If you need to raise finance quickly, a logbook loan might be the right option for you.
There are no credit checks and you can receive cash within hours.
Pay back the loan when you want without incurring penalties.
Receive a quote based on your income and the value of your car.
A loan can be set up easily, simply apply and a representative will guide you through the process. You will be assessed based on the amount of money you have coming in each month and the amount of expenditure you have. This is to make sure that you can meet the monthly payments when you pay the loan back.
Your car will be assessed to see if it can be used as security for the loan. In most cases the car should be less than 10 years old to be considered, although this can change if it is a classic car that has a greater value.
The lender will then send a representative out to meet you who will check your car is as was originally stated and give you the paperwork to sign.
When you take out a logbook loan you are handing ownership of the vehicle over to the logbook lender. This means that if you fail to keep up with payments on the loan, your vehicle is at risk of being repossessed. This is obviously something you need to avoid, and is why loan affordability checks are so critical.
Only think about taking out a loan if you can actually afford the payments. The Money Advice Service has some good advice about managing your money in an efficient way to avoid getting into debt.
You should compare different providers to find the best interest rates. Beware of administration fees on loans and any hidden costs, so always read the small print before agreeing to a loan.
Look at the reputation of the lender using online review sites and forums to gain a better understanding of the service that some companies offer. The best companies have good ratings and that is one of the factors that you should base your decision on.
If a loan rate seems like it is too good to be true then it might be. Find out what you can about the loan and that particular company before signing anything.