Car logbook loans what are they?

Car logbook loans are short term loans acquired against your car’s logbook, which is submitted with the lender as security. A logbook is quite simply the vehicle registration certificate that is issued by the driving and vehicle licensing agency.

The logbook contains the details of the vehicle, entries about the current registration mark, owner details as well as the Vehicle Identification Number (VIN). To be eligible for this loan however, you must be a resident of the UK with at least 3 years of address history.

The car in question must also be free of finance or any previously pending loans.

Logbook loans how they work:

The best and the most important feature of car logbook loans is that a bad credit history does not matter in getting a loan. The loan is sufficiently secured on the car logbook and so those with a bad credit history can easily avail it. In times where all other types of loans are getting harder to acquire and almost impossible for those with bad history, logbook loans are a savior for those desperate fund needs.

Problematic cases like those with previous CCJ’s or even bankruptcy can avail these loans. These are relatively safer loans and the collateral is relatively lower. These loans are also fast and can easily be applied for online. All you have to do is fill up an easy application form online with certain information for lender satisfaction, who will get back to you swiftly with the terms and conditions and inform you about the required documents.

Once the paperwork is complete the lender will place a tracker on your car and the loan amount will be deposited in your account. You can continue to keep and use your car even while you pay the loan. These loans are usually repayable up to 2 years.

What they require:

The eligibility criteria for these loans are simple. The borrower should be a resident of the UK. He should be over 18 years of age. He needs to provide at least 3 years of address history and earn a regular as well as have a steady source of income.

The car should be less than 8 years old and must be registered in the UK. The logbook must be registered in the name of the borrower. The taxes and insurance on the vehicle must be paid and up to date. The car should also be free of any finance or any previous loan of any kind. Lastly the borrower must possess a currently operating bank account.

To summarize:

A car logbook loan is fast, easy and secured. It is ideal for people with urgent short-term cash needs and a bad credit history. The good thing about this type of loan is that you continue to use and keep your car, even while you pay back your loan.

The process of applying for these loans is simple and easy and can be done online. It is truly helpful for urgent and pressing fund requirement.