If you own a van, it is a valuable asset for you as it is never out of use or out of trend. since decades van is used to transport people and goods. Apart from that, it offers a great utility as well as function. Therefore, it is a long-term purchase for you. You can utilize your van for Van pledge [รับจำนำรถตู้, which is the term in Thai]. Before going onto some other aspects, let’s learn what pledge is. Well, a pledge is a kind of bailment that effectively conveys a possessory title to your property. It secures a repayment for some debt and it is of mutual benefits to both parties.
Types of pledge
when you are thinking about pledging your van, you need to understand the various types of pledges. Roughly there are three types of pledges, namely, hypothecation creation, hypothecation closure and hypothecation invocation. All these three are the types of cases and differs in some of their characteristics. Here, the investors are likely to get security in the depository account to avail the pledge, in your case, the security is your van. In all of the types of pledges, both you and your lender should enter into a contractual basis and sign it before handing your van and getting the cash on hand.
Terms and condition
While entering into the contract and pledging your van, there are certain common terms and conditions that you will get from your lender. as you know, there are benefits of pledging your van and you get the cash instantly on the same day, the terms and conditions are not going to be a burden for you. Terms and condition state that if you are unable to repay the money, the lender can sell your asset, which is a van in your case. Remember, since the van will remain with the lender, he or she will have possession. On the other hand, the repayment deadline is flexible and is up to around five years, though it may vary.