Logbook Loans Money Against Vehicle Logbook

Logbook Loans Money Against Vehicle Logbook

Logbook loans - money against vehicle logbook
Logbook in​ simple terms means a​ vehicle registration certificate issued by Driving and Vehicle Licensing Agency (DVLA) in​ the​ UK .​
I​ hope you​ are aware of​ the​ fact that registration document V5 popularly known as​ logbook has become invalid from July 2018 and is​ replaced by a​ new style vehicle registration certificate (V5C) .​
a​ logbook is​ valid up to​ 5 years and contains entries regarding owner of​ the​ vehicle,​ registered keeper of​ logbook,​ chassis number,​ current registration mark,​ engine number,​ model and color of​ the​ car .​
You know various means of​ borrowing .​
But,​ do you​ know you​ can borrow a​ loan by using a​ logbook .​
Yes,​ it​ is​ true,​ now you​ can borrow a​ logbook loan.
A logbook loan is​ a​ kind of​ personal loan secured against a​ car .​
a​ UK resident who has a​ logbook registered in​ their name is​ eligible for logbook loans .​
Lenders in​ exchange keep the​ logbook of​ the​ borrowers with them against the​ loan .​
Borrowers can enjoy the​ complete freedom to​ drive their car without any restrictions from the​ lender .​
Amount that a​ borrower can borrow with a​ logbook loan ranges from £500 to​ £50,​000 .​
The loan amount is​ determined on​ the​ basis of​ value of​ the​ car minus any outstanding payments due to​ be made on​ the​ car .​
Following criteria are to​ be met to​ become eligible for a​ logbook loan:-
 To be eligible for a​ logbook loan,​ the​ logbook should be in​ the​ name of​ the​ borrower .​
 The vehicle against which logbook loans are taken should be less than 8 years old.
 A borrower of​ the​ loan should be in​ full time employment .​
He or​ she should have some regular source of​ income; you​ have to​ give proof of​ your income .​

 Vehicle should be clear of​ any finance .​
There should not be any due payments on​ the​ vehicle .​

 Vehicle should must be insured and taxed .​
Vehicle against which the​ loan is​ taken should be insured as​ the​ lender wants to​ be on​ the​ safer side.
Credit score is​ considered to​ be an​ important element by lenders in​ UK while lending money to​ the​ borrowers .​
The best thing about 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 loan .​
Logbook loans can be borrowed from banks or​ financial institutions .​
But,​ if​ you​ are looking to​ get a​ fast and best logbook loan,​ you​ can apply for it​ from online lenders .​
Online loans offer the​ convenience of​ applying for the​ loan and saves time and money .​
a​ borrower can access infinite number of​ online lenders by using the​ internet from home or​ office .​
The process of​ applying for an​ online loan is​ swift .​
Lending websites usually offer an​ online application form on​ their websites,​ which a​ borrower is​ required to​ fill .​
a​ borrower just needs to​ fill up this form with some personal details such as​ borrower’s name,​ loan amount required and many other details .​
These details help a​ lender to​ find the​ most appropriate loan for the​ borrowers .​
When you​ will search for the​ logbook loans online,​ you​ will find a​ number of​ lenders who will be ready to​ offer you​ the​ loan .​
But,​ don’t get fascinated by the​ offers you​ get .​
Do a​ bit of​ search and you​ will definitely find a​ better option .​
Collect loan quotes from several lenders which are available free of​ cost or​ for nominal charges and compare them to​ find the​ best and cheap logbook loan.
It is​ amazing to​ find that besides enjoying a​ long drive in​ your car,​ you​ can also get a​ loan against your car .​
Thanks to​ logbook loans,​ now it​ has become pretty easier to​ turn your car into cash by keeping your car logbook as​ a​ security.

You Might Also Like:

No comments:

Powered by Blogger.