Try Taking Loan by Car pledge

If you are facing a car crunch, you can definitely try to take a loan against your car. A pledged asset refers to a valuable possession that is being transferred to a lender in order to secure a loan or debt. Car pledge [รับจำนำรถจอด, which is the term in Thai] works by the same principle, where you trust a company to pledge your car. This way, you can back your loan or back your business immediately as you can get good cash at hand right after signing the contract of pledge. The process is hassle-free, saves your time as well as helps you in your economic activity.

The process to follow

When you are re-planning your daily finances and you have been severely impacted economically, pledging your car is a good option. for that, you need to know the right procedure. At first, contact any of the reputed company that can keep your car for the pledge and discuss the rate of interest. Once you are settled with the amount of money, you need to make an appointment for further inspection of your documents and the car’s condition. Right after that, a contract is formed between you and the company, followed by receiving the cash immediately. Note that the interest rates for a car loan are less than other loans.

Benefits of pledging

A pledged car will allow you to retain ownership of the valuable possession. Also, there are no worries about paying taxes or bearing any tax penalty and capital gain taxes out of selling your asset. You do not have the burden of large loans, down payments or PMI, if these are applicable in your car pledging. The borrower, in this case, can receive a low-interest rate on the mortgage or loan and may continue to earn and report the gains from investments. These are the benefits that you can get if you choose to pledge your car.

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