In today’s ever demanding lifestyle you might face situations such as medical emergency, wedding, vacation, large purchase, higher education, etc. where you need quick fund. Most of the banks and reputable financial institutions take long processing time and often give preference to the applicants with good credit score. In such tough situation your assets like car, motorcycle, etc. could be of great help. Fund from Motorcycle Pledge (จำนำมอไซค์ which is the term in Thai) can be used for various personal expenses and you don’t have to declare the specific reason to the lender. A pledge is little different from collateral as it id a promise and may or may not be in writing. Pledge is used when the lender takes actual possession of assets.
Do proper research
If you are planning to take motorcycle pledge then never settle down with any offer at first place rather compare the reputation of the lenders, interest rates, repayment flexibility and other additional fees. Most of the reliable vehicle pledge companies offer fund to vehicles of almost all brands and models and even the vehicle with finance. Some of the factors that you can evaluate beforehand to avoid any future confusion are
- Read the reviews of the company in reliable forum
- Ensure reasonable interest rate
- How long does it take for loan disbursal
- Authenticity of valuation and verification process
- Check whether you will have to provide security
Have peace of mind
When you pledge you motorcycle you would like to get it back it perfect condition once you clear the repayment. Hence it is crucial to know beforehand how the company deals with the borrower’s vehicle. Be well aware of the eligibility criteria and also check the documents requirements for motorcycle with finance and without finance. Before taking any loan evaluate your ability to pay the amount back as mentioned on the contract. Read the terms and conditions carefully and have peace of mind.