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Getting a Loan Against your Car
Securing a loan against a car is a borrowing option that vehicle owners can take when they require additional capital.
After property, cars are often the second most valuable item we own and utilising their value to secure a loan against can be a great way of putting them to work financially. The most frequently used name for a loan against a car is a “logbook loan” and this form of lending against a vehicle can frequently payout within the same day. At Mobile Money we can provide payment of loans secured against cars within 24 hours (subject to suitability and affordability checks) and in many instances we can payout within 1 hour of your loan being approved.
As a responsible lender we want to try and help as many customers as possible access the finance they require, but not by lending to them irresponsibly – it is essential that any loan we provide has affordable repayments that are within the means of our customers. This is why we always ensure that we carry out appropriate affordability checks prior to lending any money. Affordability checks are vital because when you secure a loan against your car the vehicle is at risk of repossession if the loan repayments are not kept up.
Once a loan has been agreed in principle we will arrange an appointment to complete the paperwork and see the vehicle, after which we will pay out the loan by faster payment bank transfer.