Log book loans and selling are not the only ways to get cash from your car. Many log book loan services allow you to pawn your car as well. This is a little different than a log book loan because you are borrowing money based on the value of your car. Your car must be worth a certain amount to be eligible, and this amount can vary among different loan offices. You will still maintain ownership of your car, but it will be securely locked away in a storage facility until the loan is paid back. You can call, apply online, or visit the office in person to pawn your car.
In order to get cash from your car by pawning it, you will need to prove that you are over eighteen years old and that you are the owner of the car. Your car must be completely paid for, and you have to live in the UK in order to qualify for pawning your car. These requirements are in place to keep everything legal. Minors cannot legally enter into contracts, which is why you must prove that you are over eighteen. You do not fully own a car as long as it is financed through a bank, so this is why you cannot pawn financed vehicles.
Getting cash from your car by pawning it requires the same items that getting a log book loan does. You will need your car’s original log book, not a copy. You will also need to bring its MOT certificate and proof of insurance. A copy of your driving license or passport will also be necessary to prove your identity. You will also need to bring two of your past utility bills, but they cannot be older than three months. You should also be aware that the loan company might ask to keep your spare car key for the duration of the time your car is pawned.
Whatever your reason for needing cash from your car, be sure that you are dealing with a reputable company. Do plenty of research before you act, and you should be fine. You do not have to worry about the loan company asking questions about what you need the money for. They care about your privacy, and therefore they will not ask you why you want a loan. They will also protect your personal information. Just be sure you have another way to get around while your car is in the storage facility
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