Q: Does the car need to me in the name of the person requesting for the loan?
A: Yes the car papers need to be in the same person’s name that is requesting the loan as it will not be accepted if it is not corresponding
Q: How long does it take to approve the loan against your car?
A: The loan can take up to an hour or a day to approve this is determined on what the loan company’s process includes.
Q: How does a loan against my car papers work?
A: A loan against your car papers works is that the loan company will become the title owners of your car. The car will stay under the loan company’s name until the loan is fully paid up to date then it will be put back onto the original owner name.
Q: If I don’t make payments on my loan what will happen to my car?
A: if you do not pay your loan, as the car is in the loan company’s name the care then belongs to the loan company and they are authorised to keep your car.
Q: How long does it take to pay back your loan?
A; Each loan company has different time spans when paying back your loan it can be anywhere from 6 months to 1 year or in some loan companies up to 3 years.
Q: How does the loan company decide on the maximum that you are allowed to loan?
A: This is determined on the value of your asset that you are looking to get a loan on. Cars are normally higher as they are a larger asset.
Q: Does your car get evaluated before requesting a loan?
A: yes you car does get valuated before a loan can be approved, this will determine the amount that is allowed to be loaned