Log Book Loans are the trend setters of secured vehicle finance. This requires the borrower to keep the logbook with the lender until the loan amount has been completely repaid. Logbook is the document issued by Driver and Vehicle Licensing Agency (DVLA). Logbook has several entries about the vehicle relating to the current registration mark, VIN number or the number, and details about the registered keeper of the logbook.
These loans demand logbook as security and hence it is easier to get money. Collateral for logbook loans is the logbook of your car. These loans are available for amounts ranging from £500- £50,000.While the car or vehicle may continue to be in possession of borrower, it is the logbook that is kept by loan provider for the period until which loan is repaid. Anyhow, the borrower must maintain the vehicle in good condition. Credit checks are not involved in this deal.
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