How a Car Loan will get you through Lockdown

Celebrities around the Globe are sitting at home right now, getting their hit of attention on social media but also watching their money drain away.

Sports celebrities have no sport. None. DJs have no parties to DJ at. It could be a very long time before they do again. Musicians can perform at home as much as they like but have no money coming in from touring. Actors have no money coming in from acting. Even Celebrity politicians can’t get cash from special appearances – poor things.

What they – and all of us – should think about is to get safe and reliable lockdown cash now, with a car loan. 

They might have all savings but no one knows when the world will get back to normal – or even what ‘normal’ will be. We are all in this lockdown together.

So, you are sitting at home too, maybe with your money starting to run low and with no idea how things are going to work out. Here’s a great tip. Get a lockdown loan on your car. It’s a great idea and read on to find out why.

Why Car Loans are a great Lockdown idea

As your savings drain away, at some point you are going to need some cash. No one knows how long the lockdown will last. Just putting it out there right now that the last time the world had something like Coronavirus was roughly 100 years ago with Spanish Flu. That took nearly two years to die out. Yes, you read that right. Two years. Now we aren’t doom-mongering here – this will all end – but we all need to hunker down for a long haul.

Ok, so what’s the most valuable item most people have, leaving aside if they are lucky enough to own a flat or house? It’s a car, right? In fact, if you are in a couple, chances are it is two cars. If you are living at home it might even be more than two cars.

How much are you using your car right now? Yes, you maybe still need it now and will maybe need it when things get better. But you are not getting the same value from it now that you were pre-lockdown.

So, a lockdown car loan might well make sense to you. Let’s take a look a good example of a car loan during lockdown from loanonyourcar.com

How Lockdown Car Loans Work

Lockdown loans using Cars are sometimes called lockdown vehicle equity release loans and are a special form of logbook loans.

They are a clever 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 loan process lockdown online as well, which is ideal for lockdown.

You contact them with your details and the details of the car you want to use, then work out what amount of money you want to borrow and how long you want to borrow it. Like any loan, it’s important that you don’t overextend yourself but the good news is that the amount you borrow can have a variable repayment length – in this case, you are looking at between 18 and 60 months, which is plenty of time for you to get fully back on your feet and for the virus to fade away.

Early payments are allowed, which is important (and you should be careful not to get into schemes that don’t allow this if you are going to be in a position to clear your payments early). That important point means you won’t be worrying about being caught into a fixed timeline of repayments that are far too slow for your situation. We all have enough to deal with now already – right?

On the subject of peace of mind, you don’t have to go through a formal credit history check, which is another hassle you might want to avoid. So there’s no need to be sitting around waiting, which is stressful, or worrying about the impact on your credit rating which is also stressful.

If this all sounds too good to be true – it’s actually OK to go ahead with this scheme, so long as it is the right thing for your circumstances.

To find that out. Let’s now look at “is this right for me”.

Who will benefit from a Lockdown Car Loan

All loans need repayment one way or another, so it’s important anyone using a lockdown car loan is sensible on the amount they borrow.

So, with that in mind, who is going to benefit from this kind of scheme? Here are the top three situations that fit the bill

  1. You are on furlough from a company and own your car and need some short-term cash

Lots of single people or people living in couples are not working right now but have not been made redundant. The Government, in theory, has made cash available but that’s going to take time and there are still bills to pay. You are definitely a good match.

  1. You are self-employed or running your own business and own your car and need some short-term or mid-term cash

Lot’s of self-employed single people or people living with partners are also not working right now and don’t know when they can re-start their business. You are also definitely a good match.

What’s more, if you are self-employed or running your own business a loan against a car might well make sense to allow you to restart what you were doing, or even start up something new. 

  1. You have more than one car in your household

You might be single, living in a couple, living at home, etc. and for whatever reason, you have a surplus car (or can manage right now with fewer cars). In this case, you’d frankly be crazy – if short term cash is an issue – if you didn’t take a look at a lockdown car loan.

So, that about wraps it up. Don’t sit around in lockdown worrying about money at the same time you have something as valuable as a Car, sitting outside and mostly doing nothing. Check out a lockdown car loan like the ones from loanonyourcar.com  and see what the possibilities are.  

Written by Monella