If you want to get credit, whether it is for a holiday or debt consolidation, but you cannot secure it against a property, you may want to think about the range of options around loans given with car as security.
If you own your own vehicle, there are options for you to borrow money using your car as security. This means that if you fail to keep up the repayments on the loan, the lender will be able to seize your car as payment.
Loans given with car as security generally require to car to:
- Be less than 8 years old
- Be clear of any finance
- Have insurance
- Be properly taxed
- Have an up to date MOT certificate