What is an asset-based loan?

An asset-based loan uses a valuable item as collateral to secure financing, with the amount depending on the asset's value.

What are the benefits of using my car as collateral for a loan?

Benefits include quick approval (often within 24 hours), no credit checks, and the ability to continue driving your car.

How do asset-based loans differ from traditional bank loans?

Asset-based loans require less paperwork and are primarily based on the collateral's value, unlike traditional loans that focus on income and credit score.

What is the process of getting a loan against my car in Johannesburg?

Contact a lender or apply online, bring your car for evaluation, and once accepted, complete the paperwork to receive funds, usually within 24 hours.

What documentation is required for a loan against my car?

You'll need the vehicle registration certificate, your ID book or card, and proof of residence not older than three months.

Do I need a good credit score to get a loan against my car?

No, most lenders do not consider credit scores for these types of loans.

What are the typical loan terms and conditions for these loans?

Loan terms generally range from 3 to 24 months with competitive interest rates, and your vehicle will be securely stored and insured during the loan period.

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