Applying for a loan using the car as collateral act as a guarantee with the vehicle you own. The pawn shop grants a loan for the value of the car, which is usually 80% of the value of the vehicle.
In return, you must return the loan amount plus interest on the established fees, and if you breach the contract and do not return the loan as established, you will lose the vehicle, as it works as collateral. This works similar to car pledge (รับจํานํารถ, which is the term in Thai).
This type of financing is very beneficial for clients with outstanding payments or people who do not have a good financial history but still have a car.
Advantages Of Applying For A Car Loan With A Vehicle Guarantee
- You can get a loan of up to 80% of the value of the vehicle.
- You just need to be the owner of the car and have the documents in order.
- More flexibility than in other types of loans.
- Car pricing service, usually free.
Requirements And Documents To Request A Loan With Your Car As A Guarantee
- The car must be fully paid and free of charge.
- You must be a car holder
- The car documentation must be updated: traffic tax, ITV, etc.
- You will need to have your ID or passport and that it is not expired.
- You will need the technical data sheet of the car.
- You will need proof of payment of the traffic tax
- Last payroll or proof of income.
- You must indicate the brand, model, year of the car, and the kilometers the car has.
- You must fill in the form with your data.
In less than 24 hours, an agent will contact you to offer you all the information indicating the possible pawn shops, the amount offered of the loan, and the repayment term. The loan repayment can be made by card or by bank transfer.
