|Loan term 12 mths||Varooma||Loan Company||Log Book Loan|
|Loan amount||Weekly payments||Weekly payments||Weekly payments|
Car must be clear of finance and you must be the legal owner
Sometimes you just need some cash fast, whether there is an unexpected bill to pay or your finances are low, being able to get cash quickly is very helpful. This is where a logbook loan can be very useful.
If you own a vehicle you can use that as security for a loan and not have to worry about being credit checked. If you have made some mistakes with credit in the past this won't be a problem because logbook lenders loan you money based on the value of your car and your ability to pay back the loan based on your regular income.
It is always a good idea to do your research when looking for a loan, there are companies that offer lower rates than others, in some cases quite significantly lower. Compare quotes from loan providers to find the one that is right for you.
If you have had problems with credit in the past you might be struggling to gain credit from any other sources. This could prove problematic if you need to raise any amount of money, no matter how small. Luckily V5 loans companies can lend you money against your car quickly and easily in most cases, all you need is a car that is less than 10 years old and to have a regular income to pay the monthly instalments.
Lenders will be looking to see that you can afford to make loan repayments each month. This is so you don't default on your loan and your vehicle isn't repossessed.
Repossessing vehicles is something that most lenders will only do if you show no sign of being willing to make loan repayments. If you are struggling with debt it is best to speak to an organisation such as Citizens Advice, who will be able to give you advice about any debt problems you might have.
Applicants cars should be in good working order, have no finance on them and be less than 10 years old in most cases. If these criteria are met then obtaining a loan should not be difficult.
Check with the lender that there are no hidden charges like admin fees or early settlement fees if you want to pay the loan back early. One of the benefits of a logbook loan is being able to settle a loan when you have the money to do so. If you are penalised for this then it diminishes some of the benefits of the loans.
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