Does anyone recommend log book loans?
Unfortunately not. If your current car is not worth more than the £3000 then they’re not going to lend you the amount you need anyway – as loans from logbook loans – http://redo.me.uk/logbookloans are secured against the car. In addition, the interest rate on the log book loan might exceed that you are already paying elsewhere on the other debts you want to pay off. It makes no sense to pay debts off with a loan that costs you more. You’d be better off trying to pay your debts down. Yes, it involves sacrifice, but the fact is that if you default on a logbook loan, you can lose your car. This would leave you in a position where you have debts and no car! Logbook loans can be useful when you have a value ‘locked up’ in your car and need a short-term loan and cannot get credit elsewhere. Good luck.
