Before handing over your logbook, it is first important to understand how this type of loan works. Because if you do not keep up with the repayments then your vehicle could be taken away.
Logbook loans provide a convenient way to access a loan if you own a vehicle and have struggled to access credit elsewhere.
You are usually required to hand over temporary ownership of your vehicle to the lender. Although you can continue to drive it so long as you keep to the terms of the credit agreement.
Once you have paid off the loan, ownership will be transferred back to you. However, if you don’t keep up with repayments then the lender may sell your car to recoup their money.
Development credit is borrowed money used to fund activities that are considered an investment that produce value in the future. These are activities such as: funding education, purchasing a house, making home improvements, investing into a business and buying shares. By spending your borrowed money on these activities, you will generally make a return or money on them in the future. For instance, by taking a loan to studying further, once you graduate you will be able to secure a higher paying job. Or improving your house will make it more valuable when you are ready to sell it. Or starting a business can bring in extra income.
Essentially using credit on consumption items generally costs you more than using the same credit to purchase development activities. Try using your borrowed money to fund further education, improve your house, buy a house or start a business so that you could make more money in the future.”][tm_heading tag=”h5″ custom_google_font=”” font_weight=”600″ text=”Loan application and vehicle checks” line_height=”1.4″][tm_heading tag=”div” custom_google_font=”” text=”As part of the loan process, you will be required to hand over your logbook or registration document to prove ownership.
The lender will also conduct a check on your vehicle to establish its value, that it’s free from finance and that you are the registered owner.
You will be asked to provide personal details. These include your address and financial information, such as your income and regular expenditure.
The loan provider usually also runs a credit check and reviews your loan affordability. But you should also personally ensure you are able to make the repayments.
At Jijenge Credit this process can be completed in as little as one hour and the money transferred to you at the same time.”][tm_spacer size=”lg:63″]
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