Using my car as a guarantee, is this possible?

Updated DECEMBER 2018
Using the car itself as a guarantee is possible. Today we are going to talk about how to get a credit, between € 500 and € 20,000, with your car as a guarantee.

Needless to say, but just in case we say it, it is a very useful service, if you need money and do not know how to get it. But also of which we must be very sure of being able to repay the loan, since, obviously, if we do not pay the credit, we can remain without our vehicle.

At the moment, we have the loans for your Gedescoche car

We are going to tell you the details of Gedescoche and its credit service with your car as endorsement:

Loan, with the car as collateral, of Gedescoche


Gedescoche logo

  • Can I still use my car as usual? : yes
  • How much is granted ?: from 500 euros to 20,000 euros
  • What is the maximum age of my car ?: Although it depends on the quantity to be requested, in principle it is for cars that are less than 8 years old (10 if it is a high-end model)
  • What interests charge me ?: Again depends on the amount, logically is not the same ask 700 euros than 12,000
  • How long does it take to give me an answer ?: approximately 30 minutes
  • Requirements: DNI or NIE. Vehicle with less than 8 years old (10 in the case of high range). Residence in Spain. Vehicle technical sheet. Permit of circulation

If you prefer the option of requesting a quick loan , follow us and you will jump to our comparator , where you will find the financial companies that grant them, the amounts, requirements and all the information you are looking for.

Gedescoche, get up to 20,000 euros putting your car as collateral

Money for the car

The recent boom of companies associated with Quick Money has generated a series of services through which we can request and get, in a matter of only half an hour, small loans to cover these surprise expenses that have appeared at the end of the month. . A demand that, with the situation of economic crisis that we have been living through in recent years, has become a very popular resource that many people access to get small loans. The most frequent case is to be included in a list, such as ASNEF, something that damages our credit profile, as a user told us in a query about personal loans with ASNEF . This problem of late payment , if we use the loan service with our vehicle as collateral, usually disappears, since we are presenting a good as collateral.


If you do not know if you are in ASNEF and want to inform yourself without having to pay anyone to know that information, you may be interested in reading our new post
How to know if I am in ASNEF

Throughout this post we are going to talk about a service very similar to that offered by the microloan companies, but that nevertheless uses another resource to offer us a way to get money quickly.

This is the loan service with the car as collateral offered by companies such as Gedescoche, a relatively new initiative that deals with providing loans by placing our car as a guarantee. This may sound like the classic endorsement when we ask for a loan at a bank, but this is not the case at all. Keep reading carefully to find out more about these new companies and their services.

To explain it in more or less clear terms, we could say that it is a derivation of the typical pawnshop specializing in vehicles, but with an interesting difference with respect to the normal pawnshops: instead of delivering our car, we can continue to use after the loan with complete peace of mind. The car does not change ownership either when we make the contract, so it will remain in our name but, yes, in the case of not facing the return, we can lose our car .

The amounts of money we can request are quite considerable, ranging from 500 euros to 20,000 euros , although the time we have for the return of the loan are not too high.

As for the interests tend to be variable, so there should be no surprises if from one client to another large differences occur. The minimum is usually around 7%, from there up, so we should not expect offers of lower percentage.

The request can be made in three different ways: through its website, quite intuitive and pleasant; by phone; or finally going to one of their establishments, which for now we can not find in many cities. Therefore, the most convenient option is to call or fill out the form from the web: a quick and simple process that we can complete through our computer, from our house, in just a few minutes.

What requirements does Gedescoche need to accept my application?

Among the minimum requirements for Gedescoche to accept our application we find that the vehicle is in our name, that we have our residence in Spain and that our vehicle is less than 8 years old (10 if we have a high-end car). We will have to fill out the application with the registration number of our car and the amount we want to request.

Once we have sent the request, Gedescoche is committed to total clarity and transparency, in addition to responding with an offer in half an hour and, if we agree with your offer, a meeting is finalized to sign the contract before a notary and that deliver the agreed money. Here we will have to present additional documentation: our DNI or NIE , the technical file of the vehicle and our registration certificate. Once signed, within a maximum period of 24 hours we will receive the full amount of the money.

When paying, we can choose to pay the loan in installments gradually. That is, by means of the usual form or paying interest monthly and making a final final payment of the amount borrowed. That is, if we have asked for 10,000 euros and we have to return it at an interest of 8%, we can return those 10,800 euros in two ways.

The first one paying 1,800 euros a month, with which we are paying the whole divided in 6 months. And the second paying about 135 euros in those 6 months, which are the ones that correspond to the interest part, and delivering at the end the 10,000 euros that we borrowed in the first place.

According to what we have exposed, we can emphasize that the main advantage offered by entities such as Gedescoche is that they provide us with a very simple and quick way to get a loan of a large amount of money, in addition to all the procedures that have to be carried out in the intermediate as appraisals, evaluation of the application and others do not have any additional cost. However, the repayment terms are not too broad, and that is something to take into account before deciding the amount we want to ask for. Since we can lose our car in just a few months if we do not pay for whatever reason and that is a big risk.

We hope that this review has helped you to know the quick money service offered by Gedescoche. An alternative to the fast loans financing that offers a similar product, and interesting for those who need a microloan and have a car.

Apply for your loans with a car as a surety guarantee

As we have been able to read throughout the post, or observe in the various and many announcements that appear daily in different media, the credit entities have given -and continue to do so- giant steps with their current offers, such as the one we are naming to offer you a credit for your car .

It is clear that, given the situation of Spanish society, still damaged by the ravages caused by the economic crisis at the beginning of the century, some measures had to be taken so that people could be able to contract loans with a car as collateral, for example – and as is the case of the post-, since many people were denied any request in traditional banks, to find their name in the files of late payments.

For that reason and, why not say it, conveniently, these new entities have been able to act quickly. And get advances as they give you a loan for your car. However, many users are unconscious and do not value the pros and cons of these contracts. And, by not comparing the loans with car endorsement that can be found on the networks, it can be much more expensive than what could have come out in reality. Therefore, from the Quick Money Team, we want to provide you with a series of tips so that in the long term of the contract in which you have applied for your loan with a car guarantee, do not take any surprises.

Tips for a prudent contracting of loans with car guarantee

As we have already said, it is better to be cautious and hire these loans with the car’s endorsement (as well as any other loan in which you may be interested) in a responsible and prudent manner. And above all, do not use these loans recurrently, but punctually. We must remind you that if credits or loans from lenders are used to pay more debts of the same and can not pay, the fine or penalty can amount to many euros.

Therefore, to save unwanted troubles we will provide a series of steps to take into account before you hire credits with a car endorsement unconsciously. First of all we want to make it clear that it is not mandatory to follow these tips, they are just recommendations.

  • Find out : it is clear that if you have entered this website it is because you inform yourself, but our advice is that you read and investigate all the possible loopholes about car loans, in this case, so you can have all the documentation about of these credits in your possession, for the next step.
  • Compare : once you have got all the information possible, you must ask yourself which of these loans with your car is the one that best suits you. To do this you have to ask yourself questions such as which is the cheapest, which gives me more time to repay it, what methods of payment are allowed and which is the one that interests me most, etc. You must also ask yourself if you are in ASNEF and they grant it equally, if you were without a payroll, etc.
  • Decide : given that you have to be one, but you may have some other option, and you only have to choose between the big screen you have done in the previous step. Consider the requirements that you are asked to comply with: if you have the required age, papers in order, reside in Spain, etc. And you will only have to choose and decide for the best loan you have with you.