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How A Logbook Loan or Vehicle Equity Release Can Help In A Financial Emergency

05.06.2019 by Jack H

Life can sometimes throw up the unexpected. No matter how financially stable things may seem, sometimes, crises can occur that can, unfortunately, leave you out of pocket. Nobody likes an unexpected bill coming through their door, and even worse, is to find yourself in a situation where you are unable to pay for it!

Maybe you run a family home. Perhaps you have recently purchased your first house. What about the essential outgoings for the month? When a financial emergency occurs, you will likely have many questions about how you can cover the cost, and what steps to take. It can be a worrying time and can be daunting to know where to turn to, especially if you need to sort something quickly. That is the nature of emergencies – they are completely unexpected and can throw a spanner in the works.

So, how can a loan on your car with either vehicle equity release or logbook loan help you? We have provided a handy guide to the kind of financial emergencies you may experience, and how a logbook loan can help. So, read on and discover how logbook loans could be the answer to all your problems.

So, what is a logbook loan?

We will first briefly touch on what exactly a logbook loan is. By setting the record straight, you can better determine whether a logbook loan is a suitable option for you and your family or personal situation.

How does it work?

Essentially, a logbook loan is an agreement between you and a lender which sees you transfer ownership of your vehicle to a logbook lender, as a form of security for the loan you are taking out. You borrow money against the value of your vehicle and use this as a deposit, in case you cannot keep up with payments.

When you decide to take out a logbook loan, you will hand over any documents including registration documents or vehicle logbook (hence the name) to the lender, until you have repaid the money you have borrowed.

You continue to use your vehicle as usual, although, technically, you do not own it at this stage. It is worth noting that your vehicle can be repossessed if you fail to keep up with payments. This is known as defaulting on your loan and involves the lender taking your vehicle away to sell it in order to get their money back. If you are confident you can make the necessary repayments, a log book loan is a quick, easy and straightforward way to give you instant financial stability when you need it the most.

When the unexpected should happen

As mentioned earlier, life is full of the unexpected. In some cases, this can present tough situations that can cause worry, stress and potential long-term problems for you and your family.

  1. Boiler repairs

Boiler repairs can be a costly and jarring experience. No matter should it occur in the summer or winter; a broken boiler is problematic and inconvenient. It can be dangerous for your household, as it could cause a potentially severely hazardous gas leak. That is why it is best to sort a boiler issue as soon as possible, for the safety of yourself, and your family. Nobody likes a freezing house, and usually, a boiler repair can be made within a few days. Remove the frustration of not being able to fork out for this essential appliance with a logbook loan from us, and rest assured that you and your family are safe. You can then pay back the costs at a time of your choosing within the following weeks or months. Sorted!

  1. Medical emergency

A medical emergency can be unexpected, and depending on the nature of the incident, can be costly. Luckily in the UK, the NHS covers the costs of many accidents and injuries; however, some emergency situations such as dental issues (a sudden root canal operation, for example) may result in you needing to fund the operation out of your own pocket. Rather than suffer in pain, you can go ahead with necessary procedures with the reassurance that a logbook loan will have any expenses covered until you can securely repay them. If your children are in need of emergency dental work, a logbook loan can give you the stability you need to ensure that your child is receiving the best care.

  1. Funeral costs

An unexpected death in the family can be a shocking and tumultuous experience. The last thing you will want to worry about and process is the expense of a funeral. You will want to give your loved one the send-off they deserve, and a logbook loan can help you do just that. If it is out of the blue, then the reassurance of being able to cover the necessary costs can leave you to worry about the important things and look after yourself during this challenging time. The expenses of a funeral can mount up, even with a funeral plan. On average a funeral costs £4,000.

  1. Emergency home repairs

Sometimes, accidents happen. These can affect your family home, and the repair of whatever it is can mount up quickly. It could include:

  • Weather damage
  • Burglary
  • Roof repair
  • Asbestos removal
  • Water damage
  • Pest control

Any of these repairs should ideally be sorted sooner rather than later, especially if they begin to affect the day to day life of you and your family. Notably, issues such as broken windows or roof repairs will be a matter of urgency. The safety of you and your family will always be at the centre of your mind, and it can be upsetting to think that you can’t immediately cover the expenses should something unexpected cause serious damage to your home. Your home is your haven, after all! Sometimes, repairs simply cannot wait until your next paycheck comes in. Contact us today to quickly sort these problems so that you can worry about the important things.

  1. Pet fees

For many, our furry friends (or feathered, scaly, or many-legged) are beloved members of the family. We would do anything for them, so when an unexpected veterinary bill comes along, it can be upsetting and traumatic not to be able to cover the costs on your own. This is where a logbook loan can be the answer to your troubles. For most cases, a medical emergency involving your pet will need immediate attention, which is why a loan could be the answer. As logbook loans with Loan On Your Car can be sorted quickly, you can save yourself the hassle and stress, and focus on giving your pet all the love and affection they need to recover.

  1. Job loss

Nobody wants to think that job loss might be something to consider. However, unfortunately, it can happen, and will likely be unexpected and, in some cases, immediate. As you pick yourself up and start looking for your new venture, you may, understandably, have worries about how you will cope financially in this turnover time. This is where a logbook loan can come in. Logbook loans can instantly provide the right amount of money to tide you over and give you peace of mind. It will mean you have one less thing to worry about and let you focus on whatever steps you need to take to get back on track.

  1. Appliances breaking

When an appliance goes on the blink in your home, it can be frustrating and debilitating. Whether this is your dishwasher, fridge, oven, or washing machine, such a breakdown can bring your day-to-day schedule to a complete halt. Life is hectic enough as it is without having to worry about how you’ll cook your meals! Fixtures such as a faulty shower will need sorting as soon as possible, too. Should you suffer an appliance or fixture giving up on you, a logbook loan can be a simple and quick solution to keep you covered until your next payday.

Why logbook loans are the answer

A logbook loan with us can help you in a tight spot as they are simple, fast and easy to apply for. If you feel you are able to manage the payments well, then you can apply for a logbook loan online in just a few steps.

The best part of a logbook loan is that, although your vehicle acts as the deposit, you still have complete use of the vehicle. It isn’t just limited to cars, either. You can apply for logbook loans with various vehicles, including:

  • Cars
  • Motorbikes
  • Caravans
  • Motorhomes
  • HGVs
  • Boats
  • Planes

Important FAQs

How will I pay the loan back?

This will be determined when you apply for a loan, and you will make with weekly or monthly payments throughout the duration of your loan.

How are payments taken?

Payments options vary but may be available through debit card or continuous payment authority. Be sure to read through our available options.

How is the loan transferred?

In many cases, the money will be transferred to your nominated bank account when the loan on your car application is approved. Simple!

And there you have it, a definitive guide to how a logbook loan with us can give you’re the reassurance, peace of mind and financial stability when you need it most. Contact us today and get the loan you need, fast!

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Regulated by the Financial Conduct Authority