Q: How long does it take for an application for the loan against car take?
A: The process can take between 1 – 2 hours, but this also depends on how the loan company work and what details they require in order to process application forms.
Q: Can I get a cash loan on more than 1 vehicle?
A: Yes you can get a cash loan on more than one car, this will also determine that all cars are in good running conditions and the value of the cars.
Q: Who evaluates the cars at the loan company?
A: Loan company have the necessary contacts or an employee that deals with evaluated the car. They may out source or they have one within their company that soley deals with the evaluations.
Q: Can I still drive my car if I take out a loan against my car?
A: Depending on the loan companies terms and conditions, yes some allow you to still drive your car, however the title owner of the car will be changed into the loan company’s name.
Q: What happens to my car if I fail to pay my loan back?
A: If one fails to pay back the loan they have taken from the loan company, then legally the loan company becomes the owner of the car.
Q: What is the maximum amount one can loan on their car?
A: This all depends on the value of the car, the value of the car will determine the amount that can be loaned against your car
Q: Do loan companies charge an interest fee?
A: Yes on any loans just like a personal loan or bank loan, there is an interest fee charged.
Q: When I have finished paying my loan doe the title owner of the car change back into originals owner’s name?
A: Yes when you have finished paying up your loan, you will receive the papers for your car and will be able to change the title owner