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May 14

How to find the right loan secured on car for your needs specifically

Posted by:AutoMoney

Are you in need of some spare cash? Have you had an unexpected repair bill? Perhaps you have simply had a bad month work wise? Whatever the reason may be, you are certainly not alone. There are many people all over the UK that are finding themselves in the exact same situation. The good news is there is a possible solution. A loan secured on car presents one option for those who need to get their hands on some extra cash. However, with so many lenders offering this type of loan nowadays, it can often be difficult to find the right one for you. Keeping that in mind, read on to discover the various factors you should consider to help you do so.

The first thing you need to do is make sure the lender is able to lend you the amount of money you require. However, it is vital to be realistic. The company isn’t merely going to hand over whatever amount you desire. In general, most lenders will offer up to 70 per cent of your vehicle’s current worth. They will determine its worth via using the Glass’s Guide or similar. What if you don’t need the full 70 per cent of your car’s worth? Find a company who will let you borrow just a portion of this. You don’t want to borrow more than you need to, as this is likely to put you in an even worse situation.

The next thing you need to do is assess the repayment terms. You must be certain that you can comfortably make the repayments outlined. After all, you don’t want to be forced to hand over your vehicle. Assess the interest you are going to have to pay to ensure you will have enough money to cover it. In addition to this, you will need to discover how long you have to pay the loan back, and how the repayments will be made i.e. will they be monthly or weekly? You need to be certain the loan fits in with your situation, as everyone is different. If you carefully evaluate the amount you can borrow, as well as the amount you will be paying back and how you will make the repayments, you should be able to find the right log book loan for you.


Summary – More and more people are seeing the benefits associated with a loan secured on car. Nonetheless, you need to make sure you find the right loan for you, which is what this post helps with.

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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.