Gedescoche: The best car loan company as collateral?

By | June 5, 2018

Sometimes, we find ourselves in complicated situations in which we need liquidity and we have no way of obtaining it, but we have assets that we can use as collateral , the most common being the car . For those occasions, Gedesco is your best option.

What is Gedescoche? It is legit?

Gedescoche is a company that is part of the important Gedesco , which, in turn, is a much larger company dedicated to all kinds of financial services (and which we have already talked about on other occasions, because it is a very interesting company) .

What Gedescoche does is offer you cash in exchange for putting your car as a guarantee of repayment of the loan. That is, if you repay the loan, there is no problem; Now if you don't return it, they'll keep your car .

This, which might seem somewhat dangerous, is actually a very good practice, because it implies that you have a property and that you can use it as collateral to obtain financing (as can also be done with a home).

Of course, you should not do this to have a consumer loan, because that would put your solvency at risk and you could end up without a car and without being able to repay the credit, and nobody wants that.

However, if you want to obtain money for a project and do not want to pay very high interest, you can use the car as collateral and, in this way, reduce the risk for the company that lends you the money, which translates into better conditions .

Regarding the security of the company, you must bear in mind that the company behind Gedescoche (that is, Gedesco), is a company with more than 15 years of experience in the sector , which means that it has a long history and he knows exactly what he's doing .

In addition, both in the field of car loans as collateral and in the many other lines of business it has, Gedescoche is one of the financial institutions with the best opinions from customers.

Of course, it also has the supervision of all official and governmental bodies, so you can also rest easy in this regard: Everything is duly supervised by the competent authorities.

So, in general, we can say that you can rest easy, because Gedescoche (and its parent company, Gedesco) is not a scam or any fraud: It is a 100% legit company that can offer you a lot of opportunities at the time to finance you.

Gedescoche credit characteristics

The credit that Gedescoche offers when putting your car as collateral has a series of very advantageous characteristics that you must take into account. Let's talk a bit about it before moving on to the following points that you should know about it.

The first thing to say about Gedescoche is that, by putting your car as collateral, you can get up to € 20,000 in less than 24 hours. In other words, a very important amount of money in record time.

As we have mentioned above, you should not take this loan to consume, but you should use the money in a project that is going to generate an interesting future profitability (or to supply a specific problem, that is, not recurring).

But, having clarified this, it is obvious that we are talking about a more than interesting amount of money, because many other loans (personal loans, for example), rarely reach these amounts (and these amounts are necessary for projects of relative size) .

Now, how exactly does this use of the car as collateral work? Well, it's very simple: From the moment you sign the contract, Gedesco will become the owner of your car on a provisional basis, but it will allow you to continue using it (you can also leave your car with them and they will lend you another of the many they have) .

Once you have returned the money, the ownership of the car will be yours again. In a certain sense it is as if they “hijacked” your car until you return the money, but being able to use it without problems.

Thus, what we can say is that we are not giving up the car, but only the ownership of it (and in a totally provisional way).

How exactly does it work?

In order to enjoy the Gedescoche service, all you will need is to be of legal age and have the ownership of a car that is fully paid (this is an important point, there cannot be any debt associated with the car).

There are some other conditions and requirements, but they are very flexible and you shouldn't worry too much about them. It's nothing that you can't accomplish quite easily (especially if you've already met the above points, which are the important ones).

Once you are clear that this is the service you want, you can contact Gedescoche through this link (gedescoche affiliate link) . All you have to do then is provide them with the make and model of the vehicle, and Gedescoche will start to value it.

Gedescoche guarantees that you will receive as much as possible according to Ganvam's statistical guide. However, it is always recommended that you get your own appraisal (if you can and it compensates you financially), so as not to accept the credit if you do not obtain a sufficiently attractive valuation.

In any case, once both parties agree on the appraised value of the vehicle, Gedescoche will offer you a maximum of 50% of the appraised value of the car. Thus, if the appraisal is € 20,000, they will give you a maximum of € 10,000. Not bad, right?

Of course, the age of the vehicle cannot exceed eight years (because, from this age, the vehicle has been greatly devalued, and does not offer any attraction for Gedescoche).

After this, what you will have to do is to demonstrate documentary evidence that you are the owner and holder of the vehicle and that you have the ITV and the road tax in order. If you meet these last requirements, you will have everything ready to receive the money.

Of course, it should be noted that, as what is done here is to change the ownership of the vehicle, the customer will have to face these costs (the administrative costs of changing the name of the owner).

In addition, while you are using the vehicle, in addition to the credit fee, you will have to pay a symbolic rent for the use of the vehicle (because, after all, during that time it will not be yours).

What requirements are there to request a loan at Gedescoche?

As we have pointed out a little above, to be able to enjoy the loan with the car as a guarantee from Gedescoche, all you will need is to have a vehicle owned and be of legal age , as well as some minor aspects.

A particularly relevant point to note here is that Gedescoche will not require any type of creditworthiness history from you. That is, you can opt for the loan by being on lists as Financial Credit Institutions.

Why? For the simple reason that, by using the car as collateral, Gedescoche already greatly reduces the risk involved in the loan, so it does not matter that you are not completely reliable. If, finally, you don't pay your debt, they keep your car, and that's it.

Obviously, for Gedescoche it is always better to receive the money than the car, but the fact of having a guarantee in case of non-payment means that they do not have to worry about a follow-up as deep as that done in personal loans.

Of course, as we have pointed out above, you will also have to have the ITV and the pertinent road taxes in order.

So, in general, the requirements to qualify for the Gedescoche loan are very simple to meet: You have to be of legal age, have a vehicle in property and be Spanish. The minor details will be pointed out to you on the website itself, but what we have mentioned is the most important.

Advantages and disadvantages

Now is the time to mention what are the advantages and what are the disadvantages of going to a service like Gedescoche. And it is that, although everything seems excellent, in reality, whether it is or not will depend on our needs.

So we are going to mention the advantages and disadvantages so that you know perfectly what you are going to face.

As for the advantages, it must be said that it is a very simple way to access a huge amount of money instantly and in a comfortable way, with relatively low interest rates and quite favorable conditions if you are a solvent person.

Of course, it is also a very interesting advantage over other types of similar companies that you can enjoy the use of the car while you return the credit, even if it is not yours in terms of ownership.

The main drawback that we see with this service is the fact that they only offer us up to 50% of the appraised value of the vehicle. We think they could adjust that margin a bit more to make the service even better.

Opinions about Gedescoche

Now, to finish, let's talk about what are the opinions about Gedescoche that we can read on the internet by its former clients. And, as always, we like to go to these opinions to form an opinion on the field of the company that we analyze.

At the end of the day, if the reviews of Gedescoche are good, we can assume that it is a good company and that the service they offer is worth using. You should always trust the opinions of customers before those of the experts.

And what do customers think about Gedescoche? Well, in general, the opinions on this are very positive.

They put special emphasis on the fact that the amount of money you can access is very high, that they give it to you in a very short time, and that, of course, you can continue using the car after having used it as collateral.

They also highlight that the management is carried out in a very transparent way (which is always positive, of course), and that, in the event that, finally, you cannot afford the loan, the sale of the car is carried out in optimal conditions, which allows you to get a good amount of money for it (and, therefore, greatly reducing the outstanding debt).

On the other hand, negative reviews go from two sides, and, although they do not seem particularly remarkable, it is true that it is fair to mention them, because they are repeated with some frequency.

On the one hand, there is the criticism of the fact that, although they let you use the car once they have granted you the credit, you have to pay rent for its use, in addition to the repayment of the loan itself.

However, this is perfectly logical. Think that you have had an appraisal for the condition of the car at the time you applied for the loan. If you spend a year using it, and, in the end, they have to keep the car and sell it, they will be receiving less than what they valued. With that rent what they do is compensate.

On the other hand, it is also mentioned very frequently that obtaining the 50% appraisal is not much, and, since that 50% is not always reached, but it is less what they really give you, it is a point to improve.

In this regard, there is little to say: We consider that the criticism is true and correct, but the truth is that Gedescoche is one of the companies that offers the best conditions in this regard, so there are no alternatives that improve that condition.

For all the above, as you can see, we consider that the positive reviews and opinions about Gedescoche are much higher and weigh more on the scale than the negative ones . But we consider it appropriate to teach you both so that you can make the best decision.

Other car loan companies as collateral that may interest you ...

Now, to finish, we mention some other loans with the car as collateral that may be of interest to you:

Lenders

CarGo

Ibanking

As you can see, if you need money and the only thing you have under your belt is your car, you can access a good line of credit with very good conditions using that car as collateral . Gedescoche offers one of the best services in this regard.