Tips On How To Keep Your Car in Top Notch Shape

If you love your car, you will want it to always be at its best shape. There are some conscious steps that you can take to ensure that it stays as good as new every day. They are as simple as ABC and there is no better time to follow them than now.

Tyres

Your car’s tyres are the single most reason you can move. Respect your tyres. They support a weight more than ten times theirs and still absorb any and all of your driving habits. Keeping them in top shape should not be anything but a priority. Good tyres are Important not only for fuel economy but for safety as well.

To ensure they are in their best shape, rotate your tyres at least every 5000 miles. This will ensure that your car’s tyres wear at an almost equal rate and that you make great savings on tire replacement.

Another important trait of tyres which are in good shape is that their tire pressure is always correct. Over inflation and under inflation are both harmful to the longevity of a car’s tyres.  They also pose a safety risk.

While at checking the tyre pressure, do have a look at your tyres tread depth. When it is evident that they are too low, replace the tyres. Worn out tyres pose a safety risk that is not worth it. The tread patterns may also reveal something about the overall health about your car, so if you notice they are uneven, take the car to a competent mechanic. A mechanic consultation may save you from the detrimental effects of whatever is ailing your car and also potentially increase your tyre life.

Hand in hand with the tyre is the brakes, which basically stop you from colliding with objects. While all car parts are important the importance of well-functioning brakes cannot be understated. To ensure that their functioning capability does not deteriorate faster than necessary, clean them regularly.

Engine

When it comes to the engine, the heart of your car, you can expect good results only when it runs smoothly. An engine in bad shape is nothing more than a death trap waiting to happen. You do not want that. It’s better to have a good engine than a good car body. Some of the tasks you can perform to ensure the engine’s runs efficiently are simple and you can do it in a few minutes

One of the simple engine checks you should make is assessing timing belt and accessory drive belt. They are responsible for the smooth running of everything from alternator to the a/c compressor. However they are made of rubber and rubber perishes very fast. It is prudent to check them every 25,000 miles and preferably checked every 50,000 miles.

Another easy task anyone can perform is checking the oil level of a car. It is a simple process that involves pulling out the oil dipstick, wiping it clean with a rag and then re-dipping it so as to check if the oil levels are too high or too low. This is easy because the dipstick is marked with an H and an L indicating whether the levels are high or low. The longevity of your engine is dependent on the quality of your engine oil. The engine oil is critical to good performance of a car. It is responsible for lubricating car parts and ensuring the engine remains cool.  You can never check and or change the engine oil frequently enough but being guided by the oil’s viscosity is a good indicator on the urgency of an oil change

Classic Cars Pros and Cons

Classic cars’ beauty depend on the eye of the beholder.  While some marvel at the cars of old, others simply scoff. How they are perceived is solely dependent on a person’s individual preferences.  However, they, just like many other things, are a double-edged sword. Considering them a must-have or dismissing them in their entirety is not a decision that should be made without a complete picture of the effect of the cars on their owners.

Value

Classic cars are very much unlike modern day cars which depreciate in value over time. These cars share the unique quality of appreciating in value over time.  This means owning a classic car is very comparable to owning a piece of art, an investment. As long as the car is well taken care of, your car will have you smiling all way to the bank if you resell it in the future. This is definitely something to keep in mind when mulling over classic cars. They may not look it but they do not come cheap. Purchasing one which is in good condition may cost you an arm and leg. This may be due to the hotcake demand that surrounds them or the tendency in the world to regard outdated inventions as relics, there is no clear-cut answer. What is known is there are classic enthusiasts willing to pay big bucks for a classic car without a bat of an eyelid.

Maintenance

One of the drawbacks of a classic car is the expensive cost of keeping it running. Maintaining it is no walk in the park.  In an increasingly modern-car world, classic cars are a rarity. Their needs may not be readily available. It may prove extra costly and to be a hassle to meet these needs. Additionally, the frequency with which you need to make these maintenance tasks will be higher than those of a modern day car. Due to their age, their level of efficiency is lower than that of modern-day cars making their servicing needs more frequent and the effect of lack of, more damaging. It may also be important to note that their age also limits the number and type of mechanics that can be trusted to perform maintenance. Not any Tom, Dick or Harry can handle this car. The rarity of competent mechanics has the added disadvantage of inflating the price of simple maintenance jobs. It would be prudent therefore to learn a few one and twos on some of those tasks due to the nature of their frequency if you want to save on costs.

Personality

Another edge that classic cars have is their unique style. They come from an age where car models were not homogenous because car shapes had not yet been standardized. Cars from different manufacturers were extremely distinguishable. The same goes for car models. This is very unlike today’s cars where there is hardly a difference between different manufacturers and/or models. Modern day cars are pretty much a lot of the same thing. Furthermore, since they are also not being manufactured anymore, they are still an awe to behold and still reveal the character of the owner from a mile away. A quality that classic car enthusiasts chase.

No mod-cons

Another disadvantage is that they have no modern day conveniences. This is something that is easily overlooked but important to remember. These cars were built in the age where car functions were largely in control of the driver. A lot of the functions that are automated now were not then. Therefore, you should not be expecting an automatic transmission system in a classic car among other automated features. In fact you should expect detrimental effects in the event of a manual error.

Can A Logbook Loan Make You A Better Financial Manager?

Many people believe that going for a logbook loan is the lowest point that they can sink in their lives. Experts advise people to only use logbook loans as the option of last resort. However, the fast growth of the numbers taking logbook loans in the UK is worrying. Even with the high APR (annual percentage rate), extensive risks, and dangers of having the car recovered, can anything good come from the logbook loans? There is a silver lining in this precarious situation. Here is a closer look at Robert Johansen situation that made him emerge a better financial manager.

How Robert ended up with very poor credit score and sought a logbook loan

During the summer of 2015, Robert Johansen took a logbook loan because his credit score was very poor. The poor credit rating had come about from overspending on his credit card and defaulting two bank loans when his daughter fell ill. As a college teacher, all his resources were directed to handling his daughter which meant defaulting on the mortgage and even personal utility bills. Things ran from bad to worse within six months.

With only his car left as the most valuable asset, Robert saw no other alternative but to get a logbook loan. However, he sought advice from a financial expert early enough after borrowing the logbook loan. This is what made Robert emerge as a better person, create new streams of revenue, and march to financial freedom. Here are some great things that can come from a logbook loan.

Learning how to budget and applying the skills in other areas of personal finance

Perhaps the most important thing that one can learn from logbook loans is budgeting. Because there are other loans, credits, and personal expenses to be met, one has to learn about budgeting. If you seek assistance from a financial expert, he will assist you to classify different expenses and direct the resources to those that are more important. When these skills are applied in other areas of personal life, you will emerge from the logbook loan and other debts a better person.

Appreciating the role of experts when handling subjects from areas outside your jurisdiction

If you are not an expert in a specific field of specialization, the best thing is seeking assistance from experts in that area. This philosophy comes out very well when one is handling a logbook loan. Though you might be in nursing, hospitality, education, or engineering among other areas, it becomes easy to appreciate that finances is a different field altogether.

In Robert’s situation, the financial expert came in handy to help him appreciate the importance of good financial planning. He was able to acknowledge the sources of finances and how to spread the resources to cover all the expenses while meeting the loan obligations. You should never make the mistake of allocating the entire salary to repaying the loan only without catering for all personal expenses such as rent and transport costs.

Acknowledging the challenges that lay ahead in quest reach financial freedom

The main road to financial freedom is marred with numerous challenges. However, you can easily overcome them after successfully addressing logbook loans. Robert understood the dangers that come with poor credit score. This appreciation makes people work harder to ensure they are in good terms with lending institutions that have lower rates.

Robert further appreciated the importance of having several streams of revenue. If one fails, there is always a fall back plan to prevent you rushing to high interest and high-risk sources of funds. Think of running a blog, opening a business for other members of the family, and working on a part-time basis after work.

 

Why You Should Seek Assistance from a Financial Expert after Taking a Logbook Loan

The number of people taking logbook loans in the UK and defaulting several months down the repayment line is very high. The moment you end up knocking the door of logbook loan lenders is a clear indication that there is a problem and urgent assistance is necessary. Recently, laws have been passed to regular the Payday loans to try and cushion the borrowers from harmful practices. However, logbook loans are not well regulated, and many borrowers end up paying a lot in interest charges. Many have fallen deeper into financial woes after defaulting repayment of their logbook loans.

To prevent the logbook loan from becoming a debt trap, it is important to seek expert assistance. In this post, we establish why seeking expert assistance is very crucial after taking a logbook loan.

Financial experts help borrowers trace back the source of their issues

Financial professionals handle issues from clients with even worse situations in the past. The secret of getting out of the current issue is to understand its genesis. The experts will help you trace the origin of the financial woes and use simulations from other clients to look for realistic solutions. For example, you might have sought an emergency loan from a bank and subsequently lost your job. This can throw the repayment efforts into a dilemma.

A financial professional will help you to carefully look at personal lifestyle and create important financial pillars to cushion unexpected demands. For example, an emergency fund can provide all the funds for media assistance so that medical issues do not warrant seeking a loan.

Experts are important in drawing debt management plans

If the banks declined the application for loans, one of the main reasons might be poor credit score. Those with poor credit score are considered too risky, and banks prefer turning down their requests. Though you used the logbook loan as an alternative, a proper debt management strategy should be developed. This is where the financial expert comes in.

The finance professional will help you pick the right repayment strategy for faster clearance and freedom from debts. Depending on your situation, the financial expert might recommend the snowball method that involves attacking the debts starting with those that have low balances. Then, the repayment gains momentum as you clear the small loans until all debts are settled.

It becomes easy to improve personal credit score

While it is very clear that poor credit rating hurts personal ability to access loans, getting a higher score is never easy. Many people try for years only to find the score moving from poor to worse. However, a financial expert will make the efforts towards improving the credit score simple, realistic, and fast. Some of the best strategies recommended by experts in the UK include;

  • Borrowing from a personal account to build good history
  • Identifying areas of austerity to ensure that all the outstanding debts are cleared on time
  • Not overlooking even the common utility bills. They can also harm the credit score if referred to debt recovery companies
  • Checking and correcting errors in personal credit report with credit reference agencies

Borrowers can easily advise on additional streams of revenue

For many people seeking logbook loans, the argument is that they have run out of options. Well, a visit to a financial expert will surprise you because of the many alternatives suggested for generating additional resources. One good example is identifying areas of austerity that can release some cash. If you visit the theatres downtown every weekend, you can make some savings by subscribing to online movies. For others, a personal blog on an area of interest can help generate some extra revenue to help clear debt faster and accelerate you to financial freedom.

 

Three Things That Determine Whether a Logbook Loan Will Become a Debt Burden

Was your loan application from a bank declined because of poor credit score? Many people who get turned down find solace in logbook loans. The logbook loans are provided against your car and can be processed within a very short time. Logbook loan dealers do not factor credit score when issuing loans but only review the applicants’ ability to repay.

Once you decide to take a logbook loan, it is important to understand all the associated risks and how to avoid them. In many cases, borrowers end up defaulting on the loans because they also have other obligations. In this post, we evaluate five crucial things that determine whether a logbook loan will translate into a financial burden.

High annual percentage interest

One of the main characteristics of most logbook loans is that they come with very high-interest rates. Many of the lenders keep the interest as high as 400% which can make you pay the amount borrowed over 4 times. This high-interest rate can easily make the loan a serious burden in the following ways.

  • The high-interest rate makes the amount used to service the loan too high and leaves no cash for other expenses.
  • Because of the high-interest rates, many borrowers are forced to forego a lot of things that bring strain in their lives. However, they can only hold for a short time before starting to default.
  • If you had allowed the logbook loan dealer to withdraw the monthly deductions from the bank, delays in your salary can trigger unnecessary overdrafts and deepen the debt burden.

To address the issue of high APR, it is very important to carefully evaluate the lender and only pick the one with the lowest rate. Besides, you can negotiate to have the APR lowered.

Taking the loan over a very long period

Just like other loans from conventional banks, the rule is that; the longer the repayment period is, the higher the amount a borrower pays. However, there is a more serious problem that could draw you in the sea of debt if the loan logbook loan is repaid over a long period.

Taking into consideration that the interest rate is already very high, commitment to pay over a long period can cause fatigue. For example, though you have addressed the current issue, it does not mean that another one such as medical emergency will not arise a few months down the line. If future issues arise (which is very probable) the risk of default is very high. This will attract serious penalties and could make the lender to recover the car.

To address this problem, it is important to try and limit the repayment period to the shortest period possible.

Borrowing more than one requires

Though the banks have declined to lend you cash, it should not motivate you to take the maximum available amount being offered by alternative creditors. For example, if you wanted to borrow 1000 pounds to address a medical emergency, going for 5000 pounds because the lender is willing will be a grave mistake.

  • There is a risk of improper use of the cash because you had not planned for it.
  • The borrower will also pay more because the interested calculated on a larger amount is bigger.
  • The debt will be repaid over a longer period which can cause fatigue and raise the risk of default.

It is advisable to carefully assess your ability to repay the loan and only borrow what you need. Note that this means a careful evaluation of all areas of personal lifestyle to determine your repayment capability.

 

Three Things That Determine Whether a Logbook Loan Will Become a Debt Burden

Was your loan application from a bank declined because of poor credit score? Many people who get turned down find solace in logbook loans. The logbook loans are provided against your car and can be processed within a very short time. Logbook loan dealers do not factor credit score when issuing loans but only review the applicants’ ability to repay.

Once you decide to take a logbook loan, it is important to understand all the associated risks and how to avoid them. In many cases, borrowers end up defaulting on the loans because they also have other obligations. In this post, we evaluate five crucial things that determine whether a logbook loan will translate into a financial burden.

High annual percentage interest

One of the main characteristics of most logbook loans is that they come with very high-interest rates. Many of the lenders keep the interest as high as 400% which can make you pay the amount borrowed over 4 times. This high-interest rate can easily make the loan a serious burden in the following ways.

  • The high-interest rate makes the amount used to service the loan too high and leaves no cash for other expenses.
  • Because of the high-interest rates, many borrowers are forced to forego a lot of things that bring strain in their lives. However, they can only hold for a short time before starting to default.
  • If you had allowed the logbook loan dealer to withdraw the monthly deductions from the bank, delays in your salary can trigger unnecessary overdrafts and deepen the debt burden.

To address the issue of high APR, it is very important to carefully evaluate the lender and only pick the one with the lowest rate. Besides, you can negotiate to have the APR lowered.

Taking the loan over a very long period

Just like other loans from conventional banks, the rule is that; the longer the repayment period is, the higher the amount a borrower pays. However, there is a more serious problem that could draw you in the sea of debt if the logbook loan is repaid over a long period.

Taking into consideration that the interest rate is already very high, commitment to pay over a long period can cause fatigue. For example, though you have addressed the current issue, it does not mean that another one such as medical emergency will not arise a few months down the line. If future issues arise (which is very probable) the risk of default is very high. This will attract serious penalties and could make the lender to recover the car.

To address this problem, it is important to try and limit the repayment period to the shortest period possible.

Borrowing more than one requires

Though the banks have declined to lend you cash, it should not motivate you to take the maximum available amount being offered by alternative creditors. For example, if you wanted to borrow 1000 pounds to address a medical emergency, going for 5000 pounds because the lender is willing will be a grave mistake.

  • There is a risk of improper use of the cash because you had not planned for it.
  • The borrower will also pay more because the interested calculated on a larger amount is bigger.
  • The debt will be repaid over a longer period which can cause fatigue and raise the risk of default.

It is advisable to carefully assess your ability to repay the loan and only borrow what you need. Note that this means a careful evaluation of all areas of personal lifestyle to determine your repayment capability.

 

Is Your Logbook Loan Payment Becoming a burden? Here Is What to Do to Avoiding Defaulting

Many people who take logbook loans end up defaulting because of the high-interest rates. Often, they have other loans, personal expenses, and emergencies to attend to that cannot be overlooked. If at some point you establish the burden is becoming too much, the best thing is acting promptly to avoid defaulting and sinking deeper into debt. Here are four most important things to do in such a situation.

Raise cash using alternative streams

Your logbook loan dealer is a business person, and the focus is getting regular monthly payments. Now, you should start thinking of alternative sources of revenue to augment the main salary. You should consider doing online jobs after work and direct the additional revenue to clear the loan. You can also engage family members in revenue generating activities. A good example is turning one of the main rooms in the house into a baking unit for the wife. You can also redesign a section of the house and rent it to generate some revenue.

The best area to try and generate additional revenue is the niche of specialization. This is because you have the expertise and new partners will value your input. For example, a mechanic with a local transport company who works from 8 am to 4 pm can look for a part-time job in a local garage.

Adopt the right austerity measures

Often, many people rarely realize they are overspending until a serious situation befalls them. If putting together the cash to service the monthly logbook loan is becoming a monumental task, simply take a walk through personal lifestyle and identify areas of austerity. Look at these examples;

  • Instead of driving daily to work, consider taking the bus and direct the recovered cash to clear the loan.
  • If you and your wife drive different cars to work, consider leaving one home and go to work together. This will save a lot in fuel and maintenance costs.
  • Change personal entertainment model. If you are used to visiting the expensive theatre every Friday, consider taking an annual subscription to online live streaming companies.
  • Instead of taking your meals from the most expensive restaurant, consider preparing meals at home and carrying it to work.

Visit a financial expert for professional advice

A financial expert is a professional who will help you to look at the logbook problem and entire personal debt issue from a broad perspective. However, many people rarely appreciate the benefit that a financial consultant can bring until it is too late. When you are experiencing difficulty repaying the logbook loan, a financial expert will help in the following ways.

  • Help you to draw a realistic debt repayment plan. This may involve clearing the riskiest loans such as the logbook loan first.
  • A financial expert can also help you take a financial management plan or debt consolidation and start a serious journey towards full recovery from debts.
  • Though a financial expert might charge a fee, he will assist you to envision the ultimate financial freedom. Once this becomes a lifetime goal, it will be only a matter of time before you can take charge of everything from the financial point of view.

Discuss the problem with the lender

Many are the times when borrowers think that the main objective of a logbook lender is to simply recover the car after defaulting. However, this is not the truth. The process of recovering the car is often complex and expensive. The lender has to engage third party recovery companies and auctioneer to sell the car. Even in the event that the car is sold, there is likelihood that it will not raise all the cash borrowed. This could trigger a series of lawsuits trying to follow the borrower for the remaining amount.

Because of these logistics that are very expensive, many lenders are willing to negotiate when a client is having issues. Before things get completely out of hand, talk to the lender for a complete review of the conditions. Some can even allow you a reprieve for a few months as far as they will be recovered. However, these adjustments often come with a penalty attached to them.

 

 

Excellent tips to help you repay your loan in time

Acquiring a logbook could be really easy. Paying it on the other hand is something entirely different. Sometimes, it’s better not to take a loan at all than failing to pay one. Well, you already know the consequence of not meeting the stipulated repayment deadline. You will definitely lose your car and probably face more money challenges. That is why you need to do everything in your power to pay back your loan in time. This easier said than done though. Thankfully, you are in the right place. Below are some great tips to help you in repaying your loan before the due date.

Make use of your bonuses

In order to meet your repayment deadline, you are going to have to put your income gains into good use. Instead of buying that new gadget, why don’t you redirect your extra money towards paying your loan? In case you do a contract and happen to get a generous tip, don’t just spend it all at once. At least dedicate a part of it to your loan. Do this for every bonus you get from now on as you continue with your monthly instalments. Although it might seem difficult to let go of that extra hard earned cash sometimes, doing this will help shorten your repayment period. Try it and see for yourself!

Refinance your loan

Another great way of repaying your logbook loan is by refinancing it. There is no better way of clearing outstanding debt than by using this method. Refinancing involves taking another loan in order to pay for the first loan. The new loan now becomes what you need to pay off and is usually subject to a lower interest rate. Therefore, you eventually end up completing your logbook loan instalments and begin concentrating on another loan.

Despite all that, you need to be really careful with this method. It is usually better to refinance during the early or middle stages of the repayment period so that you can pay an overall cheaper amount in the long run. So, remember to research on other available loans even after you have taken a logbook loan.

Lower your living standards

Apart from refinancing your loan, you should also consider lowering your living standards in order to repay your loan in time. For instance, you could move to a more affordable house, especially if the loan is really taking a toll on your finances. Just think about how much money you can save on the rent. All of that can be directed to clearing your loan and free you from debt.

Moreover, you could also try to adjust your lifestyle to a lower income. Get rid of any subscriptions that you know you’ll survive without, especially online. Additionally, consider public means of transport in order to save on fuel. By adjusting your lifestyle to a lower budget, you should be able to save enough money to pay your loan in time.

Redistribute your payment

Have you ever thought of distributing your loan payment into more instalments? Note that, the more instalments you have, the less the amount you will have to pay for each. Therefore, try to break down your payment as much as possible. You could decide to make weekly payments for example. By doing so, you will have the responsibility of hassling for only a quarter of the monthly instalment you had previously chosen to pay earlier on. It doesn’t have to be weekly only. It could also be bi-weekly or tri-weekly. Just choose what you are most comfortable with. Redistribute your payment in such a way that you can pay your instalments with minimum stress.

 

How to find the right logbook loan lender

Starting a logbook loan business is not as difficult as establishing a bank. So, don’t be so surprised that there are more V5 loan lenders out there than banks. When it comes to logbook loans, finding the right logbook lender may not be as easy as you think. Since there are a number of them out there, choosing one can be quite overwhelming!  Where do you begin? What should you search for in a lender? All these are questions you should ask yourself when picking a lender. Don’t worry though. Learn how to find the right one below.

Consider flexibility

When searching for a logbook lender, you need to know how adaptable they can be to your requirements. Take this situation for example. Most loan providers require that your vehicle be less than 10 years old in order to qualify for a loan. So, what if your car is older than ten years? Can the lender adapt to your situation? You need to make sure you know this before you apply for your loan. Otherwise, you would be wasting time. Luckily for you, there are some logbook loan lenders that can issue cash for vehicles that are over ten years old. They are not even that difficult to find. You could even search online. What you want is a lender that will satisfy your every need.

Compare quotes

If you have faced a personal financial crisis before, then you should know how easy it is to make the wrong decisions. Although you might be desperate for some cash, it’s important to ensure that you make rational decisions. Yes, loans could help you out but they also have their downside too. The last thing you want is paying logbook loan at almost double the principal amount you borrowed. Therefore, you need to thoroughly compare and contrast the quotes of various logbook lenders in the market.

Thanks to the internet, you can check out some of these quotes online. Have a look at the APR’s and select the one that is most favourable to you. Additionally, remember to check the repayment period. Usually, shorter periods have higher interest rates than longer periods. However, you might end up paying more interest in the long run. So, you need to be very prudent when it comes to this.

Ask around

It never hurts to ask around for a logbook loan lender. Spread the word that you are looking for a lender. Tell your family, friends, or even neighbours. You’d be surprised at some of the references you might get. Sometimes, your network can be more valuable than you think. Perhaps some of your loved ones have acquired logbook loans before. In some cases, you could even land a better quote just because your friend or brother connected you to a lender. However, don’t just run toward any referred lender. Do your due diligence and carry out your own background check.

Make use of the internet

Thanks to innovative technology, you now have access to unlimited information over the internet. So, why not take advantage of it and find logbook lenders online? While doing this, remember to start by searching for reputable logbook lenders in the UK. Always check out the ratings and reviews. What do other customers have to say? One comment can give you a lot of information and perhaps even better references. Apart from reviews and ratings, the internet would give you access to a wide variety of quotes for you to choose from. Sometimes, you could even get your loan online and thus save time and money.