Getting a logbook loan can be great for many reasons. If you have not heard of a logbook loan before, they are pretty simple. With a logbook loan, you use your vehicle as collateral to secure a small cash loan that can be used for basically anything. When you are denied a loan from a bank because of a bad credit score, you are still eligible for a logbook loan. Because you are using something valuable as collateral, it makes it ideal for people who have low credit scores. Still not convinced? Below are some of the top benefits of getting a logbook loan.
- High Acceptance Rates – As long as you meet a few basic eligibility requirements (age, income, car type, etc.) you are eligible for a logbook loan. No matter what kind of credit score you may have, you can apply for a logbook loan and be confident that you will get accepted. Not only will this remove some stress from your life, since you won’t be worrying about whether or not you were accepted, but you also won’t risk damaging your credit score further by getting rejected.
- Affordable Interest Rates – Logbook loan lenders typically offer very competitive loan rates. They are able to do this because of the collateral you are putting down. Your loan rate will depend on things like how much you are taking out and for how long, but typically you’ll find better rates on this type of loan compared to others, like payday loans.
- Your Car Stays With You – When you take out a logbook loan and use your vehicle as collateral, you don’t have to hand it over. While the loan is out, you get to continue driving your vehicle for the duration of the loan. Your vehicle is most likely very important to you earning an income, so taking out a logbook loan won’t interfere with that in any way.
- Easy to Get – Logbook loans are incredibly easy to apply for. Using a site like ours, you can easily have a logbook loan within 24 hours. On our site you will find a simple application that, once completed, will show you logbook loan quotes from several providers. You can than choose the one you like and complete the loan process. This usually doesn’t take more than a few hours, and you can have the loan you need within 24 hours. This makes logbook loans ideal for anyone who is need of cash quickly and doesn’t have time to wait through a lengthy approval process.
- Flexible Payment Schedules – When you sign up for a logbook loan, the provider will discuss with you repayment options. You will come up with a plan that works for both parties, allowing you to help determine how much you have to pay back each month and when it will be due. This means your loan repayment schedule is in your hands, whether you want to pay it all back quickly, in large chunks, or over a smaller amount each time over a longer period. Your provider will work with you to make sure everyone is comfortable with your repayment plan.
With all these great reasons, logbook loans are an attractive option. If you think you would like to take out a logbook loan, you can use our site to get instant quotes. One more reason to like logbook loans?There’s no cost to you for simply using our site, so you have nothing to lose by seeing what kind of quote you can get.