Loan against car?

KingTVYN

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?

Indout96

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 emergency

mikey72

KingTVYN wrote: »

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?

fivetide

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.

KingTVYN

Thanks guys, I appreciate the advice

malkyh

I'd steer well clear of any of these logbook loan companies.