Important Things For Logbook Loans

Things To Know About Logbook Loans

There are plenty of personal loans available in the UK. The problem is when you have a poor credit score, you’ll have a hard time getting approved for a loan especially when you need it. In this case, this is when logbook loans may be helpful. While accessible, logbook loans can be risky too. This guide will help you determine whether a logbook loan is suitable for you or not.

What are logbook loans?

Logbook loans are personal loans secured on an asset, in this case, the borrower’s vehicle. It is a type of secured loan where you can cash in on your vehicle while still keeping it. The financial product is widely available in the UK especially among borrowers who get rejected by major lenders due to their less than stellar credit rating.

Who can apply for a logbook loan?

If you live in the UK, you are of legal age and you’re a vehicle owner then you can apply for a log-book-loan. With the security requirement, logbook loans are usually easy to get approved for. Providers won’t consider your credit score hence ideal if you have a bad credit rating. You have to be employed with a steady stream of monthly income to be eligible.

How much can you borrow?

With logbook loans, loan amounts are larger than what unsecured loans offer. In most cases, providers offer loans from £500 up to £25,000 maximum. The amount you can borrow will be affected by two major factors, your income and your vehicle’s trade value. As for the repayment terms, you can repay the loan from 12 months up to 36 months.

How much does a logbook loan cost?

Logbook loans may be quick to access but it can be really risky and expensive. The typical cost of a logbook loan is represented by its 400% APR on average. Most of the time, the rep APR can be even higher than that. The rep APR essentially covers your loan’s total cost including interest rates, admin fees and other related charges.

For example, if you borrowed £850 at 450% APR and you want to repay it over the course of 18 months, you’ll end paying a total of £2,533 by the end of the term or that’s about £141 per month. As you can see, the amount of interest you’ll be paying is significantly more than the original loan.

How logbook loans work?

When you apply for a logbook-loan, you are essentially taking out cash from your vehicle. Your provider won’t get your car in exchange for the cash you need. Instead, you get to keep your car but ownership has been transferred to your lender until you’ve repaid the loan in full. You’ll be asked to sign a debt agreement along with a bill of sale document. This means that you agree with the terms that your lender can repossess your vehicle if and when you are unable to repay the loan. The bill of sale then allows your lender to sell your car if you are unable to update your payments after repossession.

Are logbook loans right for you?

Because logbook loans are risky and costly, deciding on whether to apply for one should be carefully planned. First, you need to make sure it’s the right type of loan deal for you. Secondly, you need to make sure you can commit to timely repayments each month. And finally, you need to plan your borrowing. Apply only for what you need and you can afford.

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What you need to know about Logbook Loans

Logbook Loans are perhaps one of the best lending offers for those who cannot get the approval of traditional loans. They offer fast, hassle-free cash without having to wait long and without the burden of producing complex and numerous requirements. Because of the economic down fall, financial companies, including banks, have become stricter and more stringent when releasing money. This poses a big problem for borrowers who need additional cash to pay their overdue debts, bills, tuition, and sustenance of their day to day needs. It is the ease and accessibility of logbook loans that makes it a quicker and painless solution for borrowers – everything can be done online, and the cash can be received in as early as one day. If a borrower has a car and he meets and passes the requirements, then the loan is guaranteed.

Logbook loans only require the submission of the car’s V5 document (V5 loans), as well as proofs of identity and income. The V5 document represents the borrower’s authority and ownership of the vehicle. Because the industry is so popular, many companies have taken the business online to make it more accessible to everyone.

So, how does one apply for a logbook loan?

First, it is essential to have a good understanding of how a logbook loan works. Look for articles in the internet, and do a research on how it works, what it requires, and what are the possible disadvantages if the loan is not paid back as agreed. With the numerous companies providing logbook loans, this information is readily available in the internet. Also, check around for reputable and credible online lenders to ensure that the company is legit and reputable. Upon finding the right logbook loan company, their website should provide an online application form for the borrower’s credentials and contact information. The company will then contact the borrower to discuss the details, including the terms and conditions of the loan. It is important that everything is clear between the two parties by asking questions and making clarifications.

Second, the V5 document needs to be submitted for the application to proceed. Note that this does not mortgage the car to the company – the borrower can still keep the car provided that he is able to maintain timely repayments as agreed with the lending company. This is one big advantage of logbook loans as they still allow the borrower to use the company to drive himself to work or to his business, making repayments more possible as the borrower can still earn his money through his work.

Aside from the V5 document, what are the other requirements?

The lending company will usually ask for proofs of identity and income, or the bank statement in lieu of the proof of income. Furthermore, the borrower needs to be at least 18 years old and is a resident of the United Kingdom. Furthermore, the car needs to be no more than 8 years old and that it is owned by the borrower. The lending company will assess the vehicle, and the borrower can get as much as 50% of the assessment value.

So, what are the benefits of logbook loans against other loan types?

First, logbook loans require no credit assessment. They do not look into the borrower’s credit standing to assess if he is eligible. So long as eligibility is met and the requirements are submitted, the borrower can receive the cash in no time.

Second, logbook loans offer lower interest rates compared to other types of loans. Furthermore, the presence of a variety of online lending companies makes the competition tougher, and so they lower their interest rates to attract more borrowers.

Third, the terms of repayment can be decided solely by the borrower. If the need is immediate and it can be repaid right away, then he can pay it back the soonest possible time to clear himself of debt.

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Why Logbook Loans

Logbook loans may be risky and costly but it also comes with its fair share of advantages. If you're thinking of taking out a loan against car any time soon, here are a few points why this kind of financial move makes sense:

1. No credit check

Other than the promise of quick cash, one of the best things about logbook loans is the no credit check policy. If you have bad credit and you can't get approved for a personal loan elsewhere, logbook loans are ready to save the day. Logbook loan lenders do not run credit checks making it easier for borrowers to get approved despite history of ccjs, defaults and even bankruptcy.

2. Fast processing

It's rare to find loans that offer same day approval. Most unsecured personal loans do but their loan offers are very small. Not so with logbook loans. Provided that you meet the basic requirements and you own your vehicle, you can expect approval within the same day you applied. Once approved, you can receive the money within minutes through your bank account.

3. Flexible loan amounts

Loan amounts are more flexible with logbook loans. Whether you just need £500 for overdue medical or £10,000 for a major investment, you can count on logbook loans to cater to your needs. In general, lenders offer loan amounts from £250 minimum up to £50,000. Or you can usually borrow up to 70% of your car's official trade value.

4. Flexible loan terms

Loan terms are also just as flexible as the loan amount. You can repay the loan in a few months for smaller amounts or you can opt for the maximum 36-month term for larger loan amounts. If you need more time, you can negotiate the term with your lender. Most lenders are often open to different arrangements provided that you meet the requirements and you can provide all the necessary documents needed.

A Word of Caution

While easy and fast to avail, logbook loans come with risks. Since it is a secured loan, there’s always the possibility of losing your car in the event that you can’t repay the loan. Make sure you know what you’re getting into before you go ahead with the transaction. Otherwise, you might not only lose your car in the end but also put your credit rating at risk. 

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Beware Logbook Loans On Second-Hand Cars

Most of us drive second-hand cars because we're not made of money. There's a whole load of pitfalls when buying a car that isn't new, but one is often overlooked and particularly troubling.

Drivers could well inherit debts which have been taken out by previous owners of the vehicle you bought, which means you could see your car being seized, when it isn't your fault.

Eaffy Logbook-loans have sent out a warning after stating that one in five people who reported a problem to them about logbook loans, they ended up having their car repossessed despite not borrowing the money themselves.

What happens is, someone takes out a logbook loan and they put their car up as security. Like using a pawnbroker, the full ownership of the car is retained by logbook loaner until the debt has been paid off in full.

Eaffy Logbook loans have warned that you might buy a car that is still the subject to an outstanding logbook loan taken out by the previous owner and you, who have done nothing wrong, ends up being chased for the debt.

There's an estimated 60,000 logbook loans to be taken out this year, which is a 61% increase on 2011. The CA survey regarding drivers who had bought a second-hand car found that 63% did not check if the car had an outstanding loan.

As such, they'd like to see the law changed so that the car cannot be taken if the owner is not the original borrower. The person should own the loan, but the thing they put up as security.

Sadly, at the moment, there's no way of telling whether or not the car you're buying has a logbook loan attached to it, which is why it has become such a problem.

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Why Logbook Loans Are a Low Cost Borrowing Option

You may not be fully up to speed on what a logbook loan actually is. Well basically, it is a loan that is secured against your vehicle, and the finance company keeps hold of the vehicle logbook for the duration of the repayments. The logbook (or the V5) is a document that contains the details of the vehicles current owner, the engine number, the VIN number and registration number.

When acquiring a logbook-loan, the company providing the loan, takes possession of the logbook, but the person taking out the loan, is allowed to keep using the vehicle. However, failure to keep up with the repayments means that is very easy for the finance company to repossess the vehicle in order to sell it on. That is why it is important to make sure that you have enough money to meet the financial commitment of taking out the loan, or you may end up waving goodbye to your treasured vehicle.

As stated earlier, there are other ways to obtain credit, especially if you are in need of credit in the short term. However, these tend to take on the form of payday loans, and these have a very high rate of interest, plus, you can only borrow a certain amount based upon your next lot of wages. People who have taken out payday loans tell of being caught in a spiral that requires them to take out further loans in order to pay off the initial loan.

Payday loans are suitable for some people but are to be avoided if possible, and logbook loans make more sense, as the companies who provide logbook loans tend to make sure that the person taking out the loan can afford the repayments.

With the current low interest rates, it is a good time to take out a loan, however, this does not stop some loan companies charging extortionate amounts of interest, and typically the shorter the loan period, the higher the interest. Payday and doorstop loan companies are among some of the worst for charging very high rates of APR.

Another advantage that log-book-loans have over other methods of credit, is that you do not need to go through the problem of having your credit history examined. This can be a stumbling block to many people’s credit applications, and it can be a waste of time even applying for certain loans if you have CCJ’s or defaults on your credit file.

Plus with payday loans, you can only borrow a certain amount of money against your next pay packet, and this can mean that you are not getting the amount of money that you need. However, with a logbook loan, the amount you can borrow depends on your car, its age and condition.

Hopefully you now have a better idea about the advantages of logbook loans compared to other kinds of loans. There are many companies out there who are in a position to offer you a logbook loan, so you should not find it too difficult to find one that suits you.

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Shedding light on Logbook loans

The term “bad credit” is a very sensitive subject in the financial world. Lenders, in essence, view individuals with a poor credit rating as a risk to the well-being of their business and rarely offer them credit facilities. In fact, it is correct to say that individuals with a poor credit history generally find it difficult getting access to credit facilities or a mobile phone contract. For a long time, this was the standard mode of operation so much so that those with a poor credit rating felt like second class citizens.

There was hue and cry, distress, depression and a low self-esteem among those with a poor credit score. Applying for a loan or a phone contract became a nightmare of sorts and those with bad credit had to contend with the all famous line “we are sorry but we can’t approve your application at this time”. Well, this was the case before V5 loans became a reality. V5 loans or what is commonly known as logbook loans indeed changed the loan industry in ways never seen before.

With logbook loans, individuals could now apply for emergency loans without having to worry about the status of their credit score.

How logbook loans work

If you are thinking of applying for a logbook loan for the very first time, you probably need more information on how this amazing and lifesaving loan product works. For starters, in order to qualify for a logbook loan, you need to be a legal owner of a car, a van, a caravan, a motorcycle or even a lorry. The reason for this is because logbook loans are secured using a car’s logbook. You sign off your car logbook to the lender in exchange for the amount you receive as a loan. When you do this, your car becomes the property of the lender for the duration of the loan. However, you continue using the car as you make repayments.

Ordinarily, UK logbook loan lenders advance logbook loans up to 50% of the value of your car. To determine how much you are privy to when applying for a logbook loan, it is essential that you provide your lender with your car registration. They will then evaluate its worth and advice you accordingly. However, there are a number of things you can do to ensure that you increase your chances of approval or even the maximum amount you can apply for. For one, you need to regularly service your car so that it’s in good condition. The insurance and tax details of your car need to be up to date not to mention the car needs to be free of any financial charges. The standard duration for a logbook loan is 78 weeks which gives you the flexibility to plan your repayment without feeling as if your back is against the wall.

Things to note

Getting approved for a loan facility despite your credit score status is a beautiful thing. However, you need be cognisant of the fact that defaults could put your car in jeopardy. In fact, you risk losing your car if you fall way back in repayments. Logbook loan lenders have the legal right to repossess and sell your car if you are unable to meet your logbook loan obligations. You can also be sued especially if the proceeds from the sale of your car are not sufficient to meet the principal amount together with the accrued interest!

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PROS AND CONS OF A LOGBOOK LOANS

There is no denying the fact that logbook loans have gained increasing popularity over the years. More  and more borrowers are turning to the loan type for quick fix solutions to their cash problems. But at the same time, logbook loans have also gained a lot of flak especially from financial experts. Because of its high  interest rate, experts warn borrowers from getting one. Others recommend extra caution. In any case, it is very important to know the pros and cons of what you are getting into. Below are more details about what to expect when applying for a logbook loan:

LOGBOOK LOANS PROS

Logbook loans are popular especially for people with bad credit because of the following advantages:

EASILY ACCESSIBLE

More lenders are now offering logbook-loan deals online which mean that the loan product has never been more accessible. To avail the loan, all you need to do is make sure you are eligible. You can then apply online and expect approval confirmation quickly. Before applying, however, it is imperative to do your homework. Research your lenders and make sure to pick one with a solid track record.

FAST APPROVAL

Provided that you meet the requirements and have the necessary documents handy, you can expect for fast approval. Some lenders are even promising same day approval services. With stiffer competition in the lending industry, fast approval and convenience are lenders' ways to convince borrowers to sign up.

FLEXIBLE LOAN AMOUNT

Since logbook loans are secured against a vehicle, the loan amount is more flexible that what unsecured loans such as payday loans offers. With a logbook loan, you are welcome to borrow from £250 up to £50,000. It also means that logbook loans can meet a wider range of financial needs. Whether it’s for home renovation, vacation or a medical emergency, logbook loans make an ideal financial solution.Flexible Loan Term

FLEXIBLE LOAN TERM

Also equally flexible as the loan amount is the repayment term for log book loans. You can opt between 3 months up to 3 years of loan term depending on what you can comfortably afford per month. The loan product gives you the freedom to tailor your loan set-up according to your personal circumstance so the likelihood of default is lower.

NO CREDIT CHECK

Of the log-book-loan advantages, the best on the list is the no credit check policy. While other personal loans require you to have good credit, logbook loans do not mind your credit score. As long as you have a car to serve as collateral, you can avail of the loan and therefore meet any pressing financial need.

   LOGBOOK LOANS CONS

But logbook-loans are not without its disadvantages. Three of the common cons you should know about are the following:

HIGH INTEREST RATE

One of the most common complaints experts and borrowers alike have about log book loans is the high interest rate. Compared with traditional personal loans, logbook loans charge hefty and sometimes excessive interest rate. The average Representative APR for the loan product is at about 400% which is several times more than loan options for people with good credit.

DEBT TRAP

Then there's always the debt trap problem. If you're a borrower with bad credit, it is very easy to fall prey on the cycle of borrowing money to meet your array of financial needs. If this happens, there is the likelihood of putting your credit score at an even greater risk of being bad. When you borrow money, it is very important to take extra caution. Borrow only what you need and make sure to repay the loan back on time.

REPOSSESSION

Like with any secured personal loans, the worst thing that can happen to you is repossession in addition to a huge hit on your credit score. When you signed the debt agreement, you are essentially handing over temporary ownership to your lender. That means that if the lender has the bill of sale to your car, they have the right to repossess your vehicle as per the agreement. Repossession is usually the last resort and it happens when you missed payments for a number of successive months. This is also after your lender contacted you and you didn’t made new arrangements.

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Differences Between Logbook Loans And Payday Loans

The downturn in the economy over the past 5 years and many bank’s reluctance to lend to individuals has left many people unable to borrow from traditional sources as quickly and easily as they used to.

This has led many people to seek alternative lenders offering credit to people in the form of short-term loans. Over the last few years two of the most popular sources of short term finance have emerged, logbook loans and payday loans.

There are a few key differences between logbook loans and payday loans and the we will help highlight these.

Secured vs Unsecured

The main difference between logbook-loans and payday loans is that one is secured and the other is not. Logbook loans from V5 Solutions utilise the security of the borrower’s vehicle (car, van or motorcycle) while payday loans are unsecured. This creates a distinct definition between who is eligible for either loan product and how much can be borrowed.

Credit Checks

As V5 Solutions logbook loans are secured against your vehicle we don’t carry out personal credit checks. As long as you meet our qualifying criteria you should be able to borrow £300 – £10,000 quickly and easily with us.

As payday loans are unsecured the lenders carry out extensive personal credit checks and if you have a low credit score, CCJ’s or arrears then you may not be accepted.

Amount Borrowed

A major difference between V5 Solutions logbook loans and payday loans is the amount that you can borrow. V5 Solutions offer same day logbook loans from £250 to £50,000 depending on your vehicle and personal circumstances. While Payday loans typically range between £50 and £300 they can be particularly useful if you only require a small amount to borrow over a short term.

Speed of Access

Payday loans offer same day loans, similar to V5 Solutions logbook loans, except that as the loan is unsecured the whole loan process can be completed online. This is very useful and convenient.

V5 Solutions provides same day logbook loans but we have to meet you in person to view your vehicle, sign our loan agreements and issue the loan payment to you. We can usually complete this all within a few hours of receiving your loan application!

Cost

While log-book-loans and payday loans are typically more expensive than traditional Banks, they are far more convenient and flexible and if used correctly can be cost effective too.

A typical payday loan will cost £30 per £100 borrowed per moth. 30% interest per month. This means that if you borrow £100 for 1 month (or until your next payday) it will cost you £30 in interest and charges. In total you will repay £130. If you borrowed £500 it would cost £650 to repay in full.

As V5 Solutions logbook loans are secured on your vehicle we can charge you a lower monthly interest rate. If you borrowed £500 from V5 Solutions your final payment after 1 month would be £592. You would also be required to pay your 4 normal weekly instalments of £21.24.

If you have to extend your £500 payday loan for a further month you will incur an additional £150 in interest charges taking the total repayable to £800.

However, with V5 Solutions the total repayable after two months is only £749, including your normal weekly £21.24 instalments. This  makes a V5 Solutions logbook loan cheaper than a payday loan.

Loan Terms

Payday Loans are typically 1 month long compared to a V5 Solutions logbook loan which is 18 months long. In both cases you can settle your loan early and make large savings. With V5 Solutions you can settle your logbook loan at any time and pay less. To find out how much you could save by settling your loan early just call us on 08081635342.

 Loan Payout

Payday loans are typically deposited into your bank account. But what if you don’t have a bank account or you require the funds in your hand to pay for something urgently? This might not be the most convenient option for you.

Our logbook loan payments are more flexible and can be made either by cheque which you can deposit (or cash at various outlets in your town) into your account or we can pay directly into your bank by BACS or Faster Payment.

V5 Solutions provides convenient same day logbook-loans throughout England. Use our Eaffy logbook loans  for your free, no obligation, online logbook loan quote.

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Logbook Loans How it works?

Applying for a logbook loan is extremely simple. You can phone our offices for free, which are open Monday – Friday 8.00am to 6.00pm Saturday 8.00am to Noon or fill out the online application form.

Anyone applying for a loan from Eaffy Logbook Loans must live in England, Wales or Northern Ireland, and be the legal owner of the vehicle they wish to obtain the loan on. The vehicle must be taxed, fully comprehensively insured and free (or almost free) of any outstanding finance.

Unlike other logbook loan providers we do not carry out any formal credit checks so your application with us will have no effect on your credit score. Don’t worry if you have been refused a loan before, because we should be able to help.

Once we receive your application, one of our experienced team will contact you to go through your details on the phone to ensure you can afford to repay the loan. They will answer any questions you may have and then we’ll either direct you to our offices or we will send one of our specialist representatives out to visit you. They will check the vehicle and help you complete the paperwork. Once everyone is happy to proceed, the application is completed and you can receive your cash the same day.

Logbook loans explained

A logbook loan is a loan secured against any vehicle. It’s a quick and simple way to withdraw cash from a vehicle, without a formal credit check. The vehicle owner will be asked to produce the logbook (V5 loans) to prove they are the registered keeper of the vehicle.

A logbook loan may only be issued by an FCA regulated company. The loan is secured on the vehicle using a bill of sale and the customer is asked to sign a consumer credit agreement.

The borrower can use their vehicle throughout the duration of the loan, and it is the borrower’s responsibility to ensure the car in insured, taxed and kept in good order.

A logbook loan is a great way to secure cash quickly or if you have been refused credit before and you are looking for a quick decision on a loan.

How much can I borrow?

Our loans range from between £250 and £50,000 – the amount depends on how much your car is worth and your ability to afford the repayments.

You have the option to repay the loan in weekly or monthly instalments depending on your circumstances. So, whatever the vehicle – a car, van or motorbike

Fill out the application form today to see if you could get a logbook loan – fast        

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The Easiest Way To Describe A Logbook Loan Is That It Is A Loan Which Is Secured Against Your Vehicle

With the popularity of logbook loans growing so rapidly more and more people are searching online for information about how logbook loans work. This article will explain some of the features of these loans and the details of how they work.

The easiest way to describe a logbook loan is that it is a loan which is secured against your vehicle. The term 'logbook' or 'v5' refers to the document which comes with every vehicle in the UK and the reason logbook loans have this name is because the lender will retain the logbook for the duration of the loan.

Logbook loans are very much different from other types of loans and this is because they are secured against an asset rather than yourself. So, for instance if you went to your bank for a loan they would most likely look at your credit rating and establish your level of risk and from this offer you a loan. With a logbook loan, the lender would assess the value of your vehicle and then offer you a loan based on this.

Another key difference in the way these loans work is that the lenders providing them do not conduct credit checks at all. This makes them a popular choice for individuals who are unable to obtain credit elsewhere and who may have a history of poor credit -CCJs, bankruptcy and so on.

V5 loans are often an easy way to obtain credit quickly. With a regular bank loan you may have to wait some time for the relevant paperwork, checks and formalities to be completed. Logbook loans can often be provided within 24 hours. It's simply a matter of starting your application online, waiting for the lender to get back to you and then meeting with them to complete the paperwork.

These loans do carry a higher interest rate than other credit options. This is due to the fact that often the people borrowing money using these loans have a history of non payment of debts which makes them a risk to lend to. The lender takes a big risk by lending money to them therefore the interest rate charged is higher. Logbook loans can be used for any purpose. Often, people use these loans for borrowing in the short term - such as to pay an unexpected bill or some emergency repairs and then when they get paid they are able to repay the loan quickly.

The flexibility of these loans makes them a popular choice. Most companies out there do not charge a free for early repayment of the loan - unlike banks, who will often charge you for doing this.


For the duration of the loan, the lender will usually keep the vehicles logbook and then return it at the end of the loan. You are able to continue driving your vehicle and using as normal throughout the loan.

In present times the economy is quite in the drags and financial condition of most people is quite deplorable. There are a number of people who find it difficult to keep up with their automobile payments as bills are getting harder to pay day by day with the high interest rates prevailing. In such a situation you can opt for auto loan modification to help pay back your loan and save your automobile.

If you work with a car loan company, then you can modify your car loan and keep your vehicle without suffering any kind of penalties for late payments or repossession. It is quite obvious that any kind of automobile owner would not like to go into any kind of repossession or any other activity which can hamper their credit. Thus in order to save your credit as well as keep the possession of your vehicle, car loan modification can make it far easier for you to keep up with the payments in the long run.

Automobile loan modification has intruded in all walks of life with finance companies and dealerships being more willing to become flexible. This versatile tool can be used to prevent repossession of your vehicle. You can negotiate with the finance company and work on the terms of the auto loan modification so that you will be able to keep back the vehicle as well as maintain a strong credit rating. In times of economic hardship, it makes sense to take advantage of such car loan modifications.

In many cases you can reduce the payments or postpone them in order to ensure that you can catch up with your finances and make most of the situation. Actually it is also of best interest to the finance company or automobile dealership to ensure that you are somehow able to continue with your payment of the vehicle that you have purchased. Thus by modifying the car loan, the finance company or the dealership would be able to continue receiving payments on the vehicle at hand instead of losing the investment altogether. In most cases the dealerships would not repossess your vehicle until and unless there is no other option.

Thus if you are facing problems in making your car payments you should contact the company with which you have your loan as soon as possible and get it modified to suit your needs better.

Remember that a logbook lender will want to see that you are earning regular income and have the ability to repay the loan. As a last resort, you could lose your vehicle if you are unable to pay the loan back but this is always a last resort and the lender will try and work out a repayment plan with you if you get into trouble.

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How a Logbook Loan Works

Just like any other loan, you can take out a logbook loan on the high street or there are plenty of online providers too. Offering loans of anywhere between £250 and £100,000, these lenders charge Annual Percentage Rates (APRs) of at least 100%, with 450% being far from unusual. When you consider that high street loans are available with APRs below 5%, your options have to be pretty narrow to sign up for one of these loans.

Repayment periods can be as little as three months (although at least six months is more common), while some lenders will let you pay back the debt over as much as five years. How much you’ll be able to borrow will depend on how much your car is worth – remember that’s what the loan is secured upon. Some lenders will let you borrow up to half of what your car will fetch, but the terms and conditions vary from one lender to another.

When you take on a logbook loan "loan against car" you’ll have to hand your registration document (V5C) over to the lender and you won’t get it back until the debt has been cleared. Default on the payments and your car will be seized so you’ll never get the V5C (or your car) back. 

If you live in England, Wales or Northern Ireland you’ll have to sign a credit agreement and a bill of sale. By doing this you’re assigning temporary ownership of your car to the lender, but as long as you keep up the payments you can continue to drive it. Crucially though, the law recognise a bill of sale only if the lender registers it with the High Court. Should the lender fail to do so, the lender has to get a court’s approval to repossess your vehicle.

If you live in Scotland, bear in mind that bills of sale aren’t recognised, which means they can’t be used as security and they’re not legally binding.

As with any loan you need to read the small print very carefully, paying especially close attention to what the arrangement will cost you. A typical logbook loan has an APR of around 300%, so if you borrow just £1000 for 12 months, you’ll have to pay back £1960, at £163 each month. Take out the same loan on the high street and you could potentially cut these costs to as little as £1032 and £86; just half as much.

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Logbook Loan is a Rapid And Basic Way to Deal With Draw Back The Cash From Your Auto

Logbook Loan is a quick and fundamental approach to manage step back the money from your auto. Logbook credit is here to give an inconvenience free, sensible and sensible answer for your budgetary needs, whatever they might be.

Logbook advances are credits secured on your vehicle, so the bank affirms your vehicle until you pay the improvement back. You can continue utilizing your vehicle the length of you reimburse the credit. Regardless, they are costly and dangerous and you ought to evade them in the event that you can.

You can conventionally get amongst £250 and £50,000, subordinate upon how much your auto is worth, disregarding the way that you may essentially be permitted to get up to half of your auto's quality.

These are the reports that show you are the selected guard of the vehicle.

We take pride in being good and fit development professionals, and are approved individuals from the Consumer Credit Trade Association. With our logbook drives, this induces we will dependably ensure your month to month reimbursements are sensible, and that our terms are flexible to your necessities. Our Logbook Loans range from £500 - £25000, so you secure as pathetic or as much as you incline toward.

Your auto is your security with our Logbook Loans, making Auto Advance open to more borrowers and enlivening the strategy much further. Logbook Loans with Auto Advance are not simply kept to vehicles, we in like way progress on motorbikes and vans.

Note that Logbook moneylenders take your V5 when you concur your credit. This makes them the enlisted guard of your vehicle for the term of the credit and in the event that you miss even a solitary parcel, your auto can be sold rapidly and without experiencing a court framework. This puts logbook moneylenders into the bank of final resort class and it's a given that it's significant that you guarantee you can make the reimbursements before focusing on expecting out a logbook affirmation. Logbook loans online accessible on the more dependable choice and on the web.

We get a handle on the unmistakable life circumstances that have made you have poor credit, and we comprehend that there are a broad measure of times when it isn't your shortcoming. We accept that past mix-ups or issues shouldn't be the reason on the most proficient procedure to gage your capacity to obtain and pay back later on. Eaffy also gives you v5 loans.

We work in relationship with two of the best logbook credit advance bosses in the UK. They consider applications from borrowers with a not as much as flawless cash related assessment. Despite the way that you've had repossessions or court judgments, they may be able to help you secure the cash that you require gave you are qualified and can manage the cost of the reimbursement.

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