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SpinDistribute.com Article Directory

The following article was published in our article directory on June 20, 2012.
Learn more about SpinDistribute Article Distribution System.

Loans Against a Car

Article Category: Finances

Author Name: Julie Birkwood

A loan against a car or a Logbook Loan is a loan secured against your vehicle. Having a logbook loan means that you will lose your vehicle if you default on the repayments to the loan company. Loans range from £500 to £50,000 according to the value of the vehicle in question.

Credit checks are not required as this type of loan is usually taken up by those whose record denies them access to the more usual forms of credit. Basically they are available to anyone irrespective of their credit history.

Individuals who are looking for this type of loan need to meet the following criteria to be considered eligible:

Be aged 18 or over
Be the legal owner of the vehicle
Hold a current tax disc, certificate of insurance and a valid MOT for the vehicle
Have no or very little finance outstanding on the vehicle
Demonstrate you can repay the loan

Other circumstances are also considered:

If you have been refused a loan elsewhere
If you have a bad credit history
If you have a been discharged from bankruptcy
If you reside in the United Kingdom

Once approved the lender keeps the logbook for security in case payments are not made. The standard term for a Logbook Loan is 58 weeks, although it may be possible to pay it off earlier.

Advantages of a Logbook Loan:

No credit check
Available to those with an impaired credit history
Funds can be available immediately according to which firm you use
No restriction on what the money can be used for

Disadvantages of Logbook Loans:

A very high APR, making it a very expensive form of borrowing
The debt quickly escalates out of control if you start to fall behind with the payments
You could lose your car if you fail to keep up the payments on the loan

Applying for a log book loan online speeds up the process considerably but the lender will usually ask you to take vehicle to an agent in a location of your choice together with the necessary documentation:

The Logbook (V5), which needs to be in your name
The Insurance Certificate or valid Cover Note
Two recent utility bills
Evidence of your income
Some form of ID with your photo on it (Passport, Driving License, Work ID card etc)

When you meet with the lenders , they will carry out a quick inspection of the vehicle, confirm the vehicle valuation and an offer will be made. The lenders will ask you to sign a bill of sale along with a credit agreement. By signing the bill of sale you temporarily hand over ownership of the vehicle to the loan company giving them the right to repossess the vehicle in the event of you defaulting on the payments.

As soon as your documents are signed , you can get your loan proceeds usually within the same day and even in minutes, depending on the lender of your choice. It is important to remember that whilst you keep your car, the lender will keep your log book until you have repaid the loan.

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