Recommend a loan provider that would use car to loan against?

[mackerel]

Hello, i am hoping someone can recommend a good place to get a loan from? I am currently unemployed but i do own my car outright worth several thousand £, and am looking for a loan provider that will use my car as collateral. Please note i am NOT after any logbook loan type companies, but a provider that maybe you have had experience with and can recommend. I have tried the internet comparison sites but they do not allow me to enter the car to take the loan against.

 

Thanks

 

(apologies if this is not in the correct forum, please move if necessary).

[citizenB]

I think you are unlikely to receive this type of recommendation on this forum.

 

We help people when they have ended up on the wrong side of these companies when the borrower has suddenly found themselves unable to repay the loan amount.

[honeybee13]

Hello there.

 

I haven't researched this, but I think your problem could be that a car is a depreciating asset, so not interesting to lend against.

 

What are you looking to achieve please?

 

My best, HB

[sequenci]

Hi there,

 

It's likely that the only type of loan you'll find will be of the 'log book loan' nature, these are known as a bill of sale with the security aspect underpinned by an archaic set of rules introduced during the Victorian reign(!). One of the key reasons why log book loans are used is that the vehicle can easily be repossessed upon default - without the need of a court order.

 

If you're unemployed I would seriously suggested avoiding loans of this nature.

 

Are you looking to borrow to pay of existing borrowing?

[BRIGADIER2JCS]

If you are unemployed (receiving benefits?) what ever finance you seek will be refused, as you will not be able to show that you can service the repayments required.

[assisted blonde]

just to say occasionally a peraon who is employed needs access to cash and has a poor credit rating for one reason or another and cant get an ordinary one, dont know if i can suggest this but a reputable pawnbroker may be able to help not a loan shop

[Kraken1]

some pawnbrokers will take cars, but these tend to need to be high end.

 

You will find lenders willing to lend to you, but the issue you will find is that the type of outfit that will lend to you is the type that will do so intending to have the car. If you are unemployed how will you repay the loan?

[jo5ephedward5]

Can't you sell the car?

 

you can live off the money for the short term, maybe downgrade to a cheap run about if you need personal transport or join a car share club...

 

...you could also join one of the firms that allow you to rent your car out by the hour, that would provide you with a little income when you're not using the car.