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Jun 12

What are the advantages associated with a loan against your car when you need money?

Posted by:Kelly Freeman

If you find yourself in the situation of needing money quickly, you could consider a log book loan. A log book loan is a short term lending option in which the funds you borrow are secured against the car that you own.

Here are a few of the main advantages of choosing a log book loan for your financial needs.

Flexibility

Before applying for a log book loan, you should decide exactly how much you would like to borrow. It makes sense to only borrow the minimum amount that you need and not allow a company to encourage you to borrow more than this.

At AutoMoney, we can lend between £250 and £5,000 depending on the value of your car. We typically lend up to 70% of the car’s worth, so for example, if your car is worth £5,000, we would be able to lend you up to £3,500, depending on your circumstances and ability to meet the repayments of course. However, the amount you actually borrow – up to the maximum amount offered - would be entirely up to you.

We also offer an interest free payment for the first month and there is nothing to pay for the first two months, leaving you time to sort out what you needed the money for, without worrying about making your first payment! 

Criteria

We understand that not everyone has a clean credit history and we are happy to accept log book loan applications from those who have CCJs, payment defaults, and bankruptcy. Although we cannot guarantee a successful application, we are happy to consider these applications.

You keep your car

Nothing changes in terms of how you use your car for your day to day life! One of the best things about a log book loan is that the car is still yours to use for the work commute, school run, shopping trips – the lot!

If you think a log book loan is the right option for you, or you would like to ask some further questions, call us on 08000 28 27 26

Image credit: https://c1.staticflickr.com/7/6126/5929550117_4411d63003_b.jpg 

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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.