Understanding Loans Against Your Car from Autofand Finance

Autofand Finance offers a unique lending solution for individuals who own cars. Our car-backed loans provide a quick and secure way to access funds by using your vehicle as collateral. Here’s everything you need to know about our loans against your car:

What Are Car-Backed Loans?

Car-backed loans are a type of secured loan where your car and its original documents are used as collateral. This allows you to borrow up to 35% of your car’s value at a competitive interest rate of 0.33% per day. The loan is designed for short-term use, up to 30 days. Once the loan is repaid, your car and documents are returned to you.

Key Features of Our Car-Backed Loans

• Loan Amount: Borrow up to 35% of your car’s market value, providing a substantial amount of cash based on the value of your vehicle.

• Interest Rate: Our daily interest rate of 0.33% ensures that you can manage the cost of borrowing effectively.

• Security: Your car and its original documents serve as collateral, offering a secure way to access funds without selling your vehicle.

• Vehicle Protection: While your car is with us, we record the actual mileage and protect it on-site with 24/7 security and running video cameras, ensuring your vehicle’s safety.

• Flexibility: The minimum loan term is 6 days. You can repay the loan at any time within the term without added fees or hidden costs. The daily interest rate provides flexibility to pay off the loan early, making it easier to manage your repayments.

• Online Process: With 90% of our operations conducted online, you can apply for a loan, submit documents, and track your repayment progress from the comfort of your home.

How It Works

1. Application: Apply for a car-backed loan through our secure online platform. Provide details about your vehicle and submit the necessary documents.

2. Evaluation: Our team evaluates your car to determine its market value and the eligible loan amount.

3. Collateral Submission: Leave your car and its original documents with Autofand Finance as collateral. We record the actual mileage and ensure your car is protected on-site.

4. Loan Disbursement: Once the collateral is received and evaluated, the loan amount (up to 35% of the car’s value) is disbursed to your account.

5. Repayment: Repay the loan within the 30-days or more with a daily interest rate of 0.33%.

   • Extension Option: If you are unable to repay within 30 days, the loan can be extended. The new loan value will include the principal plus accrued interest.
   • Default Consequence: If the loan amount exceeds 65% of the car’s value due to interest or non-payment, Autofand Finance reserves the right to auction the car to recover the outstanding loan balance.

Why Choose Autofand Finance?

• Reliability: As a trusted lending institution, we are committed to providing secure and reliable financial solutions.

• Convenience: Our online platform ensures that you can access our services easily and efficiently from anywhere.

• Expansion and Accessibility: With our headquarters in Lusaka, Zambia, and plans to expand our physical presence in several provinces, we aim to make our services even more accessible to a broader audience.

Autofand Finance is here to support your financial needs with our flexible and secure car-backed loans. If you own a car and need quick access to funds, get in touch with us today to learn more about our services and how we can help you achieve your financial goals.