Mortgage the car? Anyone who needs money has to be flexible. If you do not need your vehicle for a while, you can easily bridge short-term financial bottlenecks. Cash against a car deposit – read more (อ่านต่อ which is the term in Thai) on this is how it works.
The Loan Through The Auto Pawnshop
Vehicle pawn shops specialize in lending on cars, campers, motorcycles, and other vehicles. The cash is made available in the same way as in any other pawnshop – the deposit (i.e., the car, caravan, motorbikes, vintage car) is deposited, the customer receives the money. He can take his vehicle back with him when he has paid back the amount, including interest. However, there are some special features to consider. As a rule, you should offer your vehicle to the pawnshop in advance by phone or email. This allows the pawnshop employees to evaluate the vehicle preliminarily. If you then agree on the deposit value, hand over the vehicle for safekeeping. At the same time are the registration, the vehicle- Hand over the letter and all keys. The loan amount will be paid to you in cash or transferred to a specified account. You can use the pawn ticket you received to redeem the vehicle at any time.
Appraisal, Term, Interest Rate, And Fees
The value of the vehicle is determined based on vehicle exchanges. Of course, the year of construction and condition of the car, the make, and the mileage are considered. You will receive around 50-60 percent of this as the loan amount. The agreed contract period is usually one to three months, but an extension is possible without any problems. The interest on the loan is stipulated by law; one percent of the loan amount is due for each month or part thereof. There are also credit and parking fees for the vehicle. However, if you cannot repay the loan and not renew it, the car will be auctioned off. If the auction proceeds are higher than the loan amount, you will receive the difference.
For Whom Is The Car Deposit Worthwhile?
The specialized pawn shops not only take care of cars. There is also money for scooters or bikes, vans, trucks and buses, trailers, and caravans. You can even bring agricultural and construction machinery or boats to the pawnbroker. In addition, it must no longer belong to the bank because only one’s property can be pledged. Money in exchange for a car is particularly worthwhile for those without their vehicle at times. Citizens who can no longer get a loan from the bank because they are already over-indebted also come to the car mortgage loan. Companies are also among the customers.
The Benefits Of Mortgaging Vehicles
A car mortgage loan is processed quickly and discreetly. Anyone who brings all the documents with them on the agreed date will receive their money within a very short time after handing over the car. The vehicle is stored anonymously; it is dry, guarded, and even insured in the garage. The loan is easy to calculate, thanks to the fixed interest rates. In the case of an early buyback, you only pay the costs due for each full or partial month. Incidentally, with companies, both interest and fees are part of the operating expenses that reduce profits. So, a car deposit is a great way to make up for short-term liquidity gaps.