With LoanAgainst, it’s fast and straightforward to get a loan against a business vehicle in Cape Town.
For business owners in South Africa, inconsistent cash flow is a common concern. When necessary, a solution is to leverage the value of a company car, delivery van or bakkie.
Credit checks and company financials are not required to secure loan approval.
The ins and outs of a loan against a business vehicle
A loan against a business vehicle is based on the secured lending model.
Capital is made available in exchange for collateral, which is held by the finance provider.
When a car, bakkie, truck or van is used to secure the loan, the vehicle is taken out of service and safely stored for the full loan term.
Ownership is retained by the business entity, be it a PTY Limited company, partnership or sole proprietorship.
Once the loan is repaid as per the agreement, the asset reverts to the business.
How to get a loan against a business vehicle in Cape Town
LoanAgainst offers a convenient online loan application process.
Available capital is initially based on the information provided on the application form – the make, model, age and mileage of the vehicle used to secure the loan.
A preliminary, no-obligation offer of short-term finance is relayed to the applicant via email or over the phone.
An appointment is set up at the LoanAgainst Cape Town branch for a full vehicle appraisal. The final loan amount is directly determined by fair market resale value.
The vehicle and original registration papers, made out in either applicant’s or entity’s name, are handed over.
A copy of the applicant’s ID and proof of address are required.
An agreement is drawn up and signed. Funds are transferred into the relevant bank account.
Key considerations of loans against business vehicles
As the loan is secured, there’s no need to submit bank statements or business financials.
No credit checks are performed, and we don’t alert credit agencies to loan transactions.
There are no restrictions as to how the borrowed funds are used. Capital is available within 24 hours.
While in our care, the business vehicle is insured and stowed away in a high security lock-up facility. No one is permitted access to it.
Once the loan is cleared, the vehicle is returned and can be used again to secure finance, if and when required.
Getting a loan against a vehicle is a quick, discreet and low-risk method of raising capital for any enterprise – big or small.
Why use LoanAgainst Cape Town as a finance provider for your SME
LoanAgainst specialises in providing short-term asset-based loans to individuals and businesses.
We offer flexible repayment terms, competitive interest rates and the option to extend loan periods if payments are up to date.
If you need a quick loan against a business vehicle in Cape Town, call us on 27 10 745 7061 for more information or simply take a few minutes to complete our online loan application.
