If you own a vehicle and need to borrow money for another purpose then one option open to you is a logbook loan. You can secure your new loan against the value of the vehicle. This form of secured borrowing has been around for decades. If your vehicle is worth a considerable amount then potentially it means you can also borrow a large amount as the lender has a valuable asset to use a collateral. However, logbook loans will not always be the right form of finance. You need to keep in mind that your car or other vehicle is at risk if you fail to keep up repayments. And there may be better value finance available to you.
We’ve prepared a video guide to logbook loans to help explain how they work, why you might want to consider one, and what the potential pitfalls are. It’s worth a watch before you dive in.
When you use the Solution Loans website you’ll be accessing a fee-free broking service. So, in most cases you’ll get exactly the same deals as going direct to the lenders – but you’ll have access to a wider range of products and can approach multiple lenders simultaneously to save you precious time.
Amanda Gillam is Solution Loans's General Manager and has been since 2009. She is also a prolific writer on personal finance issues, and has been quoted numerous times in articles published on 3rd party websites and in press releases. Her...Read about Amanda Gillam