Times are tight and we are all feeling the pinch of the recession. Finding spare cash for that holiday, home repair or celebration is harder than ever, with banks reluctant to lend small amounts on short time scales. Log book loans may be the solution!
Log book loans are a way in which you can get your hands on cash quickly by using the equity built up in your car as collateral. However, not all log book loans are the same. Let’s take a look at some of the features you should look for.
The whole point of a log book loan is to put you in touch with your finances and provide flexible borrowing options. You need to look for a lender that will give you control over the process. This should include deciding exactly how much you want to borrow over the time period that is convenient to you. It should also offer you clear terms and conditions and be able to tell you interest rates and repayment options available to you.
Lenders such as Varooma.com not only offer flexible loan arrangements, but provide a handy logbook loan calculator on their website. Using the sliders provided you can feed in the figures that suit you and get an estimate of how much the loan will cost you. This excellent tool allows you to see at a glance how increasing or reducing the amount borrowed or the repayment schedule will affect your loan. It allows you to tailor your finances and build a bespoke loan arrangement. You can even enter your vehicles registration number and brief details and then find out exactly how much you can borrow.
Time Is Money
When you need money fast, a log book loan is a good way to find it. Unlike other loans which rely on credit ratings, log book loans are secured on the value of your car and so do not need the bureaucratic, long winded approval times of traditional credit methods. Once a loan agreement is in place, money can be available in hours of being approved. In addition, there are no penalties for early repayments. If you find that your finances have improved, the loan can be paid off in full without worrying about extra payments.
At Your Convenience
We don’t all have the ability to take time out of our busy day to attend meetings or visit banks. Thankfully, applying for a loan on-line is quick and easy. Lenders such as Varooma.com allow you to make your loan application from the privacy of your own home at a time that is convenient to you. If necessary, the fine details of your arrangements can be discussed via telephone. There are no meetings to arrange and no bank manager to impress. The money can be used for any purpose and will not affect your loan arrangement o the amount you can borrow. Furthermore, once your loan is in place your account and repayments can be administered easily on-line or via telephone.
Richard Leggit is a finance and economic specialist who writes for a number of websites blogs. He believes that a logbook loan calculator offers borrowers flexibility and control over their loan arrangements.