In a country where a bill of sale can be used to repossess your car, if you were late paying your logbook loan payments, a law that is older than any living human on Earth, history much be something of an importance. Tradition is, of course, very interwoven into everyday lives of British people, but how do loans figure in that equation. There are no historic loans, except for the aforementioned example, albeit being applied to something that is not truly the original intent. Pawning away your car is never a good idea, but sometimes you simply have no choice.
Logbook loans are not the best loans out there and this is most certainly a fact. Yet lately the government has put most of the borderline criminal practices under control and there are more legitimate lenders providing logbook loans. Unfortunately, such logbook loans come with a very high APR, making such loans undesirable at least. Yet there are many people who peruse such loans as viable options for their current financial predicament.
If you find yourself in such a predicament, before you even consider putting up your logbook as collateral and signing that bill of sale, consider other options first. Only if you are positively certain that you cannot get that monetary help otherwise take this step, because returning this money, or rather paying it back, will probably be the hardest thing you have ever done. Make sure this effort is worth the hassle.
Keep in mind at all times that one misstep, one late payment, one mistake can mean that you lose the car for good. Keep also in mind that even if the lender repossesses your car and sells it, the price they get may not be sufficient to cover your debt, including all the associated costs, which will be horrendous. Also remember that your tarnished credit rating will get even more soiled, maybe irreparably so. You will probably be forced to hire one of the debt consolidation agencies, where you will lose the right to freely handle your own payment checks and money you earn. If all this is sounding acceptable to you, then go ahead and risk it, logbook loan is one of the easiest loans you can get, all you need is a car in your name and no debt associated with that car and you have got the money.