If you need to borrow money, quickly and own a vehicle a logbook loan is probably what you need. There are other ways to borrow money quickly, but not in very large quantities. Borrowing money against your car means that you can borrow up to £50,000 against it and do so the same day in most cases.
Finding a Logbook Loan
It is worth shopping around for your logbook loan in the same way as it is for any other type of loan. Different companies offer different rates of interests and terms and conditions. If one company cannot help you the chances are they will know someone else in the industry that can.
As with all industries there are good and there are bad loan companies. The few unscrupulous ones will rip you off, but the majority will offer you a fair deal. To be on the safe side it is wise to use firms who are members of the National Pawnbrokers Association (NPA) or failing that those that are members of the Consumer Credit Trade Association (CCTA). If they are members of both that is great, because they are the ones who have the best standards and usually offer the fairest loan terms and conditions.
What You Need to Get a Logbook Loan
To qualify for a logbook loan you need a vehicle that you own outright. This means that there can be no outstanding finance owed against the vehicle. You must have the original logbook to prove ownership. Some companies also ask for proof of ID that includes a utility bill with details that matches those on the logbook.
Many companies do not carry out credit checks meaning that even people with poor credit ratings can borrow money against their vehicle. However, you usually have to have a regular job and prove it.
Your vehicle must be roadworthy, taxed with fully comprehensively insurance and have a valid MOT. Some companies only lend money against vehicles that are less than 8 years old or will not lend on vehicles with over 100,000 miles on the clock.
Logbook Loans 247 are a well established firm who are happy to arrange a logbook loan on practically any kind of vehicle. They are members of both the NPA and CCTA.