Cars are one of the most precious assets for people around the world. Apart from offering great function, it offers excellent utility as well. Cars are a long-term investment and it is possible to get a loan through car pledge Samut Prakan (รับจำนำรถ สมุทรปราการ, which is the term in Thai) Car owners can arrange for instant funds by pledging their cars to the banks. More so, you can also avail of them at a relatively low-interest rate compared to personal loans.
Understanding How Car Pledging Works
When you need urgent funds but you are unable to cater to the eligibility criteria for a used or even a new car loan, then you can always take a loan against your car. Your car will work as collateral. When you choose car pledge for instant cash, the value of your car will determine the loan amount you will get. The bank-appointed car experts will determine the value of the cars.
What Are The Eligibility Criteria Required For Car Pledge?
Most of the car models are worthy of being used for car pledge Samut Prakan to obtain a loan. The lenders however maintain their list of car makes and models that they entertain as collateral. The banks however don’t provide loans for car models that aren’t produced anymore in the market.
Who Can Apply For A Car Pledge?
A good credit score is required if you wish to secure a personal loan of low-interest rate. Besides, you must also have a stable profession and a good inflow of income. Failing to meet the eligibility criteria for a personal loan might lead you to get rejected by the bank or face difficulties. In case of a financial crisis, you can pledge your car to obtain a loan. The interest rate is lower than in a personal loan when you keep your car as collateral.
Choosing The Right Loan Against Car Pledge
When you pledge your car for a loan, you must be careful about choosing the right loan as well. Loans offered against cars kept as collateral are between 1-3 years. The loan amount offered is about 8—90% of the used car’s value. Various banks provide pre-approved loans against car peldge for their privileged consumers with quick loan processing and quick loan disbursal.
A loan given against a car is one of the ideal ways of managing your financial requirements during tough times. Just pledge your car and get the urgent fund that you need for a financial emergency.