Is your car at risk?

Not everyone is entirely fine with putting their car as collateral for loan, and so if you happen to be one of those individuals, we intend on ensuring you that while your concern is understandable, it is also unnecessary. If we speak in strictly legal terms, handing over the logbook does mean that the lender can seize your car. However, this right comes with a major requirement, and this requirement is that you must first default. Therefore, while the seizure option exists, it’s a last resort.

It is only natural to hit a bad patch in your financial standing and lenders of these logbook loans understand that. Therefore, if you are unable to meet a payment or two, all you have to do is let your lender know. It does not help your situation if you sit quiet and expect it to pass. Lenders like Motoloandeal with hundreds and thousands of people every day and they are more than aware of the fact that missing a few payments does not mean you are not sincere in the repayment of the loan. Therefore, as soon as you think you are about to miss a payment, let them know, sit them down, and discuss the issue so that a mutually beneficial arrangement is made.