Frequently Asked Questions

Are Trossachs Loans the actual lender?

No. Unlike, we are a comparison website, with an aim of allowing you to pick-choose the very best from the market. We bring to you in one place all the logbook loans at your disposal so that you are not just getting one of the best loans in the market, but also getting the perfect deal that you deserve.

How much money can I really borrow?

Lenders of logbook loans hire experts who assess the estimated value of your car after they inspect your car. A fraction of this estimated value is then offered to you as the loan. Therefore, the amount depends on you and the rate your lender is offering you.

Can I use any car?

If you have a choice between different cars to pledge, you certainly can have your pick. However, there are a few requirements that you must fully be aware of. Firstly, you must legally own the car you choose to pick. Next, the car must be fully insured. If it is not, you can get it insured before you apply. Last, it must not have any sort of existing finance.

Furthermore, we highly encourage individuals to make this choice by keeping your need for money in consideration. This comes as a result of the fact that the amount of your loan will depend on the estimated value of the car you pledge and thus, if the amount you need is relatively less, pledging a car that is much more expensive makes little sense.

Why can’t I use my car if it is not fully insured or if it has existing finances?

When you take up a logbook loan, although you transfer the logbook of your car, you still get to keep your car. This calls for an assurance made to your lender that any damages to the car after the loan has been taken will be paid for.

As for the existing finances, if you have already taken up a loan on your car, you do not legally own the car as the lender would have the right to seizure in case of default. Therefore, this violates the first requirement of legally owning the car you choose.

What happens to my car after I take up the loan?

Before you get your hands on the loan, you are to handover the logbook of your car to your lender. This marks a transfer of legal ownership. However, you still drive away in the exact same car. Unlike jewelry and many other assets you may get a loan against, the lenders will not hold your car with them.

I can lose my Are there chances car?

Strictly speaking, yes. This is because when you pledge your car as collateral, you are giving the lender the right to seize your car. However, the lender can only exercise this right in the case of a default. Considering how lenders are increasingly bent towards forming long-term relationships with their customers, this option is used as the very last resort. If you miss a payment or two, all you have to do is to go to the lender and be honest about it. If you ensure that you are being as punctual as you can, your car remain yours. Therefore, yes the chances are there but they are extremely slim.

How much time do these loans really take?

One of the features that logbook loans boast is the incredible speed with which you can get access to the money. The day you submit your application can quite easily be the day you get your hands on the money. The procedure is extremely simple and relevant and therefore, you are saved from all the usual hassle.

What if I have bad credit?

One of the major plus points of logbook loans are the relaxed credit rating requirements. Since logbook loans are secured loans, the lenders are lenient when it comes to checking credit ratings. Some lenders want average to low credit ratings, while others disregard them altogether. Therefore, even if you happen to have credit ratings that are less than perfect, you need not worry at all.