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Jun 28

I need a loan on my car! - Find out everything you need to know about getting one!

Posted by:Lauren Stevens

There are many different options available for individuals who need to borrow money nowadays. From payday loans to bank loans, the options are well and truly endless. Nevertheless, one of the most popular forms of lending at the moment is definitely a logbook loan. Do you find yourself in the situation whereby you feel yourself saying ‘I need a loan on my car’? If so, this post is just for you. You will get all of the information you require regarding logbooks loans, i.e. the benefits, the eligibility criteria and more. So, keep on reading to find out more...

First and foremost, let’s begin by looking at who can apply for this type of loan. Of course you will need to be over the age of 18 and you will have to hold a full driving license. Aside from this, you must prove that the car you are securing the loan against has been paid for in full and that the insurance, MOT and alike are up to date. Moreover, one of the most important things to prove is that you have the ability to meet the monthly repayments. The lender needs to know that you are a credible person to lend money to. Therefore, income slips or similar documentation will be required as well as evidence of your monthly outgoings.

So, how much money can you borrow and how long can you expect to wait for your loan to be approved? Unfortunately, there are no definitive answers to these questions. In general, most lenders will give you the option to borrow up to 70 per cent of your vehicle’s current value. They will determine the car’s value using the Glass’s Guide, or something similar. However, you don’t need to borrow the full 70 per cent, you can opt for less. When it comes to the application process, every application is different, and thus it is impossible to say how long it will take for yours to be approved or indeed rejected. However, once your loan has been approved you will find that most companies deposit the money in your bank the same day.

There are many benefits associated with this type of loan. A lot of people prefer it because it is much more flexible than a payday loan. You will have longer to pay the money back and you will generally be able to borrow a greater amount. In addition to this, wide arrays of applicants are considered. As mentioned earlier, the main thing you need to prove is that you have the ability to make the repayments. Thus, individuals with bad credit histories, or no history at all, are often considered. So, if this applies to you, don’t rule out this as an option.

Last but not least, it is important to know that the only way you will lose access to your vehicle is if you fall to make the monthly repayments you have agreed to. The only thing you need to hand over to begin with is your vehicle’s V5 logbook. However, if you do not honour the terms and conditions of your loan contract, the lender has the right to seize your vehicle. So, don’t falter on your repayments!

Summary – This post provides details on what you can expect when you find yourself in a position where you say you need a loan on my car.

Author bio – Lauren Stevens has been a qualified money saving expert for over twenty years. She helps anyone from those who need a loan on my car to individuals saving for their dream holiday.

Borrow with confidence

Borrow with confidence

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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.