Well, there has always been a time when everyone is in dire need of cash. Frankly speaking people consider banks as lender of last resort and up to some extent, it is right. However if you don’t have good credit rating, you will not be granted loans. What to do now? Well you have to think differently. Loan on my car, this could be a way to get a loan if you still have bad credit ratings. If you own a car, bank still lend you loan against your car even if you don’t enjoy good ratings. This has open a new way of getting finance for people living in UK. However it has been notice that loan on my car is secured but still you will find less publicity of such loans from banks. Moreover the rates in loan against car are good. Taking loan on car isn’t bad idea at all. You need to oil the wheel of your current needs, it could be taken for personal needs or commercial but one needs to raise finance to meeting expenses. There are a lot of banks in UK that are offer loan against car.
Honestly speaking the interest rate on such loans is quite affordable as compared to personal loans in UK. If you want to apply for loan on my car, there is no long process to get the loan from bank or any other financial institute. It is just like top up finance, it will be granted to you by bank within few working hours. The documentation process is similar but amount will be given to the borrower faster. In this case of loan against car, unlike any other property the risk in car loans are great that banks and other financial institution has to face, like the depreciation value and risk of getting accident would lead to loss. Mostly it has been seen that banks in UK try to give such car loans to the existing customers because they have built relationship with customers and have complete details about their customers.
Loan on my car, well most of the bank will give you loan on 70 to 75 percent value of your car. The value will be current value not purchasing price. The car against which you are taking loan isn’t need to be brand new but yes bank will also lend on second hand cars. The car model is more than one year old, you will end up getting less amount compared to new cars. When you are applying for loan on car, read the terms and condition carefully. Loan against car is getting one of the popular ways to raise funds in UK as a lot banks and financial institution are lending such loans on reasonable rates. Compare the rates among two to three top lenders in this field and select the appropriate one. It is also called logbook loan and it is secured against your car. So don’t hesitate and apply for loan against your car.