Looking to pawn my car. Who should I go with?
Discussion
I'm going away on holiday for 3 months next week. I'm a bit short of immediate funds and was thinking of pawning my car. I own a Porsche 996 Targa and live in London. Does anyone know of someone they can recommend for this service as I don't know much about this kind of thing?
Thanks!
Thanks!
Hi guys, thanks. I CAN NOT sell my car (I love it too much) 
I basically want some cash now without it going on the card but I'll be coming back to my car and normal service. It's just cash flow. Usually I would have the cash, I just don't right now.
Captain Muppet, my bank aren't interested in a short term quick loan. The short term thing basically means there's nothing in it for them so why bother.
Presuming Ed, I was thinking that the interest charges won't be too bad given it will only be for 3 months. Was also thinking that I won't have to worry about storage of my car (sitting at an empty property) for 3 months as these guys are meant to securely store it. So even if the interet is up to a grand or 2 (or depending on how much I borrow),I get secure parking too! It's like that advert where instead of washing your clothes, you give them to a charity shop and let them wash and iron them before buying the clothes back
Jayfish, I checked out The Money Shop but couldn't see anything for cars or logbooks?
I found www.carpawn.co.uk on google which looks like what I'm looking for. Does anyone have anyone they would recommend?
Has anyone actually 'pawned' their car. I would like to know if it safe and easy?
Really apprecaite your comments so far guys!
I basically want some cash now without it going on the card but I'll be coming back to my car and normal service. It's just cash flow. Usually I would have the cash, I just don't right now.Captain Muppet, my bank aren't interested in a short term quick loan. The short term thing basically means there's nothing in it for them so why bother.
Presuming Ed, I was thinking that the interest charges won't be too bad given it will only be for 3 months. Was also thinking that I won't have to worry about storage of my car (sitting at an empty property) for 3 months as these guys are meant to securely store it. So even if the interet is up to a grand or 2 (or depending on how much I borrow),I get secure parking too! It's like that advert where instead of washing your clothes, you give them to a charity shop and let them wash and iron them before buying the clothes back
Jayfish, I checked out The Money Shop but couldn't see anything for cars or logbooks?
I found www.carpawn.co.uk on google which looks like what I'm looking for. Does anyone have anyone they would recommend?
Has anyone actually 'pawned' their car. I would like to know if it safe and easy?
Really apprecaite your comments so far guys!
I can't believe that this would ever be cheaper than a credit card, or even a high interest loan.
The monthly interest rate is 10% - so if you borrow £5k, that would be £1,500 for three months.
If you borrowed that on even a poor credit card at 35% APR, that would be around £400 of interest. So you're spending £1,100 for three months' parking, or because your credit history is so screwed that even the sub-prime lenders won't touch you.
And if you're borrowing the full value of the car, that's even more (and of course they'll only lend up to a proportion of it, so it's not like you can hand the car back and treat it as if it were a trade sale).
And all this for a holiday? I don't know your finances but this doesn't sit right with me.
ETA: HolidayExtras would charge around £300 for three months' parking at Heathrow.
The monthly interest rate is 10% - so if you borrow £5k, that would be £1,500 for three months.
If you borrowed that on even a poor credit card at 35% APR, that would be around £400 of interest. So you're spending £1,100 for three months' parking, or because your credit history is so screwed that even the sub-prime lenders won't touch you.
And if you're borrowing the full value of the car, that's even more (and of course they'll only lend up to a proportion of it, so it's not like you can hand the car back and treat it as if it were a trade sale).
And all this for a holiday? I don't know your finances but this doesn't sit right with me.
ETA: HolidayExtras would charge around £300 for three months' parking at Heathrow.
I don't know the costs but there was an article in the press recently about this. There was a huge warehouse chock full of premium cars, som sunder covers, some not. I can't recall the name of the particular outfit they used. *Might* have been in the Saturday/Sunday Times if anyone has access to their website?
[quote=CYMR0And if you're borrowing the full value of the car, that's even more (and of course they'll only lend up to a proportion of it, so it's not like you can hand the car back and treat it as if it were a trade sale).
[/quote]
I'd be surprised if they would lend more than 40% of the book price.
[/quote]
I'd be surprised if they would lend more than 40% of the book price.
CYMR0 said:
I can't believe that this would ever be cheaper than a credit card, or even a high interest loan.
The monthly interest rate is 10% - so if you borrow £5k, that would be £1,500 for three months.
If you borrowed that on even a poor credit card at 35% APR, that would be around £400 of interest. So you're spending £1,100 for three months' parking, or because your credit history is so screwed that even the sub-prime lenders won't touch you.
And if you're borrowing the full value of the car, that's even more (and of course they'll only lend up to a proportion of it, so it's not like you can hand the car back and treat it as if it were a trade sale).
And all this for a holiday? I don't know your finances but this doesn't sit right with me.
ETA: HolidayExtras would charge around £300 for three months' parking at Heathrow.
You sure it's monthly interest rate? Isn't interest always charged as APR?The monthly interest rate is 10% - so if you borrow £5k, that would be £1,500 for three months.
If you borrowed that on even a poor credit card at 35% APR, that would be around £400 of interest. So you're spending £1,100 for three months' parking, or because your credit history is so screwed that even the sub-prime lenders won't touch you.
And if you're borrowing the full value of the car, that's even more (and of course they'll only lend up to a proportion of it, so it's not like you can hand the car back and treat it as if it were a trade sale).
And all this for a holiday? I don't know your finances but this doesn't sit right with me.
ETA: HolidayExtras would charge around £300 for three months' parking at Heathrow.
If it is annual, interest would be £41.66pm or £124.99 for three months.
If I was the OP I'd get a credit card with a 0% on spending deal, there are plenty around.
OR
Get a short/medium term loan from your bank. Many allow you to pay off early without a penalty.
Hi CYMRO, thanks, I was thinking of a credit card but even if I apply now I don't think I have enough time (
yep, I'm that disorganised kind of idiot). And it's a bit more than a holiday - (I'm living abroad for 3 months but not working like I am back here, only back once for a wedding).
I don't want to borrow the full or hight proportion value of the car - do these companies demand that? i was thinking of a few grand.
Hah! Some of these sites look a bit dodgy and home-made but some look pretty good?
yep, I'm that disorganised kind of idiot). And it's a bit more than a holiday - (I'm living abroad for 3 months but not working like I am back here, only back once for a wedding).I don't want to borrow the full or hight proportion value of the car - do these companies demand that? i was thinking of a few grand.
Hah! Some of these sites look a bit dodgy and home-made but some look pretty good?
TurboKinetic said:
Hi CYMRO, thanks, I was thinking of a credit card but even if I apply now I don't think I have enough time ( yep, I'm that disorganised kind of idiot). And it's a bit more than a holiday - (I'm living abroad for 3 months but not working like I am back here, only back once for a wedding).
I don't want to borrow the full or hight proportion value of the car - do these companies demand that? i was thinking of a few grand.
Hah! Some of these sites look a bit dodgy and home-made but some look pretty good?
Thing is, you could get the credit card sent to you here and have someone post it to you abroad, if you think you'll qualify for a sufficient limit in the first place. As long as you have enough funds to last you a week or two, you'll have the card approval and the limit before you set off, so you don't need *everything*. yep, I'm that disorganised kind of idiot). And it's a bit more than a holiday - (I'm living abroad for 3 months but not working like I am back here, only back once for a wedding).I don't want to borrow the full or hight proportion value of the car - do these companies demand that? i was thinking of a few grand.
Hah! Some of these sites look a bit dodgy and home-made but some look pretty good?
CYMR0 said:
Thing is, you could get the credit card sent to you here and have someone post it to you abroad, if you think you'll qualify for a sufficient limit in the first place. As long as you have enough funds to last you a week or two, you'll have the card approval and the limit before you set off, so you don't need *everything*.
Hmmm, that could work! Thanks for the suggestion! Just worried that getting a brand new card and using it abroad might ring alarm bells from the credit card fruad guys and they might stop the card. If I ring them to say that I just got a new card but have left the country would they probably think I'm some dodgy gezzer like h0b0 suspects? I'm pretty sure I don't have the funds for a week or two either :SGassing Station | General Gassing | Top of Page | What's New | My Stuff