lenders like Lamna are not in the business of reselling cars. Instead, we provide financial services.
Put another way, getting a loan against your car doesn’t involve any actual resale of the vehicle, or transfer of ownership.
It’s only the car’s potential resale value (without any guarantee of a successful sale and excluding costs involved in securing a sale) that is being leveraged, to secure finance.
For the duration of a loan, Lamna stores your car in a secure, access-controlled facility. Once the loan and agreed interest are repaid, the car is returned to you in the same condition you left it.
It isn’t in our best interests, or those of our customers, to have to resell vehicles. As far as possible, we work with customers and take what steps we can to avoid having to do this.
How to get an initial loan offer against your car
Borrowing money against a car is quick and easy. It involves completing an online application form or calling one of our friendly consultants on 086Â 111 2866.
Based on the information shared about the vehicle, we provide an initial estimate of a loan via email or over the phone.
If the offer meets your expectations, the vehicle is physically appraised at the nearest Lamna branch. We have offices in Cape Town, Gqeberha (Port Elizabeth), Durban, Johannesburg and Pretoria.
The paperwork is drawn up and signed, the car is handed over and the funds are transferred into your bank account.
At Lamna, we provide short-term loans against assets. No credit checks, bank statements or employment history are required.
Whether you’ve got a car, a boat or a bakkie, you can use it to raise cash within 24 hours.
For more information about the maximum loan against a car – or about using another asset to secure a short-term loan – contact us on 086 111 2866 or simply complete and submit our online application form.
ILLUSTRATIVE EXAMPLE
Client borrows R10,000 for 90 days.
Loan Amount | Repayment Period | Monthly Interest | Total Cost of Loan | Initiation Fee | Monthly Fee | APR |
---|---|---|---|---|---|---|
R10 000 | 3 months | R500.00 | R2 914.50 | R1 207.50 | R569.00 | 60% |
Fixed rates range from 36% to 60% APR and payment options range from minimum 3 to maximum 24 months. Apart from the initiation and monthly fees shown below, the only additional fee is credit life insurance if the borrower does not have this already.