Log Book Loans

What is a log book loan?

A log book loan is a loan secured on the log book of your car. If you own your vehicle it is now possible to obtain a loan by using your car a security or collateral, where by the log book acts as the collateral.

How do they work.

The log book acts as proof of ownership of the car and the loan will be secured against ownership of the car.
Logbook loans can be a fast and easy means to obtain a loan. They are suited for borrowers requiring immediate of fast funds.

The logbook remains in the possession of the lender for the period until the loan has been repaid. The car remains in the possession of the borrower. The borrower must keep the car in good condition, and continue to pat road tax and ensure the car has valid insurance and MOT.

Borrowing Criteria

There are basic criteria which the borrower must reach to obtain log book loan. These being:
The vehicle must not be older than 8 years.
The vehicle should not be already used collateral
If the vehicle had been used as collateral, vehicle should be clear of all dues.
Taxes and insurance due on the vehicle must be paid in full before the vehicle logbook is pledged for logbook loan.
The vehicle must have passed the technical test/ MOT test for being eligible for the logbook loan. Every British vehicle has to undergo a test after every 3 years to check its worthiness.
A borrower of the loan should be in full time employment. He or she should have some regular source of income.
The logbook must be in the name of the borrower.

A log book loan usually do not require any credit checks, making it an ideal means of borrowing for people with adverse credit and poor credit ratings. The loan amount will depend on the lender and the value of the vehicle.

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log book loans information

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Tags: log book loans , logbook loans , loan

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