Should you sell your car for quick cash?
Think again. Did you know a logbook loan is one of the best way to raise quick cash?
So you are in the situation where you need to raise quick cash? One option you may think of is selling your car. Yes it would be inconvenient in lots of ways, but you really do need that money and it seems to be one of the few remaining ways you can think of.
Well, yes, life is full of tough decisions and selling your car may well be an option for you. But before you make your final decision there are three things to consider.
The used car market
Don’t assume that you will easily be able to sell your car for the price you think it is worth. The used car market is a little volatile at the moment.
According to the SMMT (Society for Motor Manufacturers and Traders) used car sales began to decline towards the end of 2017. Part of this is due to falling demand in the new car market, as used car sales normally follow the same trend. The latest figures show that overall sales of new cars decreased in January 2018 – 163,615 compared with 174,564 in January 2017.
With both new and used cars there is a particular issue with diesel car. Buyers are more hesitant about buying diesel cars, largely due to confusion over government policy. Sales have also been affected by increased costs for diesel cars such as a higher London congestion charge and a one-off tax increase in April for new diesel cars that do not meet a higher standard on emissions.
So you may face particular issues if you have a diesel car to sell. But in any case, in the current market, you may not get as much money for your used car as you had hoped.
Your life circumstances
When trying to balance your budget you do need to look at every option and do what is best for you and your family. Many of us would do well to cut down using our cars and could save money this way – see our recent article on Can you afford to keep driving.
But for some of us it would make life incredibly difficult if we did not have a car at all. Whether it’s to ferry around young children, elderly parents, do regular errands or transport stuff for work or pleasure; cars definitely have their uses. So when making the decision about whether to sell your car, do factor yourself into the equation. Would you and your family be better off with having the money from the car, or with keeping the convenience of the car?
Raising money from your car
One thing you may not have considered is that your car is a valuable asset. You don’t have to sell it to raise money from it: you can release the equity in your car to make some quick cash but still keep the car!
With a logbook loan, you can borrow money based on the value of your car. You get to keep and drive the car as normal for the duration of the loan, and the lender holds the “logbook” (your V5C certificate) until the loan is repaid.
At Logbook Loans we offer loans from £400 all the way up to £50,000, depending on the value of your car and how much you can afford to repay. Repayments can be made on a weekly or monthly basis over a period of 12 to 36 months. There are no penalties if you are able to settle the loan early.
So before you do sell your car, just make sure it is the best decision for you and your family. To find out more about how Logbook Loans may be able to help you, feel free to get in touch; you can apply for a loan online!