According to Wikipedia, “Borrowers transfer ownership of their car, van or motorcycle to the logbook lender as security for a loan. While making repayments borrowers keep possession of their vehicle and continue to use it. When the logbook loan is repaid, the borrower regains ownership of their vehicle.”
Basically, when you are in need of immediate cash and don’t have an idea how to access it you might as well opt for a logbook loan. This is a loan that you use your car logbook as security and get the agreed amount of money preferably 50% or less the value of your car.
The amount is then payable in an agreed amount of time for example 6, 12, 18 or up to 24 months.
Facts Regarding Log Book Loans
Here is something you need to know about Log Book Loans and how to take advantage of our amazing offer. Most of our clients usually have the following questions regarding the loans.
Can you lose your car?
A Car logbook loan provider does not take your car at all. As much as the ownership right of the car will be transferred unless you default the payment of the loan. You are allowed to stay in possession of your car, drive the car and pay the loan upon the agreed monthly installments.
How much do you get?
At Momentum credit we offer car logbook loans of up to 50% the value of your car. This amount can be up to 5,000,000.00.
The amount you receive will be determined by;
- The market value of the car. This is determined by the number of miles on the car, the age and the model of your car.
- The amount you earn. To get the most amount of loan you will also show that you can pay for the loan thus indicate the amount of money you can get every month?
Why opt for Momentum Credit for your loan
Although there are other alternatives to logbook loans, Momentum credit stands out as we provides best solutions for your business and personal needs. This is because;
1. We give you up to 50% of the cars value
Other companies may offer only 25% and get their hands on your car log book until you pay the full amount. This might be very disadvantageous as you may require a large amount of money or some more money within the period. Momentum credit saves this hustle as you get all the amount you need.
2.You can get up to 5,000,000.00
At Momentum credit, you get up to 50% of your cars value. Imagining the value of your car is 10 million you can access 5Million an amount that is fairly high and should meet almost all your business needs. Other providers, however, may provide loans of as low as 250,000.00 an amount that is quite low considering you might have a valuable car.
This is also an amount not worth risking as the possession of your car might be lost in case you default payment and you might lose you valuable car for a small amount of loan.
3. Instant Loan (In less than 24 hours)
What if I told you that you could be having the money in the next 24 hours?
Momentum Credit ensures you get the loan within 24 hours, this is very timely as other businesses may require you to wait for periods longer than 7 days to get the value of your car determined then take more time to advance the loan.
Momentum Credit, however, realizes the urgency of your financial situation and offers fast loans in a period of fewer than 24 hours providing the exact solution to your business or personal needs.
4. No Paperwork
At Momentum credit, we do not require you to fill lots of documentation to prove the car is your or to apply for the loan. We provide easy fast and hustle free loans in less than 24 hours without all the required paperwork. In other logbook loans providers however you might be required to fill lots of papers and other documents to access the loans.
Momentum Credit also guarantees you loan approval something that is not a guarantee with other loan providers. Other solutions such as banks and micro-financing solution only provide loans to salaried individuals or may even go ahead and demand other physical securities apart from the car to use as collateral.
Why not opt for another method of finance?
As a business, you might also want to explore what methods of financing you might have access to. Logbook financing, however, may fit your needs as is the safest method. This is because it does not require any other collateral apart from your car. This is even better as you continue to use your car and thus it can even generate income and repay the loan by itself.
Other financing options which might include traditional bank loans or cash overdrafts might be hard to acquire as they require
proof of payment such as credit history a condition that much small business may not be able to comply with.
These might also require collateral, physical assets and may consume a lot of time before they are advance consequently, they cannot solve urgent issues.
When not to opt for a Logbook loan
Opting for a logbook loan is a good financial solution, however, you might consider other forms of financing in case of;
If You are Not financially stable
If you are not sure whether you have the amount to refund the loan by paying the regular payment installments then logbook financing is not for you. If you do not have a consistent source of income or are not going to receive profit from investing the acquired cash within the required time limits you might as well consider other financing options as logbook loan can end up with you losing possession of your car.
Risk Vs Reward
If the value of your car is also way up the amount you can access, the risks also are not worth. Although at Momentum credit we advance loans of up to 5,000,000.00 using logbooks to acquire loans from other companies may offer lesser amount a risk that is very high, yet with a very small amount that cannot generate enough profit to pay the loan and also give you some return on the
The use of your car
If you intend to use the car with business models such as Uber, for example, the car logbook may be required not to be transferred to another person’s possession separate from you and this might bar you from accessing a logbook loan.
Cars with loans cannot access logbook loans as the ownership is still not yet with the customer. Moreover, other cars acquired with other means apart from purchase and whose ownership has not been completely transferred to the customers will also not provide logbook loans.