Fact is that life can be really difficult sometimes. Even the Government has its own share of financial problems and has to outsource funding from other countries. So, going through tight financial circumstances is nothing to be ashamed of. Have you tried borrowing from friends and none of them seemed to bail you out? Or maybe you tried taking a loan from your bank and it still didn’t seem to work out. Well, don’t worry. Logbook loans are actually a great alternative you could try.
Take a good look at your car, because that just might be your saviour. Why don’t you leverage it? Even if the bank may not accept it as collateral, there are some other financial institutions that would love to give you reasonable cash amounts for your vehicle. In fact, all you need is your V5 document and you are good to go. You can checkout sites like justlogbookloan.uk for some of the best deals. Keep on reading to find out more about logbook loans.
Definition of a logbook loan
As Wikipedia best puts it, a logbook loan is simply a secured form of lending that is universally accepted in the United Kingdom. In other words, it can be a simple bill of sale, whereby your logbook acts as a document that transfers your car or property rights to another party. Therefore, anytime you take a loan using your V5 document, you transfer the right of ownership of your car to the issuer of the loan. That’s why it is so legally easy for the lenders to take possession of your vehicle upon loan defaulting. As a matter of fact, they are not even required to have a court order to do that.
It is very critical to know the risks you are subjecting yourself to when taking a logbook loan.
- You might actually lose your car: Some of these lenders don’t joke around with their money. They will take hold of your automobile without even flinching! Loan issuers will always tell you that they will help you out during your financial battles and even repayment. Well, the only way they will do this is by giving you more money so that they can earn more interest as you get into more debt in the long run. Don’t blame them. That’s just how business works.
- You might not meet the deadline: When people take loans, they usually have “sure” ways that will help them get more money and perhaps pay off their debt. You obviously have your own plans too, right? Well, the truth is that they might not always work out. Life can be so unpredictable at times and when that happens, you stand a serious chance of losing your vehicle for good.
- No court order: That’s a good thing for the lender but it isn’t for you. That means you can’t stall, because there is no legal process to be followed. The issuer has every right to take “their” car at any moment after you fail to meet the repayment deadline. Yes, it’s their automobile now that they have the logbook in their hands.
- Low interest rates could be traps: Some lenders will give you interestingly low rates if you take huge loan amounts. Don’t fall for it. It’s a classic trap. With logbook loans, always go for the short term options with moderate interest rates and you’ll be okay. The last thing you want is to pay a car loan for the next number of years.
With all that in mind, make sure that you are not fooled by the attractive offers and jump into a logbook loan without properly understanding the repercussions.
Did you know that you could get logbook loans for vehicles that are over 10 years old? In case you weren’t aware, there are institutions that have specialized on issuing loans for old vehicles. Therefore, instead of letting that rusty aged automobile rot in your garage, why don’t you use it to get a loan? The process is really simple. All you need is your V5 document and that’s it. However, you need to note that the vehicle will run a valuation test before you can receive the loan. Don’t expect that much though. After all, it is an old vehicle. In case you have decided to get yourself a logbook loan, below are some of the best ones the United Kingdom has to offer.
Easy Logbook Loans
Are you looking for a stress free logbook loan? The name says it all. With easy V5 loans, getting money with your vehicle on the line is quick and simple. One thing you will like about this log book loan company is the monthly payment calculator that lets you know how much you need to pay back every month before your loan expires. All you need to do is insert your repayment period and money borrowed and voila! You get your expected monthly payments. Unfortunately, the least amount of cash you can borrow is £750. That’s pretty steep compared to other logbook loan offers.
Varooma Logbook Loans
Varooma is a well-known logbook loan lender in the UK. It is quite reputable and you can depend on it for some of the best loan offers. They specialize in offering short term loans and are a great option for bailing you out quickly. Furthermore, they are not so strict when it comes to issuing loans. They don’t even have a maximum vehicle age! Even with a poor credit history, you will be able to get a fair loan amount with Varooma. Additionally, they do not have any hidden costs and charges, enabling you to acquire your loan smoothly. However, you will have to wait for hours before you get a credit decision.
Car Cash Point Prestige and Vintage Loans
If you are in need of a really long-term logbook loan, then Car Cash Point is one option you should really consider. Unlike Varooma, these lenders specialize in long-term loans. They can offer loan amounts of up to £1000000! You have to admit that that is some serious cash. Therefore, if you want a huge sum of money, you are definitely in the right place. However, you should know that such an amount of funding only comes at the expense of a costly vehicle. So, if you don’t own a good German machine, super car, or any other high end vehicle, you won’t be able to get that much out of them.
Auto Advance Logbook Loans
Are you in a hurry of getting a logbook loan? Then Auto Advance is one of your best chances. Their quick response is quite impeccable. In fact, they will give you the decision of your loan in minutes! Therefore, you won’t have to wait for hours or days just to meet the disappointment of not being disqualified for your loan. Apart from the decision, Auto Advance offers reasonable APR rates and a variety of loan quotes for you to choose from. However, your vehicle has to be equal to or less than 10 years old in order to qualify for a loan from this lender.
Think back a bit into the past. Do you remember when vehicles had no proximity sensors? Now come back to the present day where some vehicles such as the Google car can drive themselves. That should tell you how much the automobile industry is changing. It’s not just about how you drive anymore but what makes a car worth driving. From appearance to performance, you can see the efforts manufacturers are putting into coming up with more futuristic and interesting cars. So, where is this industry headed?
With the world going green, fuel has become a major concern these days. Therefore, vehicles are powered using alternative sources of fuel. Nowadays, you have the privilege of owning an affordable electric car that doesn’t pollute the air at all. Apart from electricity, there is also the solar car that uses the sun’s energy to power its engine. That means that soon into the future, there might not be any fuelling stations. Your car will be constantly charging every time you park or drive.
Take a good look around. Vehicles are being built for more and more speed. Nowadays, most upcoming vehicles have a sport driving option that gives you more torque and power for a fast driving experience. Even luxury vehicles are fitted with powerful engines for great speeds. Moreover, the number of road super cars and hyper cars is ever increasing. Just imagine the speeds you could be driving at in the future. It’s going to be phenomenal!
If you are keen enough, you should have noticed how vehicle designs have been changing with different generations and eras. That said, the 21st Century has witnessed some of the best designs in history. Just look at the aero and classic appearance of the Aston Martin or the masculine designs of popular German machines like the Range Rover and Volkswagen. You have to agree that they are quite impressive. If this is the direction the industry is heading, then some of the greatest car designs are yet to come. Just wait and see.
No more wheels
There is a pretty high probability that most future vehicles won’t have any tyres. In case you haven’t noticed, advances in technology are being made so that cars will no longer have wheels. Instead, they will be hovering if not fully flying. How vehicles will be able to do this comfortably is still a mystery but it won’t be long until further technological ground is broken into the future. Even though a commercial flying car hasn’t been launched yet, it won’t be long until innovators come up with a close replica or something more impressive and practical for commercial purposes.
One of the most memorable places to be is college. For some people, this is where they finally get to learn about the reality of life. Other people just go through college like they went through high school. Nothing much really changes apart from their physical appearance and new academic insights. However, going through college requires so much financially. Apart from the tuition fees, there are many other costs and charges that are required from college students. Don’t even forget your upkeep expenses. One thing for sure is that you can never concentrate on your studies as long as you have money problems. So, what do you do to raise some cash? Here are a few great ideas you could try out.
Offer after class lessons
Are you a bright student? Then this is your chance to turn all that hard work into some extra pounds. Fact is that there will always be those who are left behind in class. These are the people you should target. Remember that lecturers won’t always have the time to help every student out. Some of these professors and doctors have a lot of things to do that they barely have any free time to spare. You can leverage this. Get some extra materials and form a small study group of students that are willing to pay you some little money for your services. However, you have to be quite exceptional in whatever you wish to teach.
Thanks to the internet, you now have unlimited access to a variety of jobs online. What is your skill set? Are you a speedy typist? Can you write? You don’t even need very complex skills like programming in order to do some online work. Start with some data simple jobs like data entry. All you need to have is access to a computer and you are good to go. Furthermore, there are also jobs that you can undertake from the comfort of your smartphone. As you apply for these jobs you need to remember that you went to college to study. Therefore, don’t take tasks that will take up most of your time, because this will ultimately affect your grades.
Bake if you can
Do you love making pastries? Well, there are a lot of students in your college who would love to have a taste of your baking. You could start by making cookies. Not only are they less stressful compared to cakes, but are also easier to sell. For instance, it is easier for a college student to purchase a couple of cookies instead of buying an entire cake. Talk to the board and see if they can give you your own stand. If you are good enough in making deals, you could ultimately enter into a partnership with the cooking department where you could offer to supply them some of your goodies at a favourable price. Don’t do it alone. Get a few friends and to help you out with the workload.
Want to get paid for every time someone buys a product? Then be an affiliate marketer that links customers to producers or suppliers and get paid for it. Some businesses actually pay really good money to have their products marketed. You can even do this at the comfort of your hostel. Try marketing logbook loans. What better way to make money than by helping people gain access to great loan deals? You could also market car accessories, smartphones, and various products and get paid. Give it a try. You won’t regret it.