Car pledge is a very simple agreement between the borrower and the lender to sell or repossess the automobile at the end of the term. The terms and conditions of this agreement are quite easy and straight forward. The borrower pledges the automobile to the lender in return for a lump sum amount. The amount decided depends on the borrower’s repayment capability and value of the automobile. A car pledge is not the same as an auto financing loan, as there is no involvement of money from a financial institution in this type of agreement.
As soon as the borrower fulfills all the terms and conditions of car-pledge, lender sends a letter to the borrower informing him that his vehicle is now pledged with lender and borrower can use the money received from the sale of the automobile. Then the borrower needs to get down to lender office to collect his money. When the borrower arrives, he may find himself being put on hold for some time as lenders conduct a check on his personal information and bank account. Borrowers are not allowed to drive away until all documents are collected.
In most of the cases, this entire process is completed within three days or even lesser. The borrower has to present valid ID, pay administrative charges and provide other requisite legal documents. Lenders also perform a credit check before releasing the pledged automobile. Once all documents are collected, the lender sends a final letter to the borrower containing his offer of sale or repossession. If the offer is approved by the lender, then he gets the right to purchase the automobile จำนำรถยนต์.
This process is a very simple one. This is done in accordance to state laws. However, many people don’t have the patience to wait for three days to end a car-pledge deal. In such a case, fast cash advance can be the right answer. The fast cash advance company helps borrowers to return the car pledge to the lender as soon as the loan is sanctioned. This is possible only when borrowers have regular income and an active checking account.
For a fast cash advance, the first step that needs to be taken is to fill in the car-use form which is available online from the main website of U.S. lender. This is the only step that is required for the borrower. It is necessary to mention all the details like personal details, monthly income, job and any other relevant employment details. Some lenders ask for some proof that the borrower is employed. Some lenders do not ask for any kind of security.
For a fast cash advance, a borrower needs to visit his local lender. The lender will check whether the borrower has got an active checking account in U.S. banks. Then he gives a car-pledge document that contains all the details of the borrower. The document mentions the name of the borrower, his current address, the occupation, his personal details, amount of loan, his auto’s make, model and year of manufacture. This document is then processed by the lender, who gives the approval on the spot.
After getting the approval, the borrower can go to his local dealership and get his car registration book, which is a legal document that proves that he has pledged his vehicle. This also shows that the car is already insured. If the borrower wants to cancel his car-pledge, he can do so. He just needs to give his written request to the lender.
So far, we have discussed about different types of car-pledges. They all are legal ways of getting fast cash. But you can also get a car-pledge that will let pedestrians cross your drive within the set speed limit. It is called the walk-through pledge.