A pledge loan is that service by which a person accesses financing in exchange for placing an asset as collateral; that asset is the pledge, and the loan amount is equivalent to a percentage of it.
However, if the debtor does not comply with its obligations, the financial institution can keep the pledge using it. When referring to this type of product, we are always talking about the credits to buy a car in which the pledge is the vehicle that is being acquired.
Who Is The Lienholder?
We devote a special paragraph to clarify the creditor pledgee, as is commonly received a query from home. In this sense, we will say that the creditor is the one who lends the money and who receives the pledge as a guarantee that, if it is an asset that is safeguarded, he must undertake to keep it in the state in which it was delivered and, if not, there are legal mechanisms by which the debtor can claim.
What Are The Requirements To Obtain A Pledge Loan?
Each company determines its requirements for its pledge loans. However, analyzing the offers of companies, we can say that the requirements are the following:
- As in any contract, the DNI and a copy are requested.
- The applicant must not be less than eighteen years old.
- Dependent workers must be older than one year and self-employed after two years.
- The relationship between the fee and monthly income may never exceed thirty percent.
Unfortunately, given the characteristics of saloon pledge (รับจำนำรถเก๋ง, which is the term in Thai) loans, there are no market entities yet that have simulators on their websites. However, we want to tell you that sometimes, it may be better to opt for a traditional personal loan, since the car will be yours from the first moment being able, for example, to sell it whenever you want.