When it comes to taking out a loan it is important to find one that fits in with your needs specifically. Logbook loans are highly popular at present. This is a loan secured on a car. If accepted, you can usually borrow up to 70 percent of your vehicle’s current worth. The company will hold your V5 logbook, however, you will still have access to your vehicle, unless you fail to make the agreed repayments.
Always seek expert advice if you are in financial difficulty
Before we reveal more about this type of loan and who is eligible for it, we must stress how critical it is to seek expert financial advice rather than diving right in. There are specialist companies like Timberline Financial that can offer you the input needed to ensure you end up with the right financial product for your requirements. They can help you to get your finances in order and ensure a brighter financial future, so it is certainly worth it.
What is a logbook loan? Can you get one?
If you look online you will see a lot of companies offering this type of loan. It is imperative to find the right solution for you. Firstly, you need to determine how much money you need to borrow. If you only wish to borrow 50 per cent of your vehicle’s worth, make sure you go for a company that allows you to do so. You shouldn’t be forced into lending the maximum amount.
You must choose a lender with care and ensure the loan terms are right for you
In addition to this, when making sure the lender is the right one for you, one of the most important things you need to assess is the repayment terms. When do you start paying back the loan? How much do you pay back every month? How long do you have to pay the loan back? These questions are extremely important because everyone’s situation is different and therefore you need to find a company that accommodates yours. For instance, companies that offer a period of grace – i.e. six months without paying anything back – are extremely beneficial for those who know they have an expensive and difficult period ahead until they can start making repayments.
Spend some time researching the lender to make sure they are credible
Last but not least, you can never know if a company is right for you without reading the reviews that have been left by previous borrowers. This is the best way to get an honest assessment regarding the service the company offers. You will be able to tell whether they are genuine lenders or not. This is especially important in an industry like this whereby a lot of companies have a bad name. A mere five minutes of reading reviews can make a massive difference.
If you carefully consider the points that have been mentioned you should have no trouble finding the ideal loan secured on the car for you.