Getting the most out of your logbook loan
A short term financial product such as a logbook loan is the perfect way to overcome any unexpected expenses, especially if, like most of the United Kingdom, you struggle to save any spare cash.
We offer some of the best rates for this product in the United Kingdom. Moreover, to apply for one is a simple and slick process. There are a few tips that you can try from your side to not only make the application process a little easier but perhaps even secure you a better loan deal. Let’s take a look.
Get the best possible value out of your car
There are a number of ways to do this. Perhaps the most important is your MOT certificate. Make sure that this is up to date. We are very wary about vehicles with out of date MOT certificates. This tells us that the car might not be road worthy, but also that it might have maintenance issues. We will still give you a loan should this not be up to date, but the value will be significantly less. Remember, an up to date MOT certificate shows us that the vehicle has passed a number of important tests as required by the Ministry of Transport.
Don’t fall behind in service and repairs
Running your car into the ground is never a good option. It pays to keep up with services, especially at the manufacturers recommended intervals. Don’t forget any minor repairs as well. Replace windscreen wipers, check your tyres and replace when necessary and have your air conditioner re-gassed when needed. By keeping a hand on your car, you ensure that its value remains high and this, ultimately, will secure you a decent logbook loan. Remember, have all repairs completed before having your car evaluated for a logbook loan.
The papers the institution requires to process your loan are just as important as the condition of your vehicle. One of the most important is the V5 registration document that proves you are the legal owner of the car. This is non-negotiable. If you are not the owner you cannot take out the loan. Don’t forget your personal identification, proof of employment and bank statements either! If you have all the relevant papers together, there is no reason why the loan cannot be approved in less than 24 hours. The amount agreed upon will take between 24 to 48 hours to be paid into your bank account.
Lastly, make sure you read the loan contract thoroughly. Scan the fine print in particular, especially for any penalty clauses should you miss a payment. Always ask the procedure the financial institution will follow if you do miss an instalment. Make sure you understand the interest rate applied to your specific loan and verify that the monthly repayments will not change during the repayment term.