Logbook Loans: Loan Based On Your Car

Log Book Loans are established as the innovator of secured vehicle finance. So, what exactly is a log book loan? … The logbook loan requires the borrower to keep the logbook with the lender until the loan amount has been repaid in full.

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 chassis number, and details about the registered keeper of the logbook.

Logbook loans are the easiest way to get money by keeping logbook as security. As, Collateral for logbook loans is the logbook of your car. Anyone who has logbook loans registered in their name is eligible for unsecured loans. Depending on the lender and the vehicle, the amount of logbook loans can stretch to larger amounts. Logbook loans are available for amounts ranging from £500-£50,000.

For getting logbook loans approved the car or vehicle must be ideally less than 8 years old. Along with that the logbook must be in the name of the borrower, regular income and there must be no financial claims on the vehicle. All the Taxes and insurance due on the vehicle must be paid in full before the vehicle logbook is pledged for logbook loan.

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. However, borrower cannot save himself from the obligation to maintain the vehicle in good condition.

Logbook loans are secured on the logbook of the borrower’s vehicle therefore logbook loans is that it does not involve credit check. So, whatever may be your credit rating you need not worry, you are eligible for a logbook loan if you meet the above criteria. Problem cases such as people who have faced CCJs, bankruptcy can also apply for this secured loans against logbook loan.

You can take logbook loan for purchase of assets and consumer durables, to buy a washing machine or renovate your house, tax saving investments, higher education, vacations, emergency medical needs...in short, for any declared legal use.

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Logbook Loans: Get Cash Assistance in Lieu of Just the Logbook

Logbook loans mean that the people are using their car as an apparatus to avail the finance from a financial institution. If a borrower does not have any property to borrow a loan and an unsecured loan is charging high rate of interest which is not suited to the borrower, then the logbook loan is the best option available to the borrower.

Logbook in legal terms is the registration form V5. It has entries relating to the current registration mark, details regarding the registered keeper of the logbook, VIN or the chassis number. This loans requires the borrower should keep the logbook as collateral with the lender till the entire loans amount is repaid. However the borrower must fulfill the following basic conditions while applying :

1. Taxes, insurance and car loan amount, if any, should be paid in full.

2. The borrower should have a regular income.

3. Before the loan is approved, the vehicle should have cleared the MOT test.

4. Last but not the least; the borrower must be the owner of the logbook.

5. The vehicle has to be less than 8 years old.

Logbook loans can be approved on the same day of application and the money is also transferred to the borrower’s bank account. Online application has made it easier for an individual to apply for such loan. The advantage of a logbook loans is that there is no credit check and so if any borrower has been refused a personal loan due to bad credit history, can easily avail such loan. Maximum loan amount can be £50,000 and repayment tenure depending on the agreement between the borrower and the lender.s.

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Logbook Loans: Get Loans with Placing a Mere Logbook

Logbook means a vehicle registration certificate that is issued by the Driving and Vehicle Licensing Agency (DVLA) in UK. It is valid for 5 years and it contains the entire details regarding a vehicle. Logbook in legal terms is the registration form V5. This logbook has entries relating to the current registration mark, details regarding the legal keeper of the logbook, VIN or the chassis number. People can avail loans by using this logbook as collateral. Such types of loans are called logbook loans.

A borrower who has done the registration of the logbook in his/her name is eligible for a this loan. A borrower who does not have any property to use it as collateral and borrow a loan and cannot avail unsecured loan because of high rate of interest, the logbook loan is the best option available.

To avail these loans, a borrower has to fulfil certain criteria like:

• the vehicle should be registered in UK
• the vehicle has to be less than 8 years old
• the borrower must be full time employed and should be able to submit the
proof of their employment

• Taxes and insurance should be paid in full and the borrower must be the
owner of the logbook.

To avail such loans borrower must keep the logbook as a security with the lender until the loan is repaid. With logbook loans, the loan amount varies from £500 to £50,000 and the repayment period depends on the agreement between the selected lenders and the borrower.

Borrower can apply for these loans by online application, as it is the easiest and cheapest way to avail the loan. After approval of the loan, the money is transferred to the borrower’s bank account instantly. The best thing about such loan is that the credit record is not checked, hence, people suffering from bad credit score can also avail logbook loans without any hassle.


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