Tag Archives: secured
Secured loans against car: Quick accessibility of funds
Do you want to access sufficient cash support? Have important financial requirements to fulfill? Do you have car under your name? You must be wondering what a car can do when you are in a situation of financial crunch. Today financial lenders have introduced the wonderful provision of secured loans against car in the market. Under these loans you can fetch sufficient cash assistance by using your car papers as a security to the lender against the loan. This will help you to carry out your important financial desires suitably on time without any obstacle.
As the name implies, these loans are secured against your car. Here you need to put your car logbook as a security which contains details of your car like VIN number, engine or model number, chassis number, registration mark, name of the owners etc. The most prominent feature of Car Logbook Loans is that you can have the pleasure of driving your car anywhere you want without any restriction even after the approval of your loan. However, maintenance of car should be totally your responsibility.
To qualify for secured loans against car you need to fulfill some basic terms and conditions that are given below:-
– Your age must not be less than 18 years – You must have permanent employment with stable income flow – Your car must be less than 8 years old – Your car must be clear from all financial dues – You car must be taxed and insured – You must have logbook in your name
After meeting the above conditions, you are free to borrow funds varying from £500 to £50,000 for a suitable time period of 5 to 7 years. The granted loan amount can be used to meet your several unavoidable needs such as paying off number of debts, wedding expenses, organizing a party, higher education of your child and so forth.
Use the most feasible online mode to apply for secured loans against car with ease and comfort. Due to stiff competition between various online lenders the interest rate may vary. To grab a cost-effective loan deal a careful online research is recommended.
Thus, avail car logbook loans right now to fetch suitable finance for your essential needs by using your car logbook as a security against the loan.
The pros and cons of secured loan UK
The whole concept of secured loan in UK revolves round collateral. Collateral is a technical term which means the property that is used as security in a loan. Any property of significant money value has acceptance as collateral. However, in UK a home is most frequently used as collateral. Though secured loans in UK are offered against the equity available in a home, in special cases no or zero equity is also accepted.
Some people find it risky to take loans against their home. Being aware of the fact that they will have to lose their property if they fail to pay off the loan, they shrink back from taking secured loans. It cannot be denied that there is risk of property repossession in this type of loan. Yet, all people do not avoid taking them. Rather, plenty of people think of it as a cost-effective method of raising fund. In fact, there are genuine reasons behind the popularity of secured loans in UK.
First of all, it is a gainful bargain for the borrower. He gets the chance to undertake a major financial venture as this loan allows him to take out a hefty amount of money. He has the leverage to borrow as much as his home equity lets him to. Even in some cases he can borrow more than his home equity allows. There are lenders who sanctions loan amount of up to 125% LTV.
Besides, secured loans UK offer high level of flexibility in repayment terms. Longer duration of time to repay the loan, low APR, smaller monthly instalments are all awarded to the borrower. This is done as reciprocation to the gesture he shows by offering collateral. Moreover, the lender also gets the freedom to use the amount advanced by personal secured loan UK for a plethora of personal needs. So far the risk factor is concerned; all the flexibilities mentioned here are enough to back the borrower to easefully pay off the loan and avoid property repossession.