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If you urgently need money, there are various options. From borrowing money from friends and family to loan from a bank. But if you don't want that or if you don't get a loan due to poor creditworthiness, it can get tight. But if you have a car, it may be the financial solution. And here we are not talking about selling his car, but only about a car deposit. So you remain the owner of your car.
This is a car deposit
With a car deposit you can lend your car to a car pawnshop. The amount of the loan depends largely on the vehicle. Various factors play a role here. Such as the year of construction of the car, but also the model, the performance, the equipment and ultimately, of course, the condition. When it comes to the condition of the car, both the interior and exterior appearance are decisive. Damage to the paint or even accident damage can significantly reduce the value of a car. Basically, all of the factors that are important to you car sales be considered. Based on these factors, a car pawn shop evaluates the vehicle. The resulting value is then the loan you get for your car. With this variant, Schufa information or an entry of the deposit in a public register or the like is made not.
Deposits and car pick-up
Depending on the car pawnshop, the rating of a car can vary. There may also be differences, for example regarding the duration of the deposit, but also the repayment and fees. Here it is advisable to take a closer look at the offers of the car pawnbrokers and their conditions. Depending on the car pawn shop, for example, there is also the possibility, for a fee, to extend the deposit period. Of course you can always pick up your car again. This requires that you pay the borrowed amount and the fees / interest / expenses. The car remains with the pawnbroker for the duration of the deposit, who can park it safely. If you do not pick up your car after the deposit period has expired and you do not extend the deposit period, the pawnbroker usually has the right to sell the car.
Drive on instead of car deposit
There are different variants of the vehicle deposit. For example, you can continue driving instead of mortgaging the car. This is a way to get cash to bridge a financial bottleneck, but at the same time you can continue to drive the car. If you depend on the vehicle, this is a practical method. The variant is often advertised as a Sale & Rent Back contract. Basically, borrowing from a car is a good way of getting money. You bridge financial bottlenecks and are not forced to sell cars.
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My uncle is currently in a bit of financial trouble. Because he has two relatively modern cars, I suggested the option of a car deposit. He was unsure about the amount he could get for his cars. Good to know that the year of manufacture, the model, the performance and the features are crucial. His cars are very modern and he maintains them thoroughly, so car deposit could definitely be an option for him.