At LoanAgainst, you can get a quick, discreet and competitive loan against business vehicles in Durban and other major cities in South Africa.
As with all businesses, small and micro enterprises need access to capital in order to succeed and grow. A paid-up business vehicle can be used as security for a loan.
What is a loan against a business vehicle?
A loan against a business vehicle is based on the secured funding model.
An asset, which in this case is a company car, delivery van, truck or motorbike, is handed over as collateral.
Capital, matching a percentage of the appraised re-sale value of the vehicle, is transferred into your business account.
Funds are repaid in monthly instalments. At the end of the loan term, the car, truck, van or bakkie is returned to the business.
LoanAgainst processes transactions secured by single vehicles and fleets. Available loan amounts vary from a few thousand rand to more than R10 million.
What’s required to get a loan against business vehicles in Durban?
A key feature of this type of business loan is the relaxed qualifying criteria.
All that’s required is the vehicle’s original registration papers and the applicant’s ID and proof of residence.
Any commercial organisation in Durban with one or more wholly-owned vehicles qualifies for funding.
How to get instant SME funding through LoanAgainst Durban
The quickest and easiest way to get an injection of capital into your business is to complete our online application form.
Based on the information submitted on the vehicle, a consultant will contact you with a preliminary loan amount.
If the offer is suitable, an appointment is set up at the LoanAgainst Durban branch.
The vehicle’s fair market resale value is appraised, the available capital is confirmed and an agreement is signed.
The funds are transferred into the business’s bank account. The business vehicle used to secure the funds is safely stored for the full loan term.
While in our care, the vehicle is insured and off-limits to anyone. It is returned in the same condition it is left in.
Key benefits of business vehicle-backed loans
There are a number of benefits of vehicle-backed loans, including:
- no credit checks
- no business financials
- funds available within 24 hours
- guaranteed access to capital
- no need to dispose of valuable business assets.
Why choose LoanAgainst?
LoanAgainst is a division of a trusted finance provider registered with the Financial Services Board.
Loan repayment terms are flexible and tailored to individual requirements. Our fee structure and interest rates are competitive and completely transparent.
As well as an online presence, we operate physical branches in Durban, Cape Town, Port Elizabeth and Johannesburg.
Don’t allow your business to fail through lack of funding. Get a loan against business vehicles in Durban by applying to LoanAgainst today.
