Pawning cars can be a good option to earn some extra money in certain conditions, especially to cover some debts that cannot be faced in any other way. When it comes to pawning your vehicle it is important to find a company that offers you the maximum amount of money for it, as well as conditions that offer you security and confidence.
Greendayonline is a company that turns your car into an endorsement and guarantee to be able to offer you the desired money.
In this article we are going to analyze all its conditions, so that you can contemplate the possibility of pawning your car when the time comes.
What is Greendayonline?
Greendayonline is a company that would start in the market on April 25, 2001, so today they have more than 15 years of experience in the sector. They are originally based in Valencia but, due to how well the business has worked for them, they would soon spread throughout the United States.
When they closed that first year, the company specialized in offering quick money pawning your car would have 323 clients (a not inconsiderable figure for only 8 months of activity). Today, it is estimated that they have more than 43,000 clients through their 35 offices that are spread out in the main cities of United States.
Greendayonline allows us to obtain liquidity through a loan in which we will put our car as collateral, with the main advantage that we will not have to mortgage our property.
How Greendayonline works
If you need money urgently and you have a car, do not hesitate, it can help you solve your financial problems. The first thing the company will take care of is evaluating the car it wants to pawn; If everything goes well, you should have the money in the account within a time interval of a maximum of 24 hours.
It will be then when the user will be able to choose the option to continue using it in exchange for paying a rental fee ; This was very practical to avoid getting into more debt. Let's suppose that we have to pay a debt with the bank and that we only have the car to pawn… but that at the same time we need it to go to work and continue earning money. Greendayonline gives us the possibility to rent our own vehicle.
Now, it may be the case that the company values the car with a very expensive type of rental; In the event that it is out of your possibilities, nothing happens, since the entity will offer you other much cheaper rentals that will better adapt to your budget, at least while you regularize your situation.
Once you have returned the money that Greendayonline has given you, you can take care of removing your vehicle and continue using it as you have always done, without any type of condition or hidden clause.
What requirements must be met to pawn your car at Greendayonline?
The requirements that must be met are detailed below:
- Age: The age of the vehicle cannot be in any case more than 7 years (in the case that we are talking about a car that falls within what is considered as low range, or mid range). If we are talking about a high-end vehicle, it is established that the maximum period of antiquity may not exceed 10 years.
- Documentation: In order to access the fast money for pawning our car, it will be imperative that the associated documentation is updated. In addition, you will also have to present all the documents that prove you as the owner of the vehicle.
- Circulation tax: You must also present the document proving that the circulation tax has been paid, to indicate that, indeed, you can circulate with it.
- Driving license : From Greendayonline they will ask us for our driving license (of course, it must also be valid).
- In addition , we will have to provide the documentation that proves that the vehicle has passed the ITV. It cannot be in a "domain reservation" situation.
Commissions to face
In Greendayonline we will only have to face 2 fees or commissions; The best of all is that we will only pay for them if we use them.
The rental fee refers to an amount that will be paid in a monthly amount, and that will give us the power to use the vehicle once we have pawned it.
They will also have to face the different expenses associated with the change of owner, as well as the administrative costs of all the procedures that have to be done.
Advantages and disadvantages of mortgaging your car with Greendayonline
- High appraisal: Logically, if in the end we have had to resort to pawning the car, what we are looking for is that they give us the maximum amount of money for the transaction. Among the opinions of Greendayonline from users who have already pawned a vehicle, we discovered that the entity is considered to have the best rates on the market. And, although the value is indicative, they can give us an important one that will start from 50% of what the vehicle costs in the market.
- Immediate money: It is one of the most practical and fastest ways to get quick money. And it is that, once we have completed all the forms and delivered the papers that they are going to ask us, in about 24 hours we can have the money deposited in the account. In the event that, for example, we have to face the payment of an invoice to avoid having our supply cut off, Greendayonline is one of the few entities that will be able to respond in time to avoid major problems.
- Good customer service: Although we can always contact those responsible for the company by phone or using the form on their website, we also have the option of presenting ourselves at a physical office to solve all our doubts. If you need a physical treatment to finish convincing you, this entity can provide it.
- Deadlines? Interests? Commissions ?: Another advantage of entrusting our vehicle to Greendayonline is that at all times we will know the exact period in which to proceed with the return, in addition to the fact that, in general, you will not have to pay interest or very commissions. elevated. All you have to do is return the same amount of money that you have been loaned for pawning the vehicle.
That is, in the event that you do not comply with the anticipated return conditions, you will have to pay somewhat high interest.
- Somewhat slow when verifying the documentation: Some users assure that, although it is true that we will have immediate money once the data is verified and the application is approved, these verifications can be somewhat slow.
- Low amount for old cars: This disadvantage is common sense, but it should be taken into account before proceeding with the deal. You are going to have a loan that is related to the value of the car; In this way, if you have an old car, the amount that you are going to get for pawning it or it can be very high. For example, if you have a car that is about 10 years old, the maximum amount that you can get for it will not exceed € 400.
- Strict conditions: If you do not comply with the conditions that will be imposed at the time of signing, you could lose your car.
You can see other companies that offer this service:
- Instacredit: personal loans with your car as collateral
- Quick money selling your car or as collateral with Prestacar
Conclusion: Is it worth pawning the car with Greendayonline?
These companies will not function as pawn shops for quick cash , but rather act as if they were a dealership specializing in personal loans. Greendayonline can offer you an economic amount for your vehicle that could range between € 500 and € 15,000, which we will have to return according to certain conditions.
The company gives us the facility to apply several monthly installments during a time interval between 6 months ... however, in the event that we have some kind of problem to deal with the payment, as long as our record is unpolluted, we can ask extensions up to 12 months.
The possibility of pawning the vehicle is more than correct, especially if we have run out of work and do not use it. Although it is a good way to get immediate money , if we need it, the fact of having to pay rent for it can cause us to end up paying more debt than we had in the beginning, so you should be careful with it.
Summary: Do you need liquidity but do not have access to bank loans? Do you own a car? Are you going to need to keep using it? Greendayonline can be a very interesting solution to be able to have money in 24 hours with your car as collateral.