Pledging Your Car Is The Most Accessible And Modernized Way To Get Loans

VWB Blog 2 years ago 28

Car is regarded as the most prized asset, like gold. Having a car will help you to visit any place also, it is helpful to get a loan in time of need. It has been seen that many people pledge their cars to get personal loans as the car is having 5 years tenure for the loan. People generally feel gold and property are the most common asset for taking loans, but those lose their value yearly if one pledge a car on finance (รับจำนำรถยนต์ติดไฟแนนซ์, which is the term in Thai) is more profitable than those.

Pledge on the car can mostly be seen in villages as they keep their tractors on a pledge to get personal loans. Now the nationalized banks hardly will allow loans in these cases as they feel they have to run into many documents, and also, if the car will not work after a few days, then they might be at a loss. So keeping these in mind, they avoid it before. But now the mentality of the banks has changed a lot as they are offering low interest to attract customers, as many private banks are offering way too much flexibility in getting loans.

The loans you will receive will be calculated in the market value, so if you buy it in 10lakhs, you will get a loan of 7 or 8 lakhs. It is the simple rule of depreciation. So we must keep all documents safe to present to your bank. Now there is a tenure to pledge a car on finance, and once you cannot repay the loans, the banks will seize your favourite car.

Now it’s not that only a bank can pledge your car; many car companies offer a generous amount as a loan seeing the conditions of the car. But in these cases, you must be aware enough of their authenticity. So you must see they are providing actual documents which will help you to get back your car after repayment of the loan. You can consult a lawyer about the documents you need. Not only that, but you also have to show them your documents to prove your ownership. For banks, you do not need to doubt their genuinity as they are nationalized, but you have to have a good credit score. So if you are interested, do research a bit before proceeding.

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