Stuck for cash? Stop! DON’T sell your car!

Make money from your car with Logbook Loans…

It’s getting to that very busy and expensive time of year. What with half term, Halloween, Guy Fawkes, Black Friday and then Christmas, many of us are already beginning to feel the pinch.

If you are already struggling financially, then the thought of all these extra expenses can be completely overwhelming. So you begin to think of drastic solutions to get round the problem. And one solution that may possibly come to mind is to sell your car. But think very carefully before you do this.

Of course if you have a car you no longer use and really do not need it then yes, selling it could be a good option. Why spend money maintaining something you do not need?  But if you do still use your car quite a lot, whether for work or family reasons, then selling it could end up causing you more problems than it solves.

Three of the main disadvantages to selling your car are:

1. Whether you sell privately or to a garage, you will probably spend money getting the car into good condition and will probably not get the selling price that you are hoping for. So you could end up spending more money that you haven’t got and these costs will need to be offset against the price you eventually do get for the car.

2. You will no longer have the convenience of having access to a car whenever you need it. This could affect many areas of your life, including your daily commute, business trips, school runs, shopping trips, family holidays, days out and visits, medical appointments and so on.

3. As well as not having the convenience of a car for the above purposes, you will also need to make alternative transport arrangements. Many of these will cost you money and take longer than using the car, as well as the hassle of having to constantly make arrangements with other people.

So even if you are stuck for cash, selling your car may not be the best option.

Fortunately help is at hand. At Logbook Loans we offer a range of secured loans that are based on the value of your car. These loans are called logbook loans.

The way a logbook loan works is that when you take out the loan you give the V5 registration certificate of your car  – also known as the logbook – to the lender. The lender will hold onto your logbook for the duration of the loan, but the vehicle still belongs to you. You have full use of it as normal, and once the loan is repaid, the V5 is returned to you. You will have lost no money from the value of the vehicle and the lender has no further claim on it.

The fact that a logbook loan is secured on the value of your car means that the car serves as a backup asset to the lender just in case you are unable to make the loan repayments. Because of this you may be able to get a logbook loan even if you have a poor credit record and have perhaps previously been refused credit. You may also find that the interest rates offered on logbook loans are lower than those on unsecured loans.

So if you are dreading the forthcoming festive season because of all the expense, why not consider a logbook loan? We have a range of loans available: you can apply online or call us on 0330 400 4137. And if your loan application is accepted then we aim to get the money to you within an hour. Ready and waiting to meet all the expenses of the festive season!

So think carefully before selling your car. And remember to check back here soon for more financial and lifestyle tips from Logbook Loans.