Can I Pawn My Car & Still Drive It?
In NSW you can pawn a car for a short term cash loan.
But, your car will be stored by the pawn shop until you have redeemed the loan.
In New South Wales a person borrowing money from a licensed Pawnbroker, must leave the asset being borrowed against -the asset being pawned- with the pawnbroker. Essentially, the loan is secured against the asset until the debt and due interest is repaid.
This is primarily why a pawnbroker is not concerned with your credit rating or credit score. The pawned asset is the collateral which secures the loan and pawnbroker’s risk.
Some pawnbrokers advertise in a manner to suggest that you can pawn your car and still drive it, but when you drill-down you will see that they merely offer a so-called discounted car-hire rate with a car rental firm.
Nevertheless, pawning your car is a fast and simple way to unlock your car’s equity to solve a short term cash-flow problem or even to take advantage of a business opportunity while arranging traditional finance at a much lower interest rate.
It’s all about a choice of products. Pawnbroking is an ancient profession that serves a purpose. It is not meant to replace traditional financial products which are highly regulated and which are largely determined on your credit worthiness. In any event, that takes time. This is why we at U-Pawn always take time to explain to customers the difference.
Get in touch with us today
Get in touch with us today to find out how much you can borrow against your car, motorbike, truck or boat. Indeed, we pride ourselves on being able to provide affordable high-value loans quickly and easily for clients needing cash fast.
We don’t just pawn cars, in-fact we pawn a wide variety high-value assets, including classic, vintage and antique vehicles, motorbikes, trucks and boats for clients seeking to release capital instantly.
One of the most practical things about pawning something is that there’s no need for you to commit to a quick sale on your asset, which for most vehicles would no doubt mean selling it for a lot less than it is worth. Instead, when you pawn a car or similar asset you get to keep your pride and joy, permanently, getting it back when the loan is settled.
Learn more about how to pawn your car >>
We’re conveniently located in Parramatta, Sydney.
To find out more just phone us to make an appointment to bring your car in, or alternatively might be able to come to you. In most cases we can give a ball park figure by viewing photographs of the car.
We make pawning your car easy.
U-Pawn is a high-value collateral lender specialising in pawning Cars | Motorcycles | Boats and Trucks. From time to time we also pawn Heavy Machinery | Recreational Vehicles | Caravans |Trailers | Farm Equipment and even Aircraft.
U-Pawn Pawnbrokers Licence 2PS24535 (NSW)
Note: A valuation for a pawn loan is not a ‘market valuation’. It is a valuation exclusively for our own purposes and is not public. In most circumstances a pawn loan valuation will be significantly less than a market valuation.
Interest rates are calculable on a monthly basis and will be fixed for the loan contract period at the time the contract is made. The interest rate we will charge you will depend on a range of factors, including as to the amount being borrowed and value of the goods being pawned. This is called the ‘loan risk ratio‘. The higher the risk to the pawnbroker, the higher the interest rate. Learn more in the FAQ’s section below.
Is Your Car Subject to Finance? … No problem, we can still lend against cars with outstanding finance, providing the finance is cleared from the proceeds of our new loan. Though, our due diligence processes could mean that the loan process might take up to 24 hours.
Frequently Asked Questions
To learn more about our pawn loans please visit our FAQs page by clicking on the button below: