Jul 10, 2013

Finance Problems are Common but not Insurmountable

Worries about finances continue to be at an all time high. Everything, except wages and income, seem to be going up. If you are struggling with your money, there is plenty of help out there so don't struggle alone. If, however, you just need a short term or payday loan, why not try a logbook loan?

Even if they aren't talking about it, most people these days are feeling the pinch. The recession and its after effects continue to rumble on, causing problems for families across the country. Managing money and juggling finances simply as a means to get by each month has become a necessity in pretty much every household. Even the most scrupulous and careful money managers have had to take out loans.

Credit History
If your credit rating is not good you might find that banks or other lenders are turning you down. However, there are companies out there that recognise a bad credit report doesn't always tell the whole story. People's circumstances change and just because they have had difficulties before, it shouldn't automatically follow that they are not good for a loan now. Companies such as logbook lenders may therefore be able to help.

A logbook loan sounds like exactly what it is, you borrow money against your car. This type of loan is typically therefore a small loan, somewhere between  500 and  5,000 and is usually for vehicles under a certain age, usually 10 years. Exceptions to this rule are obviously classic and vintage cars which retain and often increase in value and in these cases you may be able to borrow up to  50,000. As a rule of thumb, logbook lenders will loan you up to around 70% of the trade value of your vehicle.

How Much And How Long?
There are a number of popular logbook lenders, take a look online for details of the best offers and service. A loan from logbook lenders tends to be a short term loan, typically around a year but it can be for as little as three months or even up to two years. It is usually taken out to solve smaller short term cash flow problems. As with other loans, the quicker you are able to pay it back, the cheaper it is.

Terms And Conditions
To quality for a loan from logbook lenders you need to own the vehicle outright, i.e., you can't still be paying finance for it. Check, however, as if you only have a month or two left on this, you might still qualify for a logbook loan. It must be in the name of the person applying for the loan. The vehicle must also be insured, taxed and have a valid MOT certificate.

Make sure you shop around and choose a lender with a good reputation who offers both good service and excellent terms such as a low APR.

Smith is a finance expert and columnist. He writes regular features for a range of magazines as well as having his own money advice column. "When you need to take out a loan", says Smith "make sure you do your homework and choose a reputable company. There are a number of popular logbook lenders who tick all the right boxes and offer a good service".

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