These are one of the most common types of loans that you will get the chance of knowing about. With easy processing, that is often too hard to be believed; these loans are made to help just about everyone who owns a vehicle of their own. Using the logbook of your car as a security, you can easily get a loan against it for amounts as high as £100K even.
It is for this too good to be true scenario, which you will often hear people talk about how this loan is not what it seems and will deter you from going ahead with it. The common myths which have become a part of everyday knowledge around us can make you take a step back when you are yourself aware of how important this loan and the cash it will bring you is for you.
In order to rightly address the issue, it is important that we first try to work on these common myths that have been polluting our minds and keeping us away from one of the best things UK has seen to date.
Statement: You won’t own your car
Since you will be giving your car’s logbook at the security and technically hand over your car as collateral for all the loans you are getting, one might assume that you would lose the ownership of your car.The chances of you getting a hole of your car back again would be very slim,and the lending company would think of all the possible reasons it can use to scam the car away from you. Thus, in the end, it will all become nothing but a nightmare for you where you would be left regretting your decision of going for a logbook loan.
This is not true at all. As the case is with any loan, you do have a chance of losing your asset if you fail to pay the loan on time. That is a risk you would be informed of the way before you get started and is something you should actually consider too. Apart from this, the chances of this happening are pretty slim as long as you continue to pay the loan installments on time. In fact, you even would not have to lose the custody of your car and will continue to drive it around as you have been.
Statement: Poor assessment of your vehicle
This is probably the biggest fear people who are applying for the logbook loans tend to harbor. The loan that you get would be the result of your car’s assessment,and thus any lapse in this area would come to impact the loan amount that you would be sanctioned directly. This fear is not truly based on a myth given the fact that the lending party when comes to assess your car will end up lowballing you only to make the most out of the car you own in case you fail to pay the loan on time.You, in such cases, will always have the option to discard any assessment they make if you feel you have been judged unfairly. However, if you are dealing with a credible company, you would come to know that they will always have you get your vehicle assessed independently by a third party and go by the verdict they give.
Statement: A bad credit score would come to haunt you
Having a poor credit rating means that getting a loan or any sort of finance is a nightmare for you. The poor rating is there to haunt you all the way and leaves its mark on your life in ways you would noteven imagine creating hurdles every step of the way. People who have been dealing with a poor credit score find it hard to believe that there could be a loan option around that would just not bring their credit score in the middle of it all. All the processes and steps that they would have to go through would neither bring their credit rating into any accountability nor would they impact an otherwise good score. With your car and its logbook acting as a security for the cash you receive, the lending company, if you ask about it, has no concern with your credit scores whatsoever. In fact, even if you have been rejected by various banks or have failed to get a loan elsewhere, they would not know about it and would treat you just how they would like any other customer.
Statement: The process can take days
If you get hold of a reliable lending company, there is no reason why this process should take any more than a couple of days to get processed. In fact, there are high chances that you would have the cash in your bank within a couple of hours of applying for the logbook loan online. Once the company has reviewed your application and one of their correspondents has talked to you regarding the payment methods, things would go smoothly from there.This is one of the many reasons why people prefer the logbook loan option. It is fast, reliable and requires absolutely no processing time as compared to the other loan options.
So, what are you waiting for? If you are in need of instant cash and do not want to wait for the long processes to get done with, then getting a loan with your car as security is the best option for you. It is for all these reasons why it is gaining such a huge popularity amongst all UK residents. Car cashpoint is one such reliable company that not only has transparency but is also quick. There are even chances for you to get the loan within an hour of filing up the application of logbook loans online. What more could you or anyone ask for!