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Logbook loans and what they entail

Logbook loan being a form of secured lending operates on collateral. When you make a request for a loan and are approved, you will be required to exchange the ownership of your car with the lender .i.e. the provider becomes the legal owner of your car for the loan period until you pay and clear it up. Logbook lending is becoming the favourite source of quick cash for many. This can be attributed to the fact that credit history is a non issue with logbook lenders. It does not matter how bad your credit record is; your chances of approval for a loan are always high. What matters most is your affordability, that is, your ability to comfortably pay back the loan for the entire term.

Pros

  • Most logbook loans are flexible and can always be adjusted to fit your circumstances. For instance, if you are struggling to pay your monthly instalments, you can always speak to your lender and they will help you out.
  • A log book loan is very convenient as it involves a very short process of approval and disbursement of funds. Within 24 hours of sending in your application, you will be having your money in your account. Additionally, even though you use your vehicle as security, you will still keep and drive it as usual. The only thing you leave behind is your V5 document.
  • These loans are very reliable making them a great choice for emergency situations. At no given time will your application be declined unless you do not have the proper documentation that the lender wants. Your credit score does not matter, all that matters is that you be a legal owner of the car you want to use as security.

Cons

  • A logbook loan is pretty expensive as it involves very high APR rates. Additionally, anytime you delay or default a payment, it means more fees. That is why only a very worthwhile excuse should make you overlook the high cost of this loan.
  • You risk losing your vehicle. As a result of the transfer of ownership which is legal and documented, the lender has all the right to come and claim your vehicle if you cannot keep up with payments anymore. After all, it’s what you placed as security. So before you sign up for a logbook loan ensure you can comfortably pay it back fully to avoid losing your car.

 

Amazing tips when taking a Logbook loan for older cars

When you are faced with an urgent situation that requires quick cash, turning to a logbook loan is a smart move to make. This is because it does not involve a long procedure of approval. In fact, you will receive money within 24 to 48 hours at most. Additionally, you will bypass a credit check if you choose to borrow a logbook loan. Since it is as secure loan, lenders overlook that part knowing that they have something to fall back on if you default your loan. Remember you use your car as collateral and it does not matter whether the car is old or new. You can also get approved for a logbook loan even if your car is more than 10 years. Do not pass up the opportunity to get a loan because you think of your car as old. If you want to access a loan yet your car looks old, here are some of the top tips that can help you improve your chances of approval.

Vehicle condition

When using your old car as collateral, it is important that you ensure it is in good condition. It should be working well and looking awesome. You will not stand a chance if you use a car that is dirty, stained and full of scratches. Additionally, a service history and maintenance records would be very beneficial for you as they show that you have taken good care of the vehicle.

The car model

Since your car determines the value of money that you will get, we also look at model of your old car. Actually, some models appreciate in value as they grow older and perhaps that old car is your key to financial bliss. Whether it’s a vintage/classic or sports car, you will still enjoy some good money.

Mileage

Older cars tend to have a higher mileage unlike new cars. Truth is, the lower your mileage the higher the chances of winning`a logbook loan. Higher mileage simply proves that your vehicle has deteriorated more and lenders would want you to prove that you’ve taken care of your vehicle. This, sometimes, is difficult to prove. But that’s where maintenance records come in. Ensure that you keep all records including receipts from the garage you visit. By doing this you will erase every doubt the lender might have thus accepting your application.

Conclusion

It is not how old or new your car is that ultimately determines whether you will be approved or not. What matters most is your affordability and reliability.. A responsible lender will ensure you can comfortably pay back the loan before signing you up. So ensure the loan is suitable for your circumstances.

Top tips for selling your used car at its top value

In the old days, selling a used car was simple since you could only put a sign on the window and you would eventually find a buyer. However, in this digital error, things are a lot more different. Buyers can use online listings to find other similar cars to yours and in a matter of minutes. This means that competition is stiff. So if you want to make good money from that old junky that has served you so well, follow these top tips that have been compiled just for you.

Get that old beast looking awesome again

There are things you can’t control when it comes to your old car; say mileage and year model for example. However, the condition of your car is totally under your control. That is why you need to increase your car’s curb appeal before putting it up for sale. It goes without saying that people prefer nice looking, clean cars. Stains, scratches and dirt will make your car look cheaper than it really is. A dirty car might also give the impression that it was not well taken care of.

What you want to do  here is to strike the mind of a possibly nervous buyer is that the vehicle was well maintained. So go that extra mile and make it look as close to new as possible. Ensure you replace what needs to be replaced such as mats. Clean and wax thoroughly starting with a thorough vacuuming. Remember, doing this on your own will be a lot cheaper than hiring someone to do it. However,  n doing nothing at all. Ensure you weigh your options well.

Keep all records in order

A clean car can look well maintained but it’ll be a lot better if you could you could actually prove i t. Showing your potential buyer all your maintenance and service records will go a long way in giving  a peace of mind. A tiny and well organized history from an established and reputable firm could easily result in a much higher sales price for your car. A history report from such a company will reveal things like number of previous owners, length of ownership, lien history and warranty. But above all is the fact that it shows you have nothing to hide. Remember, such an exercise is not that expensive and will yield better results in the long run.

Know the correct value of your car

Knowing this value will help you determine a realistic price which is kind of a big deal. Doing this doesn’t have to be difficult as there are a number of websites that can help you. Visit any of your choice and feed in the details of your car. Ensure you do not exaggerate. Alternatively, search for cars similar to yours and compare prices.  You can add a few hundred dollars to the price you come at to account for those that will haggle with you.

Sell the car on your own

Choosing to be your own salesman, marketer and dealer will see you enjoy full profit. After all you won’t have to pay anyone but yourself. Ensure you dress well and appropriately when meeting the client. Have your facts on your fingertips and exhibit confidence. You do not want to turn away a potential buyer because you made the wrong impression through how looked and talked. Be on your best behavior on that day!

 

 

Simple ways you can keep your vehicle in great shape

Your vehicle is probably your second most prized possession after your home, and taking care of it is monumental. Not only would you be proud driving it around, but it’ll also earn you a lot more when you decide to take a loan against it as collateral. Besides, you don’t want a screeching engine just when you’re about to take that road trip you’ve been planning for the whole year. So, here are a couple of ways to make things right with your car.

Keep the maintenance schedule

Though this may seem like a no-brainer, it is crucial if you do not want to spend so much money in future fixing a broken car. This is very important regardless of the vehicle you drive. And the good news is, it’s the simplest thing you will do for your car because you only have to pay attention to your owner’s manual. For instance, almost all recent-model cars have an oil monitoring system spelt out in the manual. This system tells you when is the best time for an oil change, and the type of oil/gas you should use for your car.

Remember, if you use the wrong oil or fill your vehicle with the lowest octane fuel you can get, you risk causing damage that would cost you more than you would save by using the cheap stuff. Every car, like any other massive new home appliance, has its regular maintenance schedule inside it. Though it may vary from one vehicle to another, from it you will discover how often your manufacturer suggests you change drives, filters and timing belts. So, be smart and strictly follow the maintenance schedule spelt out in the owner’s manual. It is that simple.

Have a listening ear

Did you know that your car has a defense mechanism of its own and it can alert you when something is amiss? When things are not moving as they should inside your car, it will inform you via unnatural noises it’ll produce. All you have to do is to be keen and listen. Every now and then, turn off the radio and listen for any of these odd noises. For instance, a loud squealing sound of the break indicates wear and you need to replace your brakes.

Prevention is better than cure

If you want to keep your car in good condition without spending more than necessary, then you will need to conduct regular maintenance. The regular visits to the mechanic just for check up and small repairs here and there will save you lots of money you would otherwise use to fix a major breakdown. There’s no secret to making a car last long except for regular and dedicated maintenance. That scheduled lubrication and oil change will keep the power train going strong. Periodically check the brakes and seatbelts to ensure they work properly.

Take it easy

An occasional panic stop or full-throttle acceleration isn’t going to do much harm. However, a constant road racer attitude will greatly add to its downtime. Ensure you take it easy on your car and you don’t drive it too hard. When you have a calm driving attitude you will not stress your car and this keeps it in top condition without spending a dime. For instance, do not change into reverse gear or back to a forward gear until the car is stopped. This way you will avoid putting stress on the transmission component.