Car Pledge is a way of taking a loan when an individual uses the car to guarantee a loan when they borrow money. If, by any chance, the individual fails to repay the loan, then the lender has all the right to take away the car in the form of payment. Although it's one of many ways of taking a loan, it's too risky. Therefore, one has to consider many vital aspects before opting for a car pledge Samut Prakan (รับจำนำรถ สมุทรปราการ, which is the term in Thai).
Eligibility Criteria For Opting For Car Pledge
There is a set of eligibility criteria that one needs to meet to opt for a car pledge:
- Candidate needs to have a uniform income source and a good credit score.
- The minimum and maximum age to apply for the car pledge loan is 21 years and 65 years, respectively
- The car needs to be not more than five years old
- The car's model should also be manufactured in the current times and should not be discontinued. This is because the lenders will reject the suspended vehicles.
Required Documents Needed For Car Pledge
The following are the required documents that are necessary for opting for a car pledge loan:
- Identity Proof
- Income Proof
- Documents Of Car
- Birth Certificate
- Address Proof
Key Points To Consider While Opting For Car Pledge
Below are some of the key points one needs to consider while opting for a car pledge:
- Usually, lenders accept applicants of people who maintain a sound loan repayment track for at least nine months. Paying all the previous EMIs before applying for this one is recommended.
- It is necessary to have the required documents as some banks ask for salary slips or IT Return documents.
- The amount for the car pledge depends entirely on the bank. Some lenders offer 50% of the car's total value, whereas some offer 150% of the car's value.
When one applies for a loan in car pledge, the lender will verify the present market value of the vehicle through an expert. After successfully confirming the car, the lender will be feasible to offer a loan somewhere around 70% to 85% of the total cost of the vehicle. After the approval of the loan, the borrower's rights to sell the car are revoked, and they will gain the rights only after the loan is completed and repaid. Thus, this is all the information that is there to know about Car Pledge.