Loans with your car as a guarantee
Pawn cars with the vehicle as collateral
If we need money urgently and we have a vehicle in our name, we can pawn our car without having to deliver it . In addition, we can get amounts higher than 1,000 US dollars even when we are in Credit Checker, regardless of whether we are pensioners, unemployed or self-employed.
In the following list we can find the companies with which to process the commitment of our vehicle to obtain the financing we need.
|50% vehicle value||See|
This type of financing has our vehicle as a guarantee of payment. So we must not forget that we run the risk of losing it if we do not pay on time .
Likewise, the payment of the loan repayment carries interest that is set in the loan contract. We must bear in mind that although we can make an early return we will have to face the payment of interest.
Loans with the car as collateral allow us to continue using our vehicle in exchange for an adjusted rental fee set in the contract. In the case of needing a larger amount of money, we have the option of giving up the vehicle and renouncing its use.
Credit for your car, how much money can we get?
If we own a vehicle less than 10 years old, and we cannot obtain the financing we are looking for by any means, we have the option of resorting to loans with collateral and using our car as a guarantee of payment .
This type of loan, more permissive than other types of financing, with the most damaged credit histories, are available to any applicant who has a vehicle regardless of whether we are registered in delinquency files for non- payments .
If we have a car that supports our loan application, we will be in a position to get the money we need, regardless of whether we have debts, or our data is recorded in delinquent files such as Credit Checker or Rai.
Regarding the amount of money that we can get with this type of loan, the usual thing is to receive up to 80% of the appraised value of the vehicle used. Getting amounts between 5,000 and 20,000 US dollars, depending on the value of the vehicle to which we refer.
In the event that we are interested in making an approximate calculation of the value that our vehicle may have, we can check the market value of the car using as a reference the tables published annually in the BOE. We can also compare this information with the GANVAN or EuroTAX appraisal tables , whose data present a more realistic interpretation of the value of different vehicles.
To learn more about car loans as collateral , continue reading our information and we will explain everything about their characteristics and operation.
How does the car pawn work?
If we have a vehicle less than 10 years old, we will be able to request a loan using our car as collateral .
We must exercise caution and be convinced that we will be able to comply without problems with the payment of the return fees stipulated in our contract, since if we do not do so we run the risk of losing the pawned car.
Hence the importance of knowing the financing conditions offered to us before signing the contract. In the case of obtaining financing using our vehicle as collateral, we must make sure that we are not signing the purchase and sale of the vehicle , and indeed the conditions refer to contracting a loan with the car as collateral.
Below we collect the main differences between vehicle purchase and sale entities, and companies that offer car loans as collateral , since it is very easy to confuse their services and may lose ownership of our vehicle without being aware of it, when in In reality, what we were looking for was to ask for a loan using the car as collateral.
|BUY SALE VEHICLES||CAR LOAN AS GUARANTEE|
|Vehicle as collateral||No||Yes|
|Vehicle availability||* Paying an extra for rent||Yes|
For this reason, we advise to exercise caution and even ask for advice if we have doubts about the financing conditions that we assume.
Application for a loan with the car as collateral
Once we have selected the company with which we want to process the pawn request for our vehicle, we can access its website and start the application process without leaving home.
To begin we will have to complete the application form at our disposal, and indicate the identification data of our car such as its brand, model, year of registration or mileage.
Then we will have to provide our personal and bank details , required for the feasibility analysis of the operation by the pawn company.
As soon as our request is analyzed we will receive a call in which we will receive information about the financing conditions of the loan. In the event that we are satisfied we can proceed to the signing of the contract , after which we will be in a position to receive the transfer of the money granted.
Once the contract is signed, we will receive the loan money for our car immediately in our account.
How long can we have the money?
When requesting a loan of this type we have to take into account that the receipt of the money will not be immediate , since it is a special procedure that involves an appraisal of the vehicle used as collateral, in addition to the relevant solvency study stipulated in these cases.
Once the vehicle appraisal has been managed , the companies will decide the total amount of the loan, contacting us within 24 to 48 hours to verify the details of the operation, and send us a copy of the contract with the corresponding financing conditions .
As soon as our signature and compliance with the terms of the contract is verified, we will be in a position to receive the transfer for the value of the money granted.
The response time of the entities that grant this type of financing will depend in each case on the management and appraisal processes necessary to guarantee the loan.
Will it be possible to continue driving the vehicle?
Before requesting a loan using our car as collateral, we will need to know if we will be able to continue using the vehicle in question or not. In this sense, signing a loan of this type will not mean that we cannot continue driving the car for its duration .
Although if we have no problem in stopping using the car, there is also the possibility of giving our car to the financial institution in exchange for increasing the amount of the loan.
In any case, it does not hurt to make sure that the contract we signed does not imply the sale of the vehicle , since in this case we will have to assume an extra payment for the rental of the car if we want to continue driving it.
What requirements and documentation are you going to ask us for?
In order for our loan request to be approved with our car as collateral, we will have to be able to meet the following requirements:
- Be the owner of a vehicle less than 10 years old free of charges,
- Have our current and current documentation (DNI, NIE or Passport),
- Have the documentation of our car in order:
- Technical data of the car,
- Proof of road tax,
- ITV in force.
- In addition, depending on the entity we go to, they may require that we have to prove a regular source of income by submitting payroll or other types of documents.
In any case, the requirements and documentation to be submitted will depend in each case on the internal policies of the entities that grant this type of financing.
Can we get a loan for a car over 10 years old?
When economic problems overwhelm us and we need to find urgent solutions to get money online car endorsement loans , they offer us a real solution to obtain the credit we need regardless of whether we have debts or appear in delinquent files such as Credit Checker .
If you doubt whether or not it will be possible to get the credit you need with a vehicle over 10 years old , do not worry, the loan offer on the internet is so wide that it will not be difficult to find a lender specialized in pawn cars with the vehicle as collateral willing to lend us money for our car, regardless of its age.
As we saw in the car pawn application procedure, each company will analyze our request based on the appraised value of our vehicle , offering us a customized response.
The age of our car will not be an impediment to find the financing we are looking for through endorsed loans.
If you are looking for a loan but you have a car that is more than 10 years old, it is sure that most of the companies you have contacted have not lent you money. This is so because old cars older than 10 years have practically lost their value. However, we recommend a company that does pawn vehicles older than 10 years, it is Ibancar.
However, we advise you that if your car is more than 10 years old but it is a high-end car or in good condition, insist with the different pawn shops. Normally online appraisals or contact forms give you an automatic answer if your car is old or has many kilometers. However, if you call by phone and the loan money you are asking for is low and it is a car in good condition or high-end, they may grant you the money.
Is it possible to obtain a loan with a car guarantee without changing ownership?
When considering the possibility of pawning our vehicle as the only alternative to find the financing we need, it sometimes happens that we reject the idea of the loss of title to the vehicle .
For this reason we must know that some entities that manage personal loans with a car guarantee will allow us to continue using our car, without losing ownership of it .
In any case, before choosing which financing alternative is best for us, we must compare all the vehicle pawn offers and make sure that we know the conditions that we agree on , since we will find different policies in relation to the treatment of the ownership of the car and its possibilities of use.
The fundamental thing is not to have doubts about the conditions that we sign to avoid unexpected surprises that affect the cost of credit .
This option gives you the freedom to guarantee the loan with your car but continue using it without having to leave it in custody. Here the key is that since the car is not in storage, it is normal for the company that buys it to put the car in your name and end up making a kind of rental for you. Imagine, if your car has a market value of € 20,000 and you need € 6,000, what the company does is transfer the ownership of your car in exchange for giving you € 6,000. You will have to pay a monthly fee to reimburse those € 6,000 plus interest that is usually around 8% -16% .
Once the borrowed money and interest have been returned, the car will be transferred to your name. If you stop paying and do not return the amount, the lending company would keep the property to sell it and be able to recover the borrowed money plus a plus (since the value of the car is always higher than the money they lend you).
The risk that the company runs is much greater since the vehicle can be damaged, or the client can disappear.
In which cases is the vehicle pawn the best financing alternative?
Trying to get a loan of this type is interesting when our economic situation prevents us from enjoying another type of financing . This is the case of the most damaged credit histories that appear in delinquent files such as Credit Checker and do not have a fixed income.
When we have no income and our data is recorded in delinquency files, pawn vehicles is an effective option to get the money we need.
Where can we pawn the car without delivering it?
These are the companies that operate online and allow us to obtain money for the car without having to leave it in deposit:
GedesCoche offers us a fast credit service based on the car pawn . The vehicle will become the property of GedesCoche until we return the money they have lent us (there is no return period) and we can continue using it by paying a rental fee .
- Maximum $ 10,000 depending on the valuation of our car in the Ganvam guide (They will give us a maximum of 50% of this value)
- No payroll or any type of paper is needed to prove that we have income
- We will pay the interest through a rental fee
- Valid with Credit Checker since credit history does not matter
- Without a maximum repayment period , the credit expires when we return the money they loaned us.
- Vehicle changes ownership
- You must have the car fully paid for and it must be less than 8 years old or 10 if it is high-end.
Prestacars stands out for granting money, up to 10,000 US dollars, using our car as collateral . There are two options; One of them is the sale of the vehicle , where Prestacars acts as an intermediary between us and the buyer and the second is the commitment of the car , where we can choose whether to leave it in storage or continue using it .
- Up to $ 10,000 depending on the vehicle and the appraisal we obtain on it
- No payroll is necessary and the guarantee is the car itself
- We have two options to obtain the loan, sale or pawn of the vehicle
- Supports Credit Checker in both cases, sale or pawn
- If we do not take care of the monthly payments, we lose title to the vehicle
CocheGo allows us to obtain a credit of up to 15,000 US dollars in a period of 24 hours, putting our vehicle as a guarantee or endorsement, and with a return period of 6 months that can be extended. For this, it will not be necessary to change the ownership of the car or give up its use while we return the money.
- Up to $ 15,000 depending on the appraised value of the vehicle (The appraisal is free and they offer a response in 30 minutes)
- Without payroll and using the car as collateral
- The return period is 6 months but can be extended
- It does not matter to be in Credit Checker or in some similar entity
- You can cancel in advance without any associated cost
- The vehicle does not change ownership and is still in your name (This implies cost savings)
- As an essential requirement, the car cannot be more than 10 years old .
Prestamoportucoche offers us fast loans by pawning our car and obtaining the maximum amount of money possible for it. For this we have two possibilities: continue using it and obtain money for up to 60% of its value or leave it in deposit at your facilities paying less interest and also obtaining up to 80% of the appraisal.
- Cash immediately for up to 80% of the appraised value or 60% if we continue to use it
- You do not need to have a payroll or any other source of income, they do not request documentation of any kind
- They do not matter or verify inclusion in delinquency lists
- Two options: continue driving the vehicle or leave it in deposit paying less interest
- It must be in your name, registered in United States and with the papers up to date (It does not matter if it has fines)
- The appraisal and the signing of the documentation is carried out at its facilities available in Ohio, Barcelona and Valencia (If you cannot get there, they have a collection service)