Many people need a loan throughout their lives. Sometimes they will only take out credit for the really big purchases, a home or a car, for example; other times someone may need a loan to fund smaller projects, such as a new business or renovations. The fact is, loans are taken out for so many different reasons, which is why it is crucial that you know the various options available to you when it comes to lenders. You can go to a bank, or somewhere you can get your payslip advanced, but these options come with high interest rates and little choice in terms of how soon or late you repay your loan.
This is where logbook loans come into play. Logbook loans allow you to take a loan out against an asset you have in your name. For many people, this will be your car or another vehicle.
What is a Logbook Loan?
A logbook loan is a great way to take out a loan without going through your credit, as the amount is leveraged against your vehicle and not your history of repayments. That does not make these loans suspicious or something to discredit, however. Logbook lenders must be FCA regulated, meaning your loan is secure.Another benefit to choosing a logbook loan is that you can still use and operate your vehicle while you make repayments. There are some exceptions to this, for example, if you have a motorbike, it will need to be kept in storage during this time, but for the most part, you can take out a loan and make repayments easily.
What are the Benefits of Getting a Logbook Loan?
Why would you choose a Logbook Loan?
- Easy and Secure
- Fast Loan Approval
- No Credit Score Check
- You Can Still Keep Your Vehicle
- Loan Amount is Equal to Vehicle’s Worth
- You Cannot Operate All Assets
What Should You Look for in a Good Logbook Loan Company?
Of course, not all Logbook Loan lenders are the same. You want to ensure you choose the best lender that offers you exceptional service so that you can have a smooth and stress-free loan experience from start to finish. When selecting a company, you will want them to provide:
- Great Service
- Great Rates
Here at Car Cash Point, we pride ourselves in our service and professionalism, and with years of experience under our belt, you can rest assured that your loan experience will be a smooth one.
How to Get Started
To get started with a Logbook loan with us, you will need to:
1. Ensure You Are Applicable for a Loan
There are some limitations to taking out a Logbook Loan. For one, you must live in our operating area (this being England, Northern Ireland, and Wales). You also need to own the car outright, have it fully insured and taxed. Essentially, the vehicle must be entirely yours without any other loan held against it.
2. Contact Us
You will need to call or fill out our online application. Our hours are Monday to Saturday, 8am to 8pm.
3. A Team Member Will Get Back to You
We will get back to you via phone call or by visiting you to ensure you have the means to pay back the loan (i.e., are employed and make enough income) and to also evaluate your car. Your loan will be the value of your vehicle.
4. Receive the Cash
If everything works out, you will receive your loan by the end of the day.
Why is Service so Important When It Comes to Choosing Your Logbook Loan Company?
Service is critical when choosing your Logbook Loan company. You don’t want to be harassed, you don’t want to be tied down to an expensive repayment plan you won’t ever get out of, and you certainly don’t want your logbook loan to work negatively against your credit score. That is why we here at Car Cash Point pride ourselves on our customer service and our key features.
Not only do we not conduct credit checks, but we also don’t penalise you for paying your loan back early. There is no charge for setting up, exiting, or making more substantial repayment contributions. We operate on a pay as you go standard, so you aren’t tied into a fixed repayment plan.
We Work With You
Life happens, which is why you need a lender that cares and understands. If your lender immediately starts harassing you when you have an unexpected bill to contend with, that isn’t good service. That is why we work with you when you cannot make a repayment and refinance your plan to accommodate for an off month. Only when you absolutely cannot pay back your loan will we repossess your vehicle.
The Best Rate Promise
Another critical characteristic of a lender that offers great loans is a rate guarantee. If you find another provider that beats our standard rate, we will beat that by 10%, to ensure you always get the best loan with us. Switching your Logbook loan to us is also easy, as we will reduce your repayment rate by 10% and give you an extra £100 Switch and Save bonus to sweeten the pot.
When choosing a logbook loan provider, you need to pick one that cares about you, not its bottom line. You need to be in charge of your loan and be able to adjust your repayment plan as you need to. Want to pay it all off early? No extra charge. Need to adjust so that you can accommodate a family tragedy? We want you to pay back your loan, so we will help you. Repossessing your vehicle is our last resort, which is why when choosing a Logbook Loan lender you need to pick the best.
You will only ever be able to take out the amount your vehicle is worth, but that doesn’t mean you should be stuck with high interest rates or exit fees. With us, you can have it all and enjoy exceptional service to boot.