Loan for your car

Did you know that you can get fast money for pawning your car without having to leave it in the deposit, regardless of whether you appear on the default lists or even if you are unemployed? Keep reading and get a loan for your car!

Loans with a car guarantee

Next, you will learn what are car endorsement loans, what are the requirements to apply for them and which are the best online lenders in United States.

Last update: 4 November 2020
Ranking created based on the most frequently granted loans
1 - 72 months
1 - $ 10,000
maximum first loan
10 years maximum
car antique
1 - 240 months
? 30 days to 20 years
$ 2,000 - $ 10,000
maximum first loan
10 years maximum
car antique
12 - 36 months
$ 800 - $ 6,000
maximum first loan
Maximum of 13 years
car antique

What is a credit for your car?

It is a type of financing where you place your car as a guarantee of payment before a pawn service, which will grant you a credit of up to 80% of the value of your pawn vehicle, for a specified period of time. It is a type of loans with endorsement .

In this type of loan, the creditor returns the full amount of the credit and the interest within the established terms . Therefore, in case of breach of the contract, the vehicle will be lost, since it is the guarantee of payment.

Pawn car and keep driving

Car loans as collateral are designed for those people who cannot obtain loans in traditional banking, because they are in the Credit Checker or RAI list or they simply do not have a constant source of income.

Hence, this type of loan is designed for people who have a car of their own, regardless of whether they appear in the delinquency files, whether they are pensioner, self-employed or unemployed.

Despite this, customers in Credit Checker or RAI status must have a debt of less than € 2000 in a financial institution to opt for loans with the car as collateral , as long as they comply with the conditions of the entity.

Amount and refund of credits per car as guarantee

According to the age and mechanical conditions of the car, the client can obtain loans with the car as collateral of up to 80% of the value of the vehicle , being able to find credits that can exceed $ 20,000.

However, this value quota will depend on the pawn service that grants the loan for a car with guarantee, since in some entities the requirement of seniority is only available for those who have vehicles with a validity of less than 10 years. However, Ibancar is one of those that admit vehicles with an age of up to 13 years.

In the case of returns, most of these companies make available to the customer plans that adapt to their needs, being able to choose payment terms in days, weeks or months, according to what is established in the contract.

Interest and costs of the car loan

Depending on the pawn shop chosen, the interest on the loans with the guarantee of your car may vary, but is usually between 8% and 20% of the Annual Equivalent Rate   (APR).

In most cases, choosing a loan does not include the payment of the processing, the tax commissions or the default interest, so such expenses are borne by the applicant.

In the case of valuation and appraisal services, assistance is offered free of charge, minimizing the final payment of the loan.

Requirements to apply for car credit

In most entities, some of the requirements and documents to request a loan with the car as collateral are:

  1. Be the owner of the car with which you are going to apply for the loan.
  2. Have the updated car documents: road taxes, ITV, etc.
  3. Have paid the road tax.
  4. Have the car fully paid for.
  5. Have a car with a minimum age of 10 to 15 years.
  6. Possess the technical data sheet of the car.
  7. Have a valid ID or passport.
  8. Present the last work payroll or justification of personal income.

How to apply for a guarantee loan with my car?

Currently this type of loan is quick and simple, and can be done in a matter of minutes online. Here are some of the steps to follow to get a loan with a car guarantee online :

  1. Choose the lender and fill out the application form on the website.
  2. Wait to be contacted by a financial advisor who will offer you more information about the plans, benefit conditions, vehicle appraisal fees and loan repayment term.
  3. Once your application is approved, you sign the car loan contract and wait for the benefit to be deposited in your personal account in less than 24 hours.

These types of credits belong to the easy to get credits . In most cases, the client who requests a loan with an endorsement car will be able to continue using his vehicle, during the loan period. However, the conditions may be different for certain entities.

But what should I take into account before signing a contract where I request a loan with my car as collateral?

Before signing the contract, it is necessary to know if what is being signed is a purchase-sale or if it is a car loan as collateral, since unfortunately there are some companies that hide interests, damaging the applicant's assets.

In the case of the return, it can usually be done by payment by credit card or bank transfer within the terms established in the contract.

car pawn benefits

Advantages and disadvantages of a car loan


  • Quick and easy request
  • Loan of up to 80% of the value of the vehicle
  • You can get a loan with Credit Checker and RAI
  • Also for pensioners, freelancers and unemployed people
  • Minimum requirements
  • Free valuation and appraisal


  • The loan depends on the year and the value of the vehicle
  • If you do not comply with the contract, you can lose the car
  • If you make an early return, you must also pay interest

Loans for your car - Frequently Asked Questions

⭐️Can I guarantee the loan with another motor vehicle that I own?

The guaranteed loan will depend on the lender. Some allow endorsing motorcycles or agricultural machinery, with antiques under 13 years old.

⭐️ What if I can't pay the loan?

As the vehicle is the guarantor of the loan, by contract you will lose it. However, the pawnshop does not keep your car as collateral, but it is auctioned publicly, where you can buy it back, but you must pay the loan to the lender.

⭐️ What happens if I keep using the car during the return time?

If you decide to use the car during the return time, you will have to pay an extra rental fee. Therefore, when you have to repay the loan by endorsement car , you must replace the amount of the loan, along with the interest and the rental fee.

⭐️ What happens when I have a car whose documents are in the name of a relative?

In these cases, the credit institutions will need the authorization of the family member so that later there is no problem with the car loan. In the same way, these conditions will depend on the lender house.