Pledge the car in the pawn shop

What you need:

• Identity card or passport
• Vehicle registration
• TÜV and AU report
• All car keys
• Vehicle letter or power of attorney from the owner and original identity card or passport
• Repair bills
• Evidence of regular inspections (vehicle checkbook)

Mortgage your car - you should know that

Several options are available if you are looking for a quick, short term credit Want to mortgage your car:

• You can ask at a pawn shop near your place of residence whether motor vehicles are also accepted as a deposit. Many stationary pawnbrokers only accept vehicles with a current value of at least € 2,500.
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• Another option is to use an internet pawn shop for cars. In this case, fill out a form on the Internet with your vehicle data and submit it. The pawnbroker will then inform you whether the vehicle is generally eligible as a deposit or not.
• The amount of the pawn loan is based on the estimated current value of the vehicle and is up to 50% (on the Internet up to 80%) of this value. But pay attention - especially with Internet providers - to seriousness! Once the pawnbroker has given his basic consent to accepting the deposit, the vehicle is usually checked and valued by a motor vehicle specialist.
• With a classic pawn loan, you can no longer use the vehicle after signing the pawn contract. But there are also providers who allow further use. The already very high ones costs for a pawn loan, this increases by up to 100%. In these special cases it is a question of one sale with guaranteed right of withdrawal.


Short loan for 3 months - you should consider that

The majority of normal installment loans have terms of at least one year ...

The pawn shop calculates these costs

• The statutory interest rate for mortgage loans is 1% per month or part thereof on the outstanding loan amount.
• In the case of a loan of more than € 300, the additional cost allowance for the pawnbroker is freely negotiable. Claims of more than 3.5% are dubious. In this sum, for example, is one insurance for your parked vehicle, which must cover twice the loan amount.
• In addition, the pawn shop will ask you to pay for the costs of parking your car: The parking costs for a car are estimated at around € 3 per credit day.
• Depending on how quickly you pay back the loan - after 30, 60 or 90 days - (including all costs incurred), these add up Borrowing costs. You can get a first impression of the dimensions using the link above.

The procedure of the car mortgage

• You transmit the vehicle data of your car to the pawn shop - either in person or via the Internet. If the vehicle is accepted, it will be inspected and estimated according to the DAT list (either you bring it to the agreed place or you take a corresponding - mostly chargeable - service in Claim).
• After the assessment, the pawnbroker will inform you of the amount of the pawn loan that can be granted. If you agree, hand over all vehicle documents (see list) and keys to the pawnbroker after you have legitimized yourself or presented a corresponding power of attorney.
• The pawn loan will now be paid out in cash and you will receive a pawn ticket that you should keep in a safe place (notify the pawnbroker of any loss immediately!). You can repay the pawn loan at any time within 3 months - with the costs incurred up to that day. If this is not possible for you during this period, you have the option of extending the loan by another 3 months, but only by paying the costs that have accrued up to that point. After the loan amount and the costs have been paid, you will receive an invoice from the pawnbroker.
• If you do not extend the loan or if you cannot repay the loan at the end of the term, your car will be put up for public auction after a further month.
• If the auction results in higher proceeds than the loan amount plus of the cost, you are entitled to the difference. However, you must assert this claim, otherwise the money will go to the Treasury after a certain period of time.

Advantages of a pawn loan

• No further information about your financial situation or creditworthiness is required. The transfer of the pledge covers all claims, so that even if you do not repay the pawn loan, no further claims to your assets arise. The loan is processed discreetly and your data will not be passed on to third parties.
• You do not accumulate any further debts when taking out such a loan. Your creditworthiness Banks does not experience any diminution.
• You will receive the required amount quickly and unbureaucratically and you can repay the loan at any time. This can be an advantage, especially if you need short-term bridging finance. As a rule, banks are not interested in short-term financing.

Please pay attention to the seriousness of the pawn shop - membership in the Central Association of German Pawnbroking e. V. could be an indication of this.