If you have ever tried to raise finance you will come up against a very common word being:

SECURITY

another word used is collateral.  Lenders want something which they know they can seize if you stop paying.  It is a jungle out there!

So as you scratch your head wondering what security you have scratch no more.  There is a lender out there who will lend to you on your old secondhand car.  Yes that banger you have in the garage is suitable security for lending.

Now the rates are horrific if you borrow for the medium or long term.  If you want the finance for say 20 weeks then the loans are not too bad compared to other forms of short term lending.  In fact, if used correctly, they are cheaper than bridging loans once you take in to account valuation fees, exit fees and arrangement fees.

So if you are looking for a quick £1,500 to refurb a property and sell on for a £10,000 profit in 20 weeks then this sort of financing is perfect if you cannot go anywhere else.

No credit checks and the cash can be with you in hours.  But a word of warning:

Do not default

These lenders are at the less savoury end of the market and they can be pretty heavy handed if you start defaulting i.e. they will take your car away and triple the debt!  So make sure you can pay them back.  They are a necessary but less friendly lender within the loan market and have their place.

To find a lender who will lend using your car as security search the web for “loan secured on car” in the search box above or below.

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