Tag Archives: logbook loans
Car Logbook Loans- Substantial Monetary Aid For Car Owners
For those who are not comfortable with the idea of pledging their home as collateral against a loan can make the most of car logbook loans. Pledging of collateral is mandatory when you are applying for car logbook loans. It is a loan that you can obtain by just offering the logbook of your car to lender. Lenders will keep the logbook of your car until you repay back the loan completely. In the meantime you can drive your car as usual. This is a wonderful financial aid that offers you hassle free financial assistance to remove your small fiscal shortfalls without any delay.
To qualify for these loans there are few eligibility criteria that needs to be fulfilled. You must be a permanent citizen of UK, the vehicle should be registered in your name and the car should not be more than 10 years old and should be free from financial claims and insurance dues. Meeting these simple criteria will help you get the cash you need against these loans at the earliest.
You do not have to bother about bad credit factors such as insolvency, foreclosures, skipped payments, late payments when applying for logbook loans UK. Lenders will never disapprove your loan request on the basis of your credit scores. Thus, even if you are tagged with unfavourable credit score you can avail this loan opportunity.
Go online and collect loans quotes from different lenders specialised in offering car logbook loans. Collect the free quotes and then compare them. This will help you to search for the best loan deal suits your terms. The application form is absolutely free and puts no obligation on applicants. Moreover, online application does not take much of your time and the approved money will be directly deposited into your checking account in quick span of time for your easy access. Check out the feasible financial deal to remove your fiscal worries.
To apply for logbook loans you do not have to do lots of time consuming paperwork. Less formalities and online application makes these loans an ideal solution to deal with any unexpected emergencies.
Pledge Your Prize Possession And Attain Higher Amount With Logbook Loans
Larger chunk of UK who own vehicles are still looking for ways to crackdown the financial short comes. They are not even aware that their most precious possession can get them good cash or loans at the time of emergencies. People are not aware of the fact that the logbook of their car can convert their dreams into reality.
However, logbook loans are very much popular amongst many vehicle owners in the UK. The borrowers are not required to worry about their car as it can be used simultaneously.
A logbook is a legal document or a registration certificate issued by the Driving and Vehicle Licensing Agency (DVLA) in the UK. It contains information of the owner of the vehicle, chassis number, registered keeper of logbook, current registration mark, engine number, color and the model of the car. Hence, the amount borrowed against the logbook of a vehicle is known as the logbook loans and are often considered as the origin secured loans.
With the heavy effect of recession people are not able to borrow amount to meet their financial demands. The exacerbating economic condition has already pushed masses towards bad credit record. Therefore, looking at such circumstances, owing a car is like a blessing in disguise.
However, along with its brilliant service logbook loans are also backpacked with several things that are needed to be taken into consideration. They are as follows:
- The approached financial lender tends to offer the amount up to 50% (sometimes even more) of the trade value of the car.
- The prepared credit agreement and bill of sale is signed between the chosen lender and the borrower.
- Thereafter, the ownership of a car is transferred into the hands of the lender.
- The lender also carries all original documents that belong to the vehicle. It generally contains the insurance certificate, MOT certificate and the V5 registration document holding detailed information about the owner.
However, by pledging the logbook of the car, the borrower are provided with an amount ranging from £ 500 to £ 50, 000, it solely depends on the value of the car of the borrower. Thus, such a huge amount can be used to overcome any purpose such as debt consolidation, clearing bills, renovating homes.
Nevertheless, in order to get through the process of logbook loans, the borrower is required to fulfill the eligibility criteria which is decided on certain grounds. Such as:
- The logbook of the car should be in the name of a borrower.
- The vehicle should not be more than 8 years old.
- The borrower should be a full time employee and should carry handsome salary.
- The vehicle should not be held by any payments and should be cleared from any other side finances and
- The pledged vehicle must be insured and taxed before hand.
However, the amazing part of such borrowing is that it does not demand any kind of credit verification and also caters borrowers holding bad credit profile. Whereas, to be on a safer side, the lenders demands the borrower to fill up an income and expenditure form which determines the repayment capability of the borrower.
Logbook loans are also provided through online mode which further makes the whole process of application and approval much easier, simpler and faster.
Therefore, this type of borrowing enables the borrower to fulfill their dreams with such a huge amount.