There’s a lot of fuss about logbook loans lately. Some people feel that logbook loans are just a cheap way for companies to get your car without having to pay you a fair value for it. This couldn’t be further from the case. The reality is that logbook loans are very useful. If you are in dire need of financing and your car is pretty much all you have, why would you want to skip putting it up for a loan? It’s a secured form of financing and that’s something that gets lenders’ attention in a hurry.
Instead of trying to ask family and friends for yet another loan, you can just use your collateral in a way to secure financing. You can work out payments that work with your paycheck. As long as you demonstrate ability to pay, you’ll be able to get your loan as scheduled.
Think about it from the other perspective — what’s the cost of failure? What happens if you don’t get whatever it is paid on time? What happens then? Surely the cost of inaction is higher than the logbook loan could ever be, right? If that’s the case, then you need to apply as soon as possible.
If you’re worried about the risk of losing your car, don’t worry — the only way the logbook loan company would even risk your car is if you defaulted completely. If you run into rough financial waters and you need to work something out, they completely understand. They’re not going to hold that against you. They’re going to work things out with you. That’s just the way it is. You don’t have to worry about getting things messed up. Everything will be just fine!
What you do need to do is apply online and then let the company contact you. You can ask them just about any question you need to get answered before you make a commitment. They have heard just about everything so they don’t mind answering your questions. The key here is that you want to feel as comfortable as possible with your decision.
Once you get the money dispersed to your account, you can use it for just about any purpose that you want. You don’t have to ask permission from the logbook loan company to spend the money at all. They will leave that up to you. The only thing that they care about is that you start making your payments on time, every single time. If you know that you’re going to be late, please do not wait till the last minute to let them know. They will need to know as soon as possible so that they can make arrangements on their side. As long as you are being open and honest, there’s nothing else to worry about. Why not make sure that you get things in order? You’ll be glad you did!