Latest Blogs
Apr 09

Car log book loans offer an alternative to pay day loans!

Posted by:AutoMoney

Are you looking for an alternative to a pay day loan? If so, you have landed on the right page. Unfortunately, a lot of people end up in a situation whereby they need to borrow money. However, we don’t all have the luxury of generous family or friends. Because of this, many individuals end up turning to a pay day loan. However, this is a type of loan that doesn’t appeal to all, as you can only borrow a small amount of money for a very short period of time. One solution that offers greater flexibility is car log book loans.

What is a car log book loan?

A car log book loan is a loan that is secured against your vehicle. You will typically be allowed to borrow up to 70 per cent of your vehicle’s current worth. Car log book loans can last for anything from six months to several years. Loan terms differ depending on your lender, and you will typically pay back the loan on a monthly basis.

Who is eligible for a log book loan?

Evidently, you will need to have a car. This car must be yours and it must be paid for in full. Aside from this, you will also need to prove that you have the capability of paying the loan back, and thus payslips or similar will be necessary.

Why is a car log book loan a good option instead of a pay day loan?

You now know what a car log book loan is, but why does it offer a welcome alternative to the pay day loan? With a car log book loan there is scope for you to borrow a greater amount of money. Most lenders offer up to £5,000 – if this is in line with your vehicle’s worth. Moreover, there is flexibility regarding repayment terms. Not only do you have a longer amount of time to pay your loan back, but if you search around you should be able to find repayment terms to suit your situation.

Summary – This post presents a possible solution for those who are looking for an alternative to a pay day loan. This is car log book loans – a loan secured against an individual’s vehicle.

Borrow with confidence

Borrow with confidence

We are PROUD MEMBERS of The Consumer Credit Trade Association. AutoMoney were forerunners in the creation of The CCTA Lending Code of Practice and we adhere strictly to its principles. Click here to view. ALWAYS MAKE SURE THE LENDER IS A MEMBER.

350.5%APR Representative
Representative example: Loan amount £1000. Duration 18 months. Repayable by 16 monthly repayments of £170.42 and one of £198.42 (includes Bill of Sale registration fee of £28) commencing two months from the date of the loan. Total amount repayable £2925.14. Rate of interest 187% per annum fixed. Representative 350.5%APR. LOANS ARE SECURED ON YOUR CAR. The vehicle may be repossessed if you do not keep up the repayments.