You are probably reading this stuck at home right? The lockdown is all around us. You’ve binge watched Netflix. You’ve done some home improvement. Now what? Well, if you are like lots of people you’ve done some worrying about your finances. No one knows how long this pandemic is going to last – not even the experts. No one knows either what kind of shape the economy – and your job security or prospects – are going to look like after it ends.
What you should think about is to get safe and reliable lockdown cash now, with a car loan.
If you are lucky you might have savings – but a lot of us Americans don’t have that much and plenty of us don’t have any.
So maybe with your cash starting to run low and credit card starting to max out – and with no idea how things are going to go – here’s a great tip. Get a lockdown loan on your car. It’s a great idea and safe too. Read on to find out why.
Why Car Loans are a safe Lockdown idea
If your savings are draining away, or your credit card is getting towards it’s limit, then you are going to need some cash. Spanish Flu – the last thing that happened that was anything like Coronavirus took nearly two years to fully die out. Yes, this will eventually end – but we might be in for a long haul.
Payday loans aren’t a great idea right now for anyone who isn’t getting a payday. If you don’t own your home, you can’t get a loan against that. If you do own your home, you maybe don’t want to get a loan against that – at least not yet. So the most valuable item you have that’s next in line is a car. In fact, if you are in a couple, chances are you might have two cars. Some families even have three or more.
Other than trips to buy food (which you can have delivered anyway) you probably are not using your car anything like as much as before the virus hit. Yes, you maybe still need some transport now and will need it when things get better. But you are not getting the same value from most cars now that you were pre-lockdown. In fact it is a potential cash drain. Don’t even think about selling it though – not only are the logistics terrible the chances are you’d get a bad price. In fact, it’s a bad time for selling lots of items, as the market has an oversupply of people wanting to sell.
So, a lockdown car loan is a safe way to raise cash fast and might make a lot of sense to you.
Lockdown Car Loans 101
Lockdown loans using cars as collateral are sometimes called lockdown vehicle equity release loans and are a special form of logbook loans.
They are a safe and practical new idea so that people can avoid running out of cash or not need to go through the hassle of trying to get loans from reluctant Banks.
Reputable lenders like loanonyourcar.com don’t ask for your logbook and don’t need spare keys. The whole process in lockdown is online as well, which is practical and hassle free.
You contact them with your personal details and the full details of the car you want to use, then work out with them what amount of money you want to borrow and how long you want to borrow it for.
Like any and all loans, it’s important that you only borrow what you can reasonably afford to pay back. It’s important to keep your finances safe that don’t overextend yourself by borrowing too much. However the good news is that the amount you borrow can have a variable repayment length – in the case of loanonyourcar.com that is likely to be between 18 months and 60 months. Whatvere happens with Covid 19, that is more than plenty of time for you to get safely back into financial good health.
According to EveryInvestor, early payments are allowed, which is important (and you should be careful not to get into schemes from vendors that don’t allow this if you are going to be in a position to clear your payments early). That means you won’t be getting anxious about being locked into a fixed timeline of repayments that you can’t get out of.
Another safety feature is that you don’t have to go through a formal credit history check, which is another area you might want to avoid. So there’s no hassle sitting around waiting, which is stressful as you watch your cash drain away, or worrying about the safety impact on your credit rating.
Of course, all loans need repayment, so it’s important anyone using this type of loan is reasonable on the amount you borrow.
If you have been temporarily laid off from a company and own your car, you are definitely a good match with this scheme.
It’s also a good match if you are self-employed or running your own business and you own your car (or more than one car). What’s more, if you are self-employed or running a business, this one will allow you – when things start to improve – to restart, as you won’t have burnt up any savings.
Finally, if you have more than one car in your household – or a surplus car you’d frankly be missing a trick, if short term cash is a problem – if you didn’t take a look at a lockdown car loan for that surplus vehicle.
So, there is really no need to sit around while lockdown is in place, getting anxious about your money, if at the same time you have something as valuable as a car, sitting in your garage or outside and pretty much doing nothing.
So, this is a great time to check out if a safe lockdown car loan, makes sense and then take some positive action.