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Jun 26

Lending solutions: Top five benefits associated with log book loans

Posted by:AutoMoney

If you find yourself in a position whereby you need to borrow money, you will have many different options at your disposal. One of these options is a log book loan. This is a loan secured against your vehicle. Keeping that in mind, read on to discover the top five benefits associated with log book loans...

  1. You get to keep your car – A lot of people don’t realise it, but you actually get to keep your car with a log book loan. The company will only seize your vehicle if you fail to make the repayments you have agreed to.

  2. Wide scope of applicants considered – Many lenders are willing to consider applicants that have a bad credit history, or indeed no credit history at all. This does not guarantee you will be accepted. However, you may have a greater chance of borrowing via this route when compared with the traditional options.

  3. Lots of choice – If you take a look on the Internet you will see that there is a vast selection of companies offering this type of loan. With so many different options to choose from, you are bound to find a credible company that provides you with a loan you are one hundred per cent happy with.

  4. Flexibility – When compared with other short-term loans, a log book loan offers a greater scope of flexibility. You will generally be able to borrow a higher amount of money (than, say, a payday loan) and you will have longer to pay your loan back. This is because you can typically borrow up to 70 per cent of your vehicle’s worth and a lot of companies give you up to 18 months to pay your loan back.

  5. Easy to understand – Last but not least, log book loans are generally quite easy to understand. This is important, as a lot of people end up stung by various fees and alike because they did not understand the loan they took out.

So there you have it, the top five benefits associated with log book loans. When you take these points into account it is not difficult to see why so many people go down this route.

Summary – Log book loans are growing in popularity at the moment. This post helps to shed light on why this is the case by revealing the top five benefits that are associated with a log book loan.

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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.