Frequently asked questions (FAQs)
Find answers to common questions about our financing options
Who can access our services?
CashDrive offers financing solution to car owners, businesses and Car dealers.
What do I need to get a car collateral loan?
To qualify, you need to be the legal and registered owner of your vehicle. You will be required to provide the original copy of your vehicle documents and agree to the transfer of legal ownership. Once the loan is repaid in full, your vehicle documents will be returned and legal ownership of the vehicle reverts back to you.
How much can I borrow?
Our minimum loan amount is N500,000 and maximum is N50,000,000.
What is the maximum loan tenor?
Our maximum loan tenor is 6 months.
Why do you need my BVN?
We request BVN as this is used to verify that the individual applying for a Cashdrive loan is the same as the owner of the provided bank account.
How soon can I get the cash?
Loans are approved, processed and disbursed within 24 hours. Once you have signed all the paperwork, and we complete the legal transfer of ownership of the vehicle, the money will be transferred to your account within minutes. It's really that easy!
Do I need to be employed?
What if I am self-employed or a business owner? No. We will process loan applications if you are self-employed or a business owner.
Do I need a Guarantor?
Our no guarantor loans mean that you don't need to tell anyone about the loan if you don't want to and you won't need a guarantor to co-sign the loan agreement.
How do I repay my loan?
Repayments can be made via direct bank transfer, direct debit / standing orders or cash deposits into our bank account.
Can I repay early?
Yes, in fact we encourage you to. Many customers also make partial settlements when it is convenient to do so or pay in installments before their monthly repayment due dates to reduce the burden of a lump sum payment.
What happens if I fail to make repayments?
We understand that cash inflow expectation may sometimes not come as planned. We usually consider a possible extension of the facility or restructuring. However, if all means of settling the account has been exhausted, we may be forced to sell the car on your behalf and use the sale funds to settle your outstanding payment. You will be given back any extra cash after the account is settled from the sale of the car.
Why was my loan application unsuccessful?
There are a few reasons why your loan application was unsuccessful, see the list below:
- We are only able to offer loans to registered owner of the car
- Your car value does not meet the requirement for a loan offer
- We currently do not offer services in the State of residence
- We currently do not offer services in the State of your car registration
