Logbook Loans: and Easy Way to get Money Against Your Car
Logbook loans are financial services you can use in order to secure a certain amount of money you need for various purposes. In order to obtain a logbook loan, you will have to leave your vehicle's logbook document with the loan provider. However, you will still be able to keep the vehicle and you is as before, but the lender can, in the event that you default with repayment, sell your vehicle.
Because they don't include a credit check, logbook, or V5 loans, as they are also called, are a very sound financing option for people with bad or little credit. With this loan, they have a much greater chance of getting accepted than they would have with a standard bank loan.
In addition, logbook loans are also very quick to obtain. In most cases, after getting a free and non-obligatory quote from the lender's website, and apply for a loan, the lending company will let you know very shortly (usually 15-30 minutes) whether your loan application is approved or not. Finally, if you are accepted for the loan, the money you requested will be deposited on the bank account you provided in your application.
In order to be eligible for the logbook loan, you have to meet certain criteria:
- You have to live in United Kingdom
- You have to be employed or can prove that you have a regular source of income otherwise
- You have to be at least 18 years old
- You need to have a valid account in an UK bank
- You have to be the legal owner of the vehicle whose logbook registration document you want to put up as a collateral against this loan
Also, when it comes to the vehicle, not all will be accepted as suitable by the loan agency. As such, your vehicle needs to
- Be free of other financing
- MOT-cleared (this determines whether the vehicle is “road-worthy")
- No older than 7 to 10 years, depending on the lending company's requirements
Logbook loans are a quick and easy way to secure between £500 and £50000 on your car. With it not requiring too much paperwork (you still need a proof of identification and address and some papers to show that the car is legally yours, insured, taxed and MOT-cleared) and allowing you to get money for any purpose in less than 24 hours, logbook loans are an excellent option if you can't wait long.