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Loan against car?
An acquaintance of mine (I'm not the most friendliest with this person so I know minimal details) wants to take out a loan against their car. Does anyone think that's a good idea? I've only heard of it and the site he wants to use is called loanagainstcar.co.uk (this alright as I can't post links?) and it says on the site that you can still drive it while you've loaned against it, is that a good idea?
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From what I understand you can only do this if you own the car so not on a finance deal. And the interest would be very high. I assume that they cannot get credit by the normal routes ?
I would say stay well clear unless it is an emergencyTotally Debt Free & Mortgage Free Semi retired and happy0 -
An acquaintance of mine (I'm not the most friendliest with this person so I know minimal details) wants to take out a loan against their car. Does anyone think that's a good idea? I've only heard of it and the site he wants to use is called loanagainstcar.co.uk (this alright as I can't post links?) and it says on the site that you can still drive it while you've loaned against it, is that a good idea?
Would you have a loan from a website that doesn't even mention repayments, APR rates, or even any contact details?0 -
It's basically kneecapfinance. They don't want you to pay it back, they just want your knees (and your car).
Your friend might be better off flogging the car if they are trying to save money.
5t.What if there was no such thing as a rhetorical question?0 -
Thanks guys, I appreciate the advice0
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I'd steer well clear of any of these logbook loan companies.0
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