Emergency car sale or pawn loan with continued use?
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YOU HAVE TO SELL YOUR CAR BECAUSE YOU URGENTLY NEED MONEY?
An emergency car sale can have some disadvantages, as you have to get rid of your car quickly. The selling price achieved is often lower due to the time pressure. You have less room for negotiation and cannot compare prices at your leisure. A car loan may be an alternative for you. Find out more about your options below.
What sales options do I have?
You have various options in the event of a distress sale:
Private sale: In this case, you sell your car directly to a private individual. You can arrange payment individually. Please be aware of the risk of fraud (e.g. chargebacks or forged checks). Only hand over your papers once you have received payment.
One-off costs: Placement of your advertisement on online portals or in newspapers. Possible costs for professional vehicle preparation or valuation.
Sale to a dealer: With this option, you sell your car directly to a dealer. Payment is usually made in cash or by bank transfer (depending on the amount paid out) and is considered relatively safe with reputable providers.
One-off costs: While you don't pay any fees for ads or the like, you usually get a lower price because the buyer wants to make a profit by reselling.
Auction: You can also sell your car at an auction (online or on site). Payment is usually made by bank transfer after the auction has ended. You have little influence on the actual selling price.
One-off costs: The auction fees will be deducted from the price.
Why could a car loan be an alternative?
If you only need to sell your car immediately because you urgently need money, a pawn loan could be an option for you. Please note that a car pawn loan is only suitable for short-term bridging. If you are sure that your financial situation will improve soon, a car pawn loan might be a good option for you.
Advantages of a car pawn loan:
Fast liquidity:
You can come to CASHY with your car on the same day and have your money paid out quickly - provided your vehicle meets all the conditions. It is important that your car is roadworthy, has a valid sticker and is not older than 12 years (except classic cars). You can also pawn motorcycles or other vehicles.
No sale necessary:
If you just need to bridge your financial bottleneck, a pawn loan can give you the time you need to stabilize your financial situation again. This way, you can still avert a potential distress sale.
What should I look out for in a distress sale?
If your car is not suitable for a car loan or you would still have to sell it regardless, we have a few tips for you. This way, you won't have to make too many compromises:
Remove personal items from the car. Technical devices such as navigation systems or dashcams should be removed or reset. If you can rectify minor faults before the sale, this could increase the sale price.
Have your vehicle valued before selling to know a realistic price and try to get several offers despite the rush to still get the best possible price.
Prepare all the important documents so that you can complete the sale as quickly as possible.
Meet in a public place and preferably take an accompanying person with you to be on the safe side. You should draw up a written purchase contract and ask the buyer to show you ID. Make a note of the ID details.
Be careful when choosing the payment method. Although cash is often the safest option, make sure you receive the money before handing over the papers. You should avoid bank transfers or checks, as these can often be withdrawn or forged.
I would like to keep my car. How does a car loan work?
If you only need to bridge financial bottlenecks and don't want to lose your car, a pawn loan may be an alternative for you. Simply enter your vehicle details into the car pawn calculator and you will immediately find out how much your pawn loan can be. The fees are also displayed immediately. Please note that the value shown is only a partial value of your car and not the total value.
Car leased or financed?
Valid TÜV-certificate?
Park your car at CASHY
If you agree with the offer, you can send your request directly. A CASHY employee will get in touch with you as soon as possible to discuss the next steps.
You will need the following documents for your appointment:
Vehicle registration document
Registration certificate part I+II (vehicle registration document)
Valid TÜV sticker
Second key purchase contract
Confirmation of registration
Official photo ID
You can have your money paid out immediately after the positive inspection of your car in cash (up to EUR 9,999) or as a bank transfer or residual transfer. A bank transfer is possible to your PayPal or bank account.
Can I extend my car loan?
The repayment amount is due at the end of the term. If you are not yet able to repay your car loan, you have the option of extending your loan online in your "My account" area or repaying it in parts only. After full repayment, you will receive all rights to your car back.
What happens if I still have to sell the car?
When your pawn loan expires, you always have the option of renewing it. You can also make a partial repayment at any time to reduce your loan amount and thus lower the fees. If you can neither repay nor extend your loan, your car will be auctioned off after a period of 4 weeks.
Important: If you realize that you won't be able to repay your car loan, contact CASHY early. We can sell your car with a 10% commission. This means it doesn't have to be auctioned and you can get a higher price. As a rule, you won't get less money overall than if you sell it directly to a dealer.
Conclusion:
Weigh up the costs and benefits and think carefully about which option could be the right one for your individual situation. Both a distress sale and a pawn loan may be the right solution for you. However, you may also find other forms of financing that are suitable for you in a financial emergency come into question.
Errors and omissions excepted. CASHY is certified with seal of approval of the WKO your reputable partner for car loans.
IT'S SMART. IT'S QUICK. IT'S HELPFUL. IT'S CASHY.