How a regular pawnshop works is clear. The client pledges the property, receives the money, then returns it to the borrower with a certain percentage, takes his own. If the debt is not repaid, the pledged will be realized. The reason for contacting the pawnshop is not at all important. Repair, treatment, purchases…. Having pledged the vehicle at favorable interest rates, the borrower quickly receives the required amount in his hands. The main thing is to understand that in case of non-repayment of the debt, the rights to the property will be transferred to the lender, and he will be able to dispose of the car at will and at his own discretion.
How it works
A financial institution that issues loans (mostly short-term) on the security of a car , called a pawnshop. They work similarly to ordinary pawnshops. Acceptance of property, appraisal, handing out the amount or transferring it to a bank account is a standard work scheme.
For a vehicle owner, the process of obtaining a loan secured by a car is as follows:
- the machine is fully tested. The year of release, general condition, brand, etc. are taken into account;
- numbers of nodes and body are compared to check the history of the vehicle;
- a contract is signed;
- money is credited to the account.
There is a standard collateral option, there are more urgent buyouts. The main advantages of cooperation with car pawnshops: speed of paperwork and quick receipt of the required amount in your hands or into a bank account.
Also, note:
- minimum requirements. No need to confirm income, no need to look for guarantors;
- simple two-step transaction processing.
Everything that is needed for the transaction: passport, TIN, vehicle documents (registration certificate) and registration certificate.
It doesn't matter whether the client has a good or bad credit history. The pawnshop is not interested in this.
How it works
The application is made online, the decision is made very quickly. Usually it is 15 minutes, but it happens even earlier. The system is fully automated. There is no need to spend time on a visit to the institution.
The client is consulted via the Internet, you can also contact by phone. The agreement is also drawn up on the World Wide Web, or on the spot, while you do not waste time looking for a notary, do not waste hours in line.
"Pros" of the pawnshop
Of course, the main advantage of the pawnshop is the quick delivery of money to the client. But there are also little-known positive aspects of this type of transaction:
- Low interest. On average, no more than 2-4% of the total amount is released per month.
- Large amounts. It is possible to get up to 80-90% of the real market value of the car.
The popularity of secured loans in Ukraine is growing. Auto pawnshops are ready to redeem vehicles from owners on favorable terms and online. The borrower does not even need to leave the house for registration. It is very convenient. For example, Car Pawnshop Euro Standard has long been providing an online car pawnshop service. Read more at Euro standard site .
