Loan secured against your vehicle
If you possess a vehicle and you found yourself in a situation where you need money, but most lender providers refused your application, you can apply for a finance called logbook loan, which is a type of loan secured on your vehicle. Your vehicle is treated as a deposit and lender keeps possession of it throughout the duration of the loan. As long as you repay instalments, you can effortlessly make use of the vehicle, but if you default on your loan, the lender is entitled to take away vehicle and sell it so as to have his money back. If it emerges that money obtained from a sale is lower than the amount you owe, you will eventually be liable to cover a shortfall. In order to apply for a logbook loan, you need to be a legal owner of the vehicle and be over 18. You do not need to specify the purpose of the loan, but you need to provide evidence of regular income, be it full or part-time employment or other sources of proceeds. Once the loan is granted, you transfer temporary ownership of the car to the lender. Payments are made either weekly or monthly, and you can pay the whole amount earlier, but sometimes you may be charged an extra fee.
The entire process of verifying and applying for the loan takes mostly less than one day, sometimes as little as one hour, but it is up to specific loan provider. Your application may get accepted even though you have bad credit as the lender always has an asset (car) in possession which can be cashed. The logbook loan is available for citizens of England, Wales and Northern Ireland. If you are interested in receiving such a loan, check out Car Cash Point, which offers fair, transparent and the cheapest rates available. No credit check required and no early payback penalties. Unlock the value of your car in a matter of minutes.
Main category: Finance
Sub category: Loans