Whether it’s for emergency home repairs, to cover unexpected medical bills, or to spend on a dream holiday, we all need that little bit of extra cash sometimes. The good news is, there are options available to help you get the money you need without having to sell all your precious possessions. For example, if you own a boat or a jet-ski, you can get the cash you need as a Pawn Loan, simply by leaving your item as security.
But what exactly do boat and jet-ski Pawn Loans in Sydney involve? How much can you borrow and is it a good idea? Let’s take a look at some of the basics to help get you the cash you need and fast.
How much can you borrow with Pawn Loans?
If you need a short term solution involving a large sum of money, then a Pawn Loan may well be the best option for you. Jet-ski or boat Pawn Loans in Sydney, work pretty much the same way as any other Pawn Loan. How much you can borrow depends entirely on the value of the item in question. Every lender is different, but generally speaking, the loan will be a percentage of the total market value of the item. Some lenders can offer anything up to $500,000.
If you do choose a Pawn Loan, make sure you can pay the money back. Reputable loan companies will be happy to agree on a repayment plan whereby you pay in installments, but make sure that this plan is manageable for you before you commit to anything.
Are you eligible for a Pawn Loan?
Many companies can offer jet-ski or boat Pawn Loans in Sydney and each of them may have slightly different eligibility requirements. But generally speaking, when it comes to pawning any vehicle, you need to be able to produce the registration paperwork, have no finance owing against it, and have proof of ID (usually 100 points).
The best thing about a Pawn Loan for many people is that it doesn’t require as much paperwork as other types of loans. Because the money lent is based on the value of the item being pawned, the lender doesn’t need to carry out credit or employment checks. This gives you a much better chance of being eligible and able to get your hands on the cash within a few hours.
Renting out your boat or jet-ski
Another great way to get hold of some quick cash is by renting out your boat. Whether it’s for day trips, weekend or week-long holidays, you can get some decent money by renting your boat out to holidaymakers.
When it comes to renting, however, you’ll need to make sure you have the appropriate insurance and meet any legal requirements. This may be a little more complicated and time-consuming than a Pawn Loan so it depends entirely on your situation. If you need a lot of cash quickly, a Pawn Loan may be easier. If you have the time, renting it out could produce regular income in the long term.
How to get more money from your boat or jet-ski
Whether you rent or pawn your item, make sure you do your research and know its value. If you’re renting it out, look online to see how much other people are charging for similar boats or jet-skis. This will give you an idea of your item’s market value. Similarly, if you’re going to pawn it, you need to know how much it’s worth so that you can get the right loan.
Pawning and renting your boat or jet-ski are both perfectly viable options for getting your hands on some cash. For quick cash on a bigger scale, a Pawn Loan might be your best option, but if you have the time to invest, you could consider renting your boat out for a steady side-income.
If you do apply for a Pawn Loan, make sure you research more than one lender before committing, and be sure to know the value of your item before you start negotiating the loan terms. Find a reputable loan specialist, make a smart repayment plan and get on your way to being financially secure.