Logbook Loans: Introduction
Logbook loans are loans given in lieu of the logbook of the vehicle you own. A logbook is a bunch of documents authenticating your ownership over the vehicle issued by DVLA U.K. (Driving and Vehicle Licensing Agency).It contains all the details like cassis number, engine number, color and model number, current registration mark. It has been introduced in recent times but is gaining in popularity because logbook loans provide all the augmented advantages of a secured loan without necessitating any collateral as such.
Logbook Loans: Obtaining it
You can avail these loans quite easily as the U.K. loaning market is flooded with the lenders offering them. However a little research will enrich your information which will help you know all sorts of variations. Internet is the best medium as you get everything at the convenience of being at home or office. This way you save time as well as some money which might get spent while commuting.
Logbook Loans: Eligibility
As the loan is provided based on nothing but a logbook so to ensure the proper recovery of their amount lenders ask some criteria to be fulfilled .They are as following:
•The vehicle regarding the logbook should be as old as 8 years.
•The vehicle should have cleared the MOT test conducted every three years.
•There should not be any financial constraints remaining viz all the taxes, loans taken on vehicle and insurance installments should have been timely paid.
•The vehicle should be in name of the borrower.
•The borrower is required to furnish some proof like bank statements; salary slips etc. to project his repaying capability.
Logbook loans: vital stats
You can procure anything between £500-£50000.This can go up and depends on your credit history, repayment potential and varies from lenders to lenders. The rate of interest is affordable and can be negotiated. Repayments are flexible and easy to manage. However it is advised to exercise discipline in repayments to avoid any future embarrassment. Regular repayments help you improve the credit rating.
Logbook loans: summary
Logbook loans are the in and happening thing in loaning arena. They are the hybrid of secured loans and personal loans where in you need to place the logbook of your vehicle as collateral and drive the concerned vehicle at your wish.