Technology changes so quickly that you could buy a new computer almost every year to keep up to date. Of course, you don’t need to go that far. But when a new computer is top of your shopping list, a logbook loan gives you an easy way to buy what you need, when you need it.
It’s something most of us use every day at home. Checking in with family and friends, storing our photos, playing games, shopping online and generally staying connected. And we don’t notice how much, over time, our computer is slowing down. Until the penny drops and we think about how certain things “never used to take this long”.
An essential household item
Though computer prices have dropped by a staggering amount in the last 20 years as technology has improved – in 1997 a standard PC could set you back anywhere up to £3,000 – investing in a new computer can still be a costly purchase.
Depending on what you’re requirements are, you could still be looking at an outlay of anywhere from £300 to £1,000 for a desktop or laptop computer. But if your current PC is old and slow, or suddenly dies on you for no apparent reason, getting a replacement can be as essential to your household as gas or electricity.
But it can prove difficult to raise the necessary funds for a high-ticket item like that. You might be considering a loan to help you get back online. But even that can be difficult or even a non-starter, especially for anyone on a low income or with a limited credit history. If you’re in that situation yourself, a logbook loan to buy your new computer could be a fast and simple way to get the funds you need.
A hassle-free loan
A logbook loan is a hassle-free way to get a manageable loan to help you pay for any emergency purchases – like replacing your family PC. All you need to get started is your own car. If it’s free from finance and you own it outright, you could take out a logbook loan and receive your money on the same day – usually within one hour.
Car Cash Point are one of the UK’s leading logbook loan lenders and offer every customer a great, low-rate of interest. They also pride themselves on a fully transparent range of loans with no hidden fees or charges, and flexible repayment terms. And they’re the only UK logbook loan lender who don’t require any formal credit checks. So if you’ve had credit issues in the past, they should still be able to help you.
Using your car to get cash: The basics of Logbook Loans
A log book loan will allow you to use your car to get the money you need to get by if you are having cash flow problems. A lot of people have benefited from logbook loans, and you will definitely need to look into them yourself.
Understanding logbook loans
Simply put, a log book loan is a secured loan that you can get by putting your vehicle up as collateral. The lender will take ownership of your car temporarily until you have fully paid off your loan. Once your loan has been paid back in full, you will once again own your vehicle. The payback period of a log book loan can range from a few months to a few years, depending on how much you decide to borrow.
The benefits
You will certainly want to be aware of the many different benefits that are associated with logbook loans, and there are quite a few. One of the best things about these loans is that they are very easy for the average person to get. You still have a good chance of getting approved for a log book loan even if you have bad credit, because these lenders do not run credit checks on applicants.
Why get a log book loan?
There are countless reasons to consider getting a log book loan, including the fact that they can be very useful if you are currently having cash flow problems and need a temporarily solution. By getting a log book loan, you will be able to get the money you need to tide you over until you are on solid ground financially. Those who have some sort of important emergency expense that has suddenly come up can also benefit from a log book loan.
How long should I get the loan for?
The payback period for your log book loan could be anywhere from three months to three years, depending on the lender you choose as well as the amount you borrow. It is important to remember that the longer your payback period is, the more money you will end up spending on interest.
What if I have a bad credit rating?
Anyone who has problems with getting a loan because of bad credit should start looking into logbook loans right away. When you get this type of loan, the lender takes over ownership of your car temporarily. Once you pay back the loan in full, you will once again by the sole owner of your vehicle. If you are having money problems, a loan against car could be the right decision
Applying for a log book loan
If you are interested in getting log book loan, you will be able to fill out and submit an application online. It will only take a matter of minutes to complete the application, and it is well worth your time when you consider all of the benefits these loans have to offer.
