This article is a reminder to all potential customers, to check the agreement surrounding any loans and any repayments, prior to taking out any loans.
It is important that as the customer you are happy with the terms around the repayments and the loan amount, along with the loan repayment period and the interest rates on the finance.
Logbook loans are loans that are available to anyone who owns a vehicle that holds enough value that they can secure finance against it, (they must also be able to afford the repayments and pass a basic credit search).
Checking the terms and conditions and the agreement can help to avoid any issues that can be minimised by certain measures including but not limited to:
- Making sure you can afford the repayments, this is important because in extreme cases where you default on the repayments of the finance, you could end up having your vehicle repossessed.
- Ensuring that you do not fall subject to any additional charges or increased rates of interest that you were previously unaware of.
- Making Sure you understand the payment methods, be it direct debit payments, cheques or postal orders, it’s important to know how the money is debited from you each month, (in many cases it will be a direct debit.)
- Ensuring that you are happy with the time-scales from loan approval to getting the cash made available in your bank account, this is important particularly if you are in a hurry to get your hands on some quick cash.
- It also allows you to be sure that a log book loan is the best possible loan for someone in your situation who wants to borrow ‘x amount’ of money over ‘x period’ of time.
Giving yourself the best possible understanding of how the loan will ‘play out’ before taking out the loan will avoid many issues further down the line.
Also be sure of the criteria for approval before making your application for the loan to avoid a rejection, approval criteria are as follows:
You must be a UK resident with a bank account.
You must own a car that has a higher value than the balance you are attempting to borrow
You must be able to afford the repayments
You must be over the age of 18
You must be able to show proof of income so that we can clarify if you can afford the repayments
You may also need to show up to date vehicle tax documentation.
For More information or to submit a loan application, see our homepage: Logbook Loans Place