Cochego: Money for your car while you keep using it!

By | May 31, 2018

CocheGo is an excellent option to deal with situations of need for liquidity. All you need is to take advantage of the potential of having a vehicle as a guarantee. Today, we tell you everything you need to know about it. Let's see it!

What is CocheGo? It is legit?

CocheGo is a company that, as we said, offers us liquidity in record time in exchange for using our car as collateral. It is not the only company with this business model, but, frankly, it is one of the best. In addition, it has been operating for several years.

In the following sections we will talk about the specific characteristics of the loan, but, for now, we are going to focus on explaining if CocheGo is a trustworthy company or it is not (because this is one of the doubts that most concern people when looking at this type of companies).

And, for our part, we can say that our analysis does not lead us to conclude that there is a problem, but quite the opposite: It seems to us a trustworthy company and that can offer us a most interesting service.

And we obtain this conclusion for three fundamental reasons. The first, that it is a company that has been operating for a long time, and, in general, the longer a company has been operating, the more it means that it does things well.

Secondly, because the opinions of the clients (which you can see in the last section in more depth) are excellent, and that gives us maximum confidence in the company, because it shows that they provide their service well.

And, thirdly, because, like all companies in the sector, it is subject to the controls of the different regulatory bodies and official authorities, so there is no scope for any type of fraud to take place.

So, for all the above, we can confirm that, yes, CocheGo is a reliable company and it is not a fraud or scam. And, having clarified this, we can go on to talk about the specific characteristics of the service they offer.

CocheGo credit characteristics

CocheGo, as we say, is a company that offers us a loan of between € 500 and € 15,000 in exchange for using our car as the only guarantee. In addition, this loan is presented with a good flexibility in the payment methods.

Another interesting point to say about the car loan as a guarantee of CocheGo is that it does not have any type of hidden charge or commission (something that, unfortunately, is quite frequent in the sector).

As in other companies in the industry, the mechanism is very simple: You send a form through their website and they give you a response with a provisional appraisal in record time. Later, you will have to go to one of their offices to make the final appraisal .

If we agree with the appraisal, we can sign the loan contract, through which we receive the money. Could not been more easy.

But here we must point out something very remarkable: Most of the companies that offer loans using the car as collateral work in this way. However, they usually require a change of ownership for the entire process to take effect.

This does not happen with CocheGo.

At no time does CocheGo take ownership of the vehicle, and that will only happen in the event that the debt that is contracted with them is unpaid.

And, yes, I know what you are thinking: What does it matter if it is done sooner or later? Is not the same?

And, although it may seem that it is, it is not exactly the same, for a simple reason: The change of ownership has administrative costs that different companies usually pass on to the client.

Thus, when you use another company to obtain a loan using your car as collateral, you find that you have to pay the administrative costs, the loan fee, and, in many cases, a rent to continue using the car.

None of this happens in CocheGo. With this company, by changing this small detail in your business model, all you have to pay is the loan fee. That is why it represents great cost savings for the end customer.

For the rest, the amount of money you can request, as we have said, ranges from € 500 to € 15,000, although this will depend (logically) on the appraisal of your vehicle.

The return period is a bit strict, because they are extendable for twelve months. That is, if they give you € 12,000, you will have to return that amount plus interest after a year. It is not something easy, really. That is why you must be careful when applying for this type of loan.

Of course, it should also be mentioned that you can request an option to pay monthly installments in which, in the event that you repay the loan early and pay off installments early, no surcharge or penalty will be applied to you.

As for the final APR, we cannot say how much it will be, because it will depend on the conditions of the vehicle, the final appraised value and the conditions you decide for the repayment of the loan.

What we can tell you is that it is relatively low, since offering the car as a guarantee greatly reduces the risk for the company, so you do not have to worry excessively about this point.

What requirements are there to request a credit in CocheGo?

As in other companies, the requirements demanded by CocheGo are quite simple. You will have to have Spanish nationality, be of legal age, have an up-to-date vehicle registration and technical data sheet, and have passed the ITV.

If you meet these requirements, you are in a position to receive the CocheGo loan. They may ask you for some additional documentation, but that is something that the CocheGo agents will inform you about without major problems.

It is also important to mention here that, to obtain the credit in CocheGo, it is not necessary not to be on any list of defaulters. You can be in ASNEF and CocheGo will give you the loan anyway, because it has the guarantee of your car.

Of course, the car must be free of all kinds of charges, and there are age limits and good conditions for them to accept it. But, if you have a minimally decent car, it does not matter that you are in ASNEF. You can receive your credit.

Opinions about CocheGo

As you should already know, on this website we love to check the opinions of customers who have used the service we analyze . We do this because it allows us to know first-hand what the company does and if the result of the service is good.

And, in the case of CocheGo, we find opinions that show that they have very good points , but some quite negative ones if we compare them with other companies in the sector.

Thus, among the positive opinions, we find a good assessment of the fact that everything is carried out in record time, which always comes in handy when money is needed.

The fact that the ownership of the vehicle does not occur if there is no default is also valued positively (which results in a lower amount of administrative expenses, which makes the loan cheaper).

But on the downside, we find that most people consider the return period to be very short. And we have to give them the reason: Returning € 12,000 (for example) plus interest in a year is complicated.

If they give you € 1500, things change, of course, because it is only € 100 per month and you can easily face this fee. But, from a certain amount, the fact of not being able to choose a longer return period complicates things a bit.

Of course, to compensate for this problem, they offer extension options with fairly good conditions, which alleviates the problem a bit.

However, our recommendation is that you take this aspect into account when applying for the loan to try to foresee if you will be able to face the debt. It would be a very bad business to end up losing your car because you have been a few months before you can repay the loan!

For all the above, if we weigh the positive and negative aspects, we believe that it is fair to conclude that the positives outweigh the negatives and that, therefore, CocheGo is a good option to obtain money using the car as collateral.

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

Now, to finish, we give you some other car loan companies as collateral that may be of interest to you:

Gedescoche

Lenders

Ibanking

As you can see, CocheGo is an excellent option to get that liquidity you need, and all you have to do is use your vehicle as collateral. It has never been so easy to get the money you need to start your projects or solve unforeseen events!