If you are looking for cash and are struggling to find a loan that you will be accepted for or that has a reasonable interest rate, a loan against your car could be the answer.
To do this you borrow money against the trade value of your vehicle and pay it back over a certain amount of months. It can be anything from 1 month to 3 years.
Also known as logbook loans, a loan against your car offers you a good amount of flexibility. You can continue to drive your car as normal whilst the loan is running and you are able to pay the loan back whenever you want. The earlier you pay it back, the less interest you will pay.
What you need
You can borrow up to 70% of the value of your car, so the more your car is worth, the more you can borrow, but this does also depend on how affordable the loan is for you. You will need to show that you have a regular income that is paid into your bank account, to be eligible for the loan.
The car needs to be insured and have a valid MOT and must be clear or almost clear of finance. You will also need to have a UK bank account and ID.
At Varooma we:
- Will better the interest rate of any other logbook loan company (just show us a written quote).
- Can pay your loan the same day.
- Are the best rated logbook loan company, with a rating of 9.5 out of 10 on Trustpilot from over 3,800 reviews.
- Have been named “Best Logbook Loan Provider” for 2 years in a row at the Consumer Credit Awards.