Online Drinks Retailer Owner uses Logbook Loan as an alternative to Invoice factoring
11.07.2022 by Jack H
LoanOnYourCar.co.uk is delighted to support a sole trader of an online drink retailer with a Logbook Loan on his Range Rover for £9K as a quicker, cheaper, and more flexible alternative to invoice factoring.
The client made a direct approach to LoanOnYourCar.co.uk after finding us on Google when he searched for an alternative to invoice factoring. The client said: “As a result of a number of outstanding customer invoices, our cash flow was beginning to suffer, and we needed a short-term cash injection to support the operational running costs of the business." I have used invoice factoring previously, it can take time to set up and is expensive over the short term. I looked for an alternative and found logbook loans, which meant I could use my Range Rover as security against a short-term loan. He added: “I made an online application to LoanOnyourCar.co.uk and received a call back within 5 minutes. There was no small print; they explained the loan thoroughly. We completed a video inspection of my car, and it was very easy to provide the documentation online. Really impressive.”
LoanOnYourCar.co.uk is a digital logbook loan lender that operates throughout the UK and provides an excellent alternative for sole traders or one director limited companies looking to invoice factor. Our client never needed to travel, as his logbook loan was agreed upon and completed from the comfort of his office. On receipt of our client’s application, we completed a real time valuation of his Range Rover within the hour, and a decision in principle was emailed to him. Shortly after, LoanOnYourCar.co.uk completed a WhatsApp video appraisal of the Range Rover and issued the loan paperwork. The client e-signed the loan documents and submitted the required supporting documentation via email, and the funds were released to the client’s bank account in a matter of hours.
Paul Hilburn, director at LoanOnYourCar.co.uk, said: “Cash is king; a lot of sole traders and one director of limited companies struggle to manage the cash flow from late client invoice payments." Traditionally, companies may have considered a small business loan or perhaps even used invoice factoring to release the cash, but these loans are slow to set up and can be very expensive.” He added: “Logbook loans are an excellent solution for a business owner who is considering an alternative to invoice factoring.”
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LoanonYourCar.co.uk is family-run and privately owned, and it serves a broad range of clients throughout the United Kingdom. We are a direct FCA-authorised logbook loan lender. We provide proven and preferable logbook loans for people looking to raise cash from their vehicles, including classic, vintage, supercars, and prestige cars. Loans range from £500 to £150,000. We are currently the "UK’s No. 1 Trusted Logbook Loan Lender’ on Trustpilot, with 5-star client reviews.
Please note: A logbook loan will be subject to the borrower completing an affordability assessment, a credit check, and a review of the latest three months of bank statements.
