Cash4MyCar Review

Cash4MyCar is owned by the TGS Pawnbrokers group and as such offers you the option of pawning your car instead of taking out a logbook loan on your vehicle.

The difference between pawning your car instead of taking out a logbook loan is that if you pawn it, the car is locked away until you make the final payment. With a logbook loan you hand over the V5 but get to keep the car over the loan period – unless you fail to repay the loan of course, in which case the car is taken and sold to repay your outstanding debt.

So why pawn your car instead of taking out a logbook loan? The main advantage is that you will be able to borrow more money because they have your car locked away as security. They don’t need to add the extra costs should they need to chase you down, repossess your car etc. should you fail to repay the loan.

The downside of course is that until you make the final repayment you no longer have your own transport to get around in so which option you choose would be down to your own personal circumstances but by using Cash4MyCar you at least have both options of raising some emergency cash.

Here’s how Cash4MyCar works:

Simply apply online via the Cash4MyCar website and someone will call you to discuss your requirements and the repayment schedule or call into a TGS Pawnbroker branch. TGS Pawnbrokers have high street branches in Holloway, Acton, Fulham, Tooting, Whitechapel, Harrow and several other London boroughs.

If you are over 18, a UK resident, your car is finance free and less than 9 years old (for a logbook loan) you can apply for a loan from £500 up to £50,000 from between 1 and 7 months.

If you decide to pawn your car you will need to leave it with them and they will require your spare key. Whether pawning your car or taking out a logbook loan you will also need to take along:

• The original logbook (V5)
• Photocopies of your MOT, insurance, driving licence or passport
• 2 recent utility bills

Our Cash4MyCar Review

Cash4MyCar is definitely another option for you to consider if you live within the London area. They will even make you a cash offer for your car which increases your options of raising money with your car even further.

Their terms for a logbook loan are not excessive when compared to other lenders, whilst pawning your car is an option most of the other lenders won’t be able to offer you.

Having your car locked away in a secure location for a month or two might not be too appealing but it will release more funds than a standard payday or logbook loan and in a time of crisis, this could be just the option you need.

You can visit the Cash4MyCar website to get more information on their logbook loans and pawnbroker options by clicking here.