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LONDON, UNITED KINGDOM, July 13, 2020 /EINPresswire.com/ — Need a loan on your prestige car?
Have you found yourself in a tight financial spot? Your prestige car could be your way out of the economic problem you are in. Many lenders will be willing to give you a loan against your classic, prestige car. Consider taking a LoanOnYourCar loan to pull yourself out of that unpleasant situation.
Maybe you are hesitant about this because you know there are risks involved. We can tell you that it is true, there is a risk, but only if you are not faithful to your repayment agreement. Let us explain this to you here, and show you how you can release equity from your supercar.
Loan on Log Book
One way of getting cash using your car is by taking a logbook loan on your supercar. In this case, you surrender your car logbook to your lender so that they can give you some cash. The logbook remains with the lender until you repay the loan in full.
Vehicle Equity Release
You can also opt for equity release against your prestige car from LoanOnYourCar.com the experts in this type of loan for the UK. This is where we give you cash, equal to or lower than the current value of your vehicle. You retain your car logbook and repay the loan.
When this happens, it is like your lender has bought the car from you and given you the money that your car is worth. Then you keep the car; it is like you are repurchasing it from your lender in a hire purchase kind of arrangement.
Vehicle equity release has gained popularity over logbook loans. This can be attributed to several factors. For once, getting a vehicle equity release is easier than getting a loan against car logbook.
Most lenders have made the process of applying for vehicle equity release easier than getting a logbook loan. There are fewer requirements for you to qualify, and it takes a shorter time to get the money you are borrowing.
You can get us as we can complete the processing on the same day. We even allow you to apply online using your E-signature.
When getting a logbook loan, your lender will look at your credit history to determine your creditworthiness. But with a vehicle release facility, we do not rely on your credit history when deciding whether to loan you or not. We look at the value of your car. So even if you have a bad credit listing, you can still get a vehicle equity release.
If you bought your car on credit and you have not finished paying for it, you can still get a loan against it. You can choose to retain the two loans, or you can let us settle your existing finance with the lender who funded you to buy the car.
Financial authorities regulate vehicle equity release lenders. We are also members of regulatory associations that determine the modes of operation and monitor our activities. Because of the harsh penalties imposed on lenders who defy the laid down regulations, we are keen not to flout the rules. We are therefore safe to deal with. Also, in case you get into a dispute with your lender, there is a clear protocol to resolve the dispute.
We will give you flexible repayment terms. You will agree on your repayment instalments and the repayment period. We will allow you to repay the loan for up to 5 years. However, you also have the option to clear the loan faster than your agreed repayment period.
Vehicle equity release is a convenient way of getting quick cash against your supercar or your prestige car. The process is discreet, and since you still retain the logbook and continue to use the car, no one will know about your transaction unless you let them know.
However, there is a risk involved if you repeatedly default on your repayment. The interest on your loan accumulates, and you will end up paying more than when you pay your instalment without defaulting.
So as you can see, your prestige, classic or supercar can give you quick cash without you losing its ownership. But you have to be sure that you will repay your loan, failure to which you may lose the car and your money.
Source: EIN Presswire