UK Finance Blog

Whether someone is facing a critical financial condition, looking to buy a new home appliance or is getting keen on going for a family vacation, I am sure of one fact that finances for these situations are available at any moment in UK, and one single term remarking this solution is ‘Loans’.

After looking at a lots of loan advertising on web and television, I enhanced my enthusiasm, despite of being in tough financial condition where my child’s education fees was due.

I found a lots of interesting financial products to bail me out of this cash crunch. These products involved secured and unsecured loans, payday loans and also the loans for homeowners and tenants. However, I found that every loan product here was asking for a collateral or was high with APRs, except loan against car.

These loans are also termed as ‘logbook loans‘. I preferred this product above all as this was the only financial service which was providing me with sufficient funds with lower APR and nothing to put as the security.

Yes, at least I think that while availing the loan against car, I have not kept my car as a collateral with bank. This was one thing that actually left me shocked as the name of this loan product was suggesting something else.

According to the terms and conditions set for these loans, I only had to surrender the documents of my car as this was enough for bank to get a security for their money.

All over the above, the bank is letting me use my car throughout the repayment term and this I think is one beneficial attribute of loan against car.

However, the bank put some conditions like a car should not be older than 8 years, it should not be carrying any other financial claim and should have the registration of my name. In my case I was fit for all the conditions.

The less documentation and fast fund transferring is also one feature of these loans which can attract many individual to subscribe for loan against car.