We explain that logbook loans are secured against the car you own. You can still drive it but read the small print first!
Logbook loans allow you to borrow money against the value of your vehicle. This may be an option worth considering if you have a less than perfect credit history. You will be credit checked but you could still get your loan within hours of applying even though it is secured on the value of your vehicle.
Does this sound like an easy option? Well, keep in mind the following:
- You risk losing your vehicle if you don’t keep up the repayments
- The cost of a logbook loan may be higher than some other options
If you are still interested then how do you go about obtaining one?
- Choose the lender with care. We have teamed up one who has a good reputation.
- Show the lender you can afford the repayments
- Provide the lender with the vehicle’s V5, MOT and insurance documents
- Show the vehicle to the lender at one of its branches
- Read the loan agreement carefully – if you are not happy, then walk away before signing!
To discover more about logbook loans and to look at alternatives visit the Solution Loans website.
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▶️ ON OUR WEBSITE & "MONEY MATTERS" BLOG
- Logbook loans: https://www.solution-loans.co.uk/credit/logbook-loans/
- What are logbook loans and why consider one? https://www.solution-loans.co.uk/blog/logbook-loans-consider-one/
- Extra protection for those using logbook loans: https://www.solution-loans.co.uk/blog/extra-protection-using-logbook-loans/
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▶️ ABOUT SOLUTION-LOANS.CO.UK
Solution Loans is a leading UK online credit broker. We started in 2005 with the express mission of providing people with information and online tools to help them make smarter financial decisions.
We're fully authorised and regulated by the Financial Conduct Authority (FCA). Our credit broking service is FREE to use; there are NO UPFRONT FEES. In most situations the deals you will get will be AS GOOD AS GOING DIRECT, although you should also have more choice than if you went direct.
