How pawning your car works

What is pawning your car?

Pawning your car is when you use your vehicle or fully paid for asset like a trailer or caravan as collateral in order to obtain a large amount of money in a short amount of time.

This is often much quicker and easier than applying for a loan with a bank or another large financial institution, since there are no credit checks or miles of paperwork to be done.

Who can pawn their car?

Anyone who owns a fully paid for motor vehicle of any sort will likely be accepted to pawn their car.

It is important to keep in mind that the vehicle has to be fully paid up and it must be in your name.

You cannot raise funds against a vehicle that somebody else owns even if it is a family member and you cannot raise funds against a vehicle you are currently paying off because technically the bank still owns it until the day you have paid off your bank loan in full.

These are the basic rules for pawning your vehicle in South Africa and they are the same at every company within the country.

The basics

If you have a fully paid for motor vehicle it is then known as an asset, which is something that has value and can meet debts or commitments.

You may only raise money to the maximum value of your asset, for example:

If your asset is only worth R80,000. Then you will not qualify for a total that exceeds that amount of money, if you require the exact amount or an amount that is below the worth of your asset then chances are you will be approved.

Determining your vehicles worth

When you are trying to raise money against your asset, you must first determine its worth, Gloob Auto does this by doing a simple vehicle assessment.

Once you have sent in pictures of your vehicle, we will then take a look at its current condition, when it was made, what make and model it is and how much mileage it carries and then determine how much money it is worth, we compare it to what is known as the blue book or market value of the vehicle.

This usually turns out to be slightly less than the retail value of your asset. 

The deal

Once we have completed the assessment of your asset and determined what it is worth, we make you an offer.

First you tell us exactly how much money you need and then we make you a fair offer that depends on our findings.

We always strive to offer fair-market related deals that suit the budget of each individual customer, that is why each deal is unique and custom made to suite your monthly expenses.

You then have the ability to accept or decline the deal.

Getting your money

Once you have accepted the deal and agreed to the terms and monthly repayments, it is then time to get paid.

We immediately send you the agreed upon amount via EFT into your bank account on the same day, the time it takes for the money to reflect in your account depends on your local bank.

If you require hard cash, this can be arranged but only up until a certain amount and T&Cs apply.

Why choose Gloob Auto?

Unlike other companies, Gloob Auto allows you to pawn your vehicle and then still keep it and drive it to where you need to go, we understand that times are tough and in South Africa where public transport is not widely available, you will still need your vehicle to get around.

Most companies who offer car pawning, actually keep your vehicle in a secure facility until your total amount has been paid off, this minimizes the risk to the company and greatly inconveniences the customer

At Gloob Auto we strive to help our customers borrow money when they need it most and cause absolutely no disruption to their everyday lives.

Where can I pawn my car?

Thanks to our unique online application, anyone, anywhere in South Africa can pawn their cars with Gloob Auto, our main office is in Johannesburg but because we do not require a face to face appointment, you can easily apply from anywhere in the country.

All you have to do is send in the required documents, pictures of the front, sides, interior and mileage of the vehicle and we take care of the rest.

Pawning your car is when you use your vehicle or fully paid for asset like a trailer or caravan as collateral in order to obtain a large amount of money in a short amount of time.

This is often much quicker and easier than applying for a loan with a bank or another large financial institution, since there are no credit checks or miles of paperwork to be done.

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