Showing posts with label best logbook loan. Show all posts
Showing posts with label best logbook loan. Show all posts

Tuesday 20 December 2016

Getting More Mileage for your Logbook Loan

Short-term loans can be very useful when those terrifying unexpected expenses crop up, but they aren’t for everyone. In fact, if you have a poor credit rating, it may not even be possible to qualify for one. Luckily, there is a wide financial market out there with lots of different options depending on your needs and circumstances.
One alternative to the short-term or payday loan is a logbook loan. This a loan secured against your vehicle, where the car is the guarantee. If you’re the registered owner of the car, you simply hand over the V5 registration document to your nearest branch of logbook loan provider in exchange for funds that are paid much faster than other types of loan. You don’t need to sell the car to release the money, you can borrow as much or as little as you need and in many cases, you can pay back what you owe in as little as a month without being hit with an early repayment fine.
If you’ve done your homework and you believe you’re ready to take out a logbook loan, you now need to know how to eke out the very best deal for yourself. It’s crucial to remember that how much you can borrow depends largely on the value of your vehicle, which is why it’s a good idea to do the following before submitting an application:

·       Make sure your car has passed its MOT. A car with an out-of-date MOT certificate and possible maintenance issues which could affect its road-worthiness are bound to have a negative impact on its value. An MOT doesn’t cost much provided no repairs are needed, but it could help your chances of being accepted for a car logbook loan.
      
    Keep on top of servicing and repairs. A car with lots of problems and outstanding repairs needed is not an attractive prospect to anyone apart from a scrap dealer. You wouldn’t sell it in that condition because the value would be affected, and the same goes for logbook loan valuations. Get all repairs carried out before submitting your application and you should get the maximum value for your vehicle.

Have the right paperwork ready. You’ll need certain documentation in order to take out a logbook loan, including the V5 registration document, proof of your own identity and proof that you can pay back what you borrow (i.e. bank statements, wage slips etc.) Have all of these ready to prevent delays and to make the process of applying for your loan go more smoothly.

Remember - always read the small print
     Like any loan, it’s very important to understand fully what you are agreeing to when you take out a logbook loan. You need to understand the interest you’ll be paying back and the terms of the agreement, and what will happen if you fail to make repayments. If you are accepted for a loan, can you afford to make all the repayments? If not, a logbook loan is probably not the right choice for you.

Thursday 8 December 2016

Tips for Logbook Loan Success


If  you suffer from bad credit, you’ve probably heard of a logbook loan. This is a type of secured loan in the UK wherein the borrower’s car is used as collateral against the borrowed money and does not involve any credit checks. Despite its availability to bad credit borrowers, however, logbook loans are notorious for their interest rates. These are some tips you can follow to save a little money when you’re in a dead-end situation and logbook loan is your only choice.
Borrow only what you need. A great tip to live by whenever you’re borrowing anything is to borrow only the amount that you need. Sometimes, you might think that it is necessary to give an allowance for something else that you might need. However, this allowance might turn to something that is really unnecessary. After paying for the urgent matter you needed the loan for, it’s quite easy to pass by your favorite store, see the extra cash in your wallet, and spend it right there and then. Remember that this extra cash you borrowed will earn interest, and the more you borrow, the higher interest you will be charged.
Make sure your car is insured. While you can keep the car under a logbook loan, you will still be responsible for any damages and repairs it sustains during the loan period. Having your car insured can provide that needed coverage in case you got into an accident. It can prevent strapping you off more cash when you’re already tight, and you can avoid the need to borrow again.
Do not stretch your payment duration. A common mistake borrowers make is to prolong the length of time before they are to pay off the loan in full. In doing this, you are exposing yourself to accumulating more interests in the long run. While it is certainly necessary to consider what you can afford to pay each month, setting it to the lowest minimum amount possible doesn’t teach you to reduce your expenses. Besides, the longer you are tied to debt repayments, the longer it takes before you can start getting back on track with your budget.
Pay on time. The importance of paying on time couldn’t be reiterated enough in every debt you have. Making late payments, especially in your logbook loan, can acquire very expensive charges. Being on time with your payments not only saves you from these charges, but it can also give your credit score a little boost. You shouldn’t look at your logbook loan as an easy way to obtain cash despite your poor credit, but rather an opportunity to start rebuilding the credit that you ruined.
Shop around. You can find many logbook loan lenders in the UK, and like most companies providing the same service, they are not exactly identical. Sure the interest rates may be in the same range, but you certainly will find some differences in the terms. It pays to know what you are getting into no matter how urgent you need the money. Even if your credit is bad, never think that you are in no position to negotiate. Always ask questions and clarify your doubts, and since there are many lenders out there, don’t hesitate to pay the next building a visit. http://www.eaffylogbookloans.uk