What does it mean to pawn my car and still drive it?
Pawn your car and still drive it or Lend and Drive or “Pawn Drive” are all names for a way of lending using your fully paid up vehicle as collateral. This form of lending has been in existence for 30 year in USA and the UK and tends to be more popular than pawning your vehicle, as a pawn does not allow you to still use your vehicle.
The Lend and Drive way of doing things simply allows you to still drive and use your vehicle even though you have had money lent to you. The lending company only takes title to the vehicle and does not actually take possession of the vehicle. So in effect it is a loan against your car papers.
This allows the client a far better chance of carrying on normally and a better chance of repaying the loan.
The Lend and Drive criteria is more difficult than pawn to qualify, as the lender must be able to prove they can pay back the monthly fees with no issues.
How does Pawn my car and still drive it works?
Applying for a Pawn and Drive loan is easy! We are all over South Africa!
Firstly, one needs to contact First Advance and chat to a friendly consultant at our branch in Benoni. The consultant will ask you for the following documentation to unlock asset value;
- Copy of your drivers license
- Vehicle registration papers
- 6 months bank statements
- Some pictures of your vehicle
- Proof of residence
- Pay slips or proof of income
Once you have sent this through, the consultant will arrange a meeting. This will be in Benoni at a venue near you where a tracker will be fitted and a mechanical inspection will be conducted. Lastly the contract will be signed and your money will be paid via Eft or cash. Easy as pie!
The contract is for a year however, you have the choice to settle at any time one month after signing the contract.
What are the benefits if I pawn my car?
One only has to imagine not being able to use your vehicle for a year. To understand the benefits of borrowing money using the Lend and Drive method, we are not taking your property; we will merely take title to it for the period of the loan.
So, if you own a car, motorbike, boat, earth moving equipment, caravan or farm vehicle we can help you. We will quickly and discreetly offer you a loan on any of these vehicles. And when you no longer need the loan, all you do is pay us and we return the title of your vehicle back to you.
How quickly can I do a Lend and Drive deal?
If you send all the correct documentation to one of our consultants in Benoni, we can set up a meeting to assess the vehicle and put in the tracker in a couple of hours. It’s a quick and easy process to unlock cash and loan against your car papers.
How quickly can I do a Lend and Drive deal?
If you send all the correct documentation to one of our consultants in Benoni, we can set up a meeting to assess the vehicle and put in the tracker in a couple of hours. It’s a quick and easy process to unlock cash and loan against your car papers.
