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Logbook Loans in 60 seconds
All about Logbook Loans
Video Transcript
Logbook loans allow you to borrow money against the value of your vehicle. This may be an option worth considering if you have a less than perfect credit history. You will be credit checked but you could still get your loan within hours of applying even though it is secured on the value of your vehicle. Does this sound like an easy option? Well, keep in mind the following:
- You risk losing your vehicle if you don’t keep up the repayments
- The cost of a logbook loan may be higher than some other options
If you are still interested then how do you go about obtaining one?
- Choose the lender with care. We have teamed up one who has a good reputation.
- Show the lender you can afford the repayments
- Provide the lender with the vehicle’s V5, MOT and insurance documents
- Show the vehicle to the lender at one of its branches
- Read the loan agreement carefully – if you are not happy, then walk away before signing!
To discover more about logbook loans and to look at alternatives visit the Solution Loans website.
Audio Track
All about Logbook Loans
Representative Example
Loan Amount
£1000
Monthly Repayment
£116.31
Loan Term
18 mnths
Total Repayment
£2093.58
Interest Rate (fixed)
111.3% p.a.
Representative APR
189.9%
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You may incur extra charges, impair your credit rating and have your car repossessed if you do not keep up repayments on a loan secured on it.
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