A new business
Unemployed and people in precarious jobs, families struggling to meet the monthly mortgage payment ... The social landscape has changed in recent years. If until recently all were facilities to banks and savings grant consumer credit, now these same entities "have turned off the tap" and look very closely the applicant's accounts.
Amidst all these restrictions, the efforts of a particular type of goods has become a valid option for many families get some cash to get by alternative. Among the efforts of traditional cut, begin to emerge certain innovations, such as the possibility of leaving the car in pledge. There are several companies that offer consumers the opportunity to pawn your car, in exchange for money to get by in a time of hardship. Often these companies which have nothing to do with traditional pawnbroking focused on gold, jewels and art, among other well-closely related to companies engaged in the provision of fast loans, so should be alert.
Customer Profile
As for the customers of these novel pawnshops, there seems to be a definite profile. Although in principle who resorted to this formula were mainly immigrants who lost their jobs, now also include people who previously enjoyed a medium-high economic status. The motivation of each other is the same: get money quickly. This practice resort individuals, along with some freelancers or entrepreneurs of small and medium businesses that need urgent cash. The explanation, as indicated by an executive in the industry, is that it is the small and medium entrepreneurs who have more difficulty in these times: pay payroll, deal with letters and maturities of the loans ...
The only requirement to engage a vehicle is to be the owner, be it a car, motorcycle or boat. This is the general rule, although there are nuances: can pledge any car or have to have some special characteristics? In general, you can leave on deposit any car, provided you have less than ten years old, as indicated from companies specializing in this activity. However, most of the operations are luxury cars such as BMW, Audi or Mercedes and SUVs.
SELL THE CAR
Faced with the option to pawn the car, there is always the possibility for sale. To do this effectively, experts recommend to consider a number of tips and precautions:
If it is a direct sale without intermediaries, it is best that the buyer and seller moving to the Directorate General of Traffic (DGT). There you can prove that the vehicle is "up" on taxes and free of fines.
Signing a contract of sale where clearly specify the date and time of the sale to avoid problems later.
Versus direct management of the sale, you can choose to use an agency. In this case, the company charge arrange, but the seller saves bureaucracy. Private administrative often expect to collect several changes of ownership to attend traffic, so a transfer may take several days, with the danger that the car drive with the new owner, but vehicle ownership is still the name the seller. In case the buyer commits any offense, liability and the amount of the fine borne by the former owner.
Some municipalities claim fines even though the car is transferred Traffic and apply the surcharge, so it must be ensured that the municipal administration knows the change.
How to pawn a car
The process to pledge the car can vary depending on the specialized company with which it is traded, but overall operation of the operation has the following characteristics:
What percentage of the value of the car gets the owner? Depends on car pricing and state of preservation and use. One of the companies operating in the sector states that the customer pays between 40% and 50% of the value of the car, with 20% commissions every 45 days. That is, if the vehicle is valued at 24,000 euros, the customer can get 5,000 euros. If you want to recover the vehicle will be added to these 5,000 euros 20% commissions every 45 days. It is unusual operations costing less than 1,500 euros.
The appraisal is performed by an appraiser of the company, who is responsible for assessing the amount of money that can be paid to each person's car. Other companies used as a reference marking in the Statistical Bulletin Used Vehicles quarter effective value. It is a list of ratings by brand, old vehicles and developed by the National Association of Motor Vehicle Seller, Repair and Spare parts, published since 1996.
The duration of the credit depends on the negotiation that takes place in each case, but the most common is to be signed for periods of three months.
Other than interest, the client must deal with a handling fee, depending on pricing and borrowed money.
Some companies only perform operations with vehicles efforts are paid in full, while in other cases this is not a requirement.
The age limit of the vehicle with which these operations are performed is ten years at most, as a rule.
The applicant must provide all the documentation in order and in force, sheet with ITV the current registration certificate, municipal taxes and have paid the current year, and supporting documentation of the property, whether physical or legal. We also have to submit the relevant books of the vehicle and its sets of keys.
other Considerations
If after the deadline to repay the loan the person is unable to do so, it is possible renewal of credit. Under what conditions? There are many factors that determine them, but the main ones are the assessment of the creditworthiness of the person requesting it and the amount of money that must be repaid. As noted in a business sector, 90% of customers back for the car, but later than expected, so they should pay more interest than planned initially.
What happens to the car if the person expresses the inability to repay the loan? It tries to talk to the customer to propose a solution, which mostly is achieved. Since the company Pawns your car indicates that, over time stipulated in the contract, the vehicle is sold to a professional and there is no option to recover.
It is also possible to cancel the return of credit before the deadline. In these cases, it is unusual that there extra costs for returning soon.
The time it takes from when a person goes to the bank to pledge the car until you get the money depends on who employ appraisers to conduct the assessment. No more than two days of waiting, the time required to obtain the traffic report. Never make reports without verifying the complete documentation without seeing the vehicle in person or by current photographs (if they are in other provinces).
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