There can be many reasons why you might need to get your hands on some extra cash quickly, but you don’t have any savings you can dip into. There are also a number of options available to get the money you want and need.
You might be able to lend the cash off a friend or someone else you know. Alternatively, you could go after a Personal Loan from a bank or apply for a credit card or credit limit increase.
If you own a jet-ski, another good option is to pawn your jet-ski to borrow instant cash. Not at a pawnbroker, but through a private lender that offers Pawn Loans.
Let’s take a look at the process to apply for Jet-ski Pawn Loan and the reasons why it can be a really good financing option.
How a Pawn Loan Works
A Pawn Loan with a private lender is on a bigger scale than what you would get at your local pawn shop. Private lenders mostly loan out money when you bring in a vehicle to leave as security. This could be a:
- Company vehicles
- And more…
In the case of a jet-ski, you bring it into the lender’s premises and they’ll have one of their trained staff evaluate it. Generally, you can borrow up to 60% of the current market value of your jet-ski. If it’s worth $10K, you could borrow as much as $6K.
Pawn Loans generally start at $2,000 and can be as high as half a million dollars if you have enough collateral to cover that kind of loan.
When you bring in your jet-ski and have it valued, it’s simply a matter of filling out some paperwork to secure the loan. You’ll need to prove your identification, have the rego papers for your jet-ski (and trailer), and there must not be any finance owing on the jet-ski. Your jet-ski must also be less than 10 years old to be eligible for a Jet-ski Pawn Loan.
It’s a relatively quick process to get a loan this way, which is one of the reasons why Pawn Loans are so popular.
Key Reasons To Get a Jet-Ski Pawn Loan
Do you have a poor credit rating or no credit history at all?
With a Jet-ski Pawn Loan, there will be no credit checks. Not only does this mean you have nothing to worry about on that score, with no time taken to check your credit record, the loan process is that much faster. You’ll also have peace of mind knowing you have finance options available to you even if your credit record isn’t great.
If you’re out of work, working casual hours or self-employed, it can be hard to get a Personal Loan from any lender, bank or otherwise. Pawn Loans are different because they’re a type of secured loan. You’re leaving your jet-ski with the lender as collateral. Once you repay the loan, you get your jet-ski back in pristine condition.
A Pawn Loan for a jet-ski is a short-term financial solution. You won’t have to spend years paying back a long-term loan and accruing heaps of interest in the process.
Always be sure to verify the terms and interest payable on any loan before committing to finance. That way there will be no unexpected surprises. Pawn Loans are a very straightforward kind of finance anyway and the process isn’t as involved as applying for a Personal Loan or Mortgage with a bank.
Pawn Loans are one of the fastest ways to get finance, as there are no drawn-out processes or time taken up by doing checks and constantly being required to submit more paperwork.
Where Can I Get Jet-Ski Pawn Loan In Australia?
Cashify is one of your top choices for Pawn Loans in Australia. If you’re located in Sydney, you can bring your jet-ski into our premises in Canterbury and we’ll do an evaluation to determine its current market value. If your loan application is approved before 3pm on weekdays, you’ll have your cash transferred into your account instantly.
If you have any questions about Jet-ski Pawn Loans or any of our other finance products, just give us a call and chat with our friendly staff.
Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.