Sometimes life throws unexpected expenses on your way medical bills home repairs or even sudden emergencies. In those moments you might need fast cash but don’t want to sell your car or go through complicated bank loans. That’s where Car pledge (รับ จำนำ รถ จอด, which is also a term in Thai) actually comes in the picture.
What Do You Need To Know About Car Pledge?
A car pledge is a way to borrow money using your car as a collateral. In simple terms you can get a loan from a lender and return you get your car as a guarantee that you will pay the money back. You still own the car, but the lender holds the vehicle documents until you pay the loan in full. In some cases, you can even continue driving your car while the loan is still active.
How Does A Car Pledge Work?
You need to look for a company that offers carpet services in your city and make sure that they are licensed and have good reviews. The lender will check your car’s value condition and documents like your ID card and car registration. Based on the value of your car they will offer you a loan. Usually, you can get 50 to 80% of your cars value. Once you agree to the terms and condition you can sign a loan agreement that includes interest rate repayment terms and conditions. You will receive the cash on the same day. You can just repay the loan in installments or at once depending on the agreement.
Benefits Of Car Pledge
in most cases the whole process takes just a few hours. Lenders usually don’t ask for your credit score. Your car is the guarantee so you don’t even have to worry that your loan will be rejected for poor credit history.
So Above all you need to know that a car pledge can be a smart quick and easy way to get cash when you need it the most without selling your car or going through a bank. As long as you understand the terms and repay on time it’s a helpful financial tool. But just like any financial decision take your time to compare options and ask questions.
