Car Pawn: Borrowing From The Car In An Emergency?

Sometimes it is necessary to get some cash quickly. For many, borrowing a car is a good solution. This will help you bridge financial bottlenecks. You hand in an item and receive some money immediately with a pawn loan. You can borrow not only watches, gold bars or coins, but also your car. However, you have to return more money than you received due to interest and fees. You can visit websites to read more (อ่านต่อ which is the term in Thai) about it.

1. Borrow The Car And Drive On

Car pawnshop companies are legally obliged to store your car after the pawn contract has been concluded without access by other people. Of course, this has the disadvantage that you, as the vehicle owner, can no longer dispose of the car as soon as you loan the car. Therefore, some companies now offer the “borrow from the car and continue driving” alternative. Borrowing a vehicle with the option to continue driving seems to have some advantages for you, of course, as you will still have your pawn after the loan has been paid off. However, the Pawn Shop Ordinance guidelines reveal the clear disadvantages of the “car deposit and continue driving” option. The auto pawnshop with continued use is not a classic pawnshop but a purchase contract with the right to withdraw.

2. Seize The Advantages And Disadvantages Of The Car

Nonetheless, the auto pawnshop appears to be an attractive way to get money quickly. In principle, you can loan any car as long as the pawnshop specializes in lending vehicles. You can even pledge construction machinery, mobile homes, or your tractor if you can find a specialist to do so. If the lending value stipulated in the terms and conditions allows, you can also borrow Oldtimers in a pawnshop for motor vehicles. Such vehicles can be loaned with a very high payment amount, which combines the repayment with a certain risk because the fees and interest for the loan are calculated from the amount of the pledge value paid out.

Especially as a private person, this is an unpleasant circumstance when borrowing a car because, for business customers, these fees are tax-deductible. Another disadvantage is that you only get 25 to 50 percent of the actual market value for your car, which is a very sobering result given the additional costs. If your vehicle is still being financed, you hardly have a chance to borrow money from the car. Because loaning a vehicle without a letter is not possible in pawn shops.