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Car Logbook Loans

By Kailey Raewyn Subscribe to RSS | January 28th 2012 | Views:

Whether or not car log book loans are more favorable as opposed to other types of cash advance systems, is still an object of debate. Its advantages aren't particularly mouth watering, seeing as many of them are quite similar to, say, payday loans-with the exception of course, of the car log book loan being secured. Secured loans typically have a more favorable structure, in terms of borrowing, and repayment plans. This is probably the main advantage that auto loans have over their unsecured counterparts. It seems rather suicidal to add another unsecured loan to a piling list of debts. That said, car log book loans have a significant head start.

Now, it is not all puppies and kittens for you if you're considering taking on a car log book loan. This, for the main reason that the amount of money you get is highly dependent on the condition of your car, and is limited as well, by this fact. What this means is, the amount you receive is based on the lender's evaluation of your car's worth. Therefore, in essence, you may end up getting a lot less than you bargained for. Not too great if you're in a serious fix.

Getting a car log book loan with bad credit is nothing new to the market. Fast-cash loans offer the same service, and they do not need collateral for the transaction. It still isn't quite clear what happens in a scenario where the car is written off, but that is perhaps, food for thought-a mouthful no less. Perhaps an upside, is the fact that you get to keep the car and use it, as per normal. Therefore, the only thing you part company with, is your log book. Perhaps commendable as well, is the service delivery. Once you are done with the paperwork, you get your quid within the same day, as opposed to some processes that take days.

If you own a car, however beat up it is, then by definition, you qualify for a car log book loan. Now, when it's that plain, it's great. Unfortunately, if perhaps, you had your car as collateral in a separate transaction then, well, you are screwed-excuse the French. Unlike other fast cash loans, the car log book loan can get you cash of up to 50000 Euros, give or take-again, that's great. However, before you get too excited, consider that although it is secured, it is still a kind of short-term loan. This denotes very high value interest rates, which means the more you take, the more you pay on weekly, or monthly installments.

Unfortunately, there's not much you can do about that. Short-term loan lenders have the luxury of propping up your interest rates as they see fit. Another disturbing fact is that they can come pick up your car with as little as one late payment. Fast cash loans, ones that put you on a short term leash, all have a rather high risk factor, the only cushion is good financial health, and a reputation of prompt repayment.

Kailey Raewyn - About Author:
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