Tag Archives: logbook
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.
Secured loans against car: Quick accessibility of funds
Do you want to access sufficient cash support? Have important financial requirements to fulfill? Do you have car under your name? You must be wondering what a car can do when you are in a situation of financial crunch. Today financial lenders have introduced the wonderful provision of secured loans against car in the market. Under these loans you can fetch sufficient cash assistance by using your car papers as a security to the lender against the loan. This will help you to carry out your important financial desires suitably on time without any obstacle.
As the name implies, these loans are secured against your car. Here you need to put your car logbook as a security which contains details of your car like VIN number, engine or model number, chassis number, registration mark, name of the owners etc. The most prominent feature of Car Logbook Loans is that you can have the pleasure of driving your car anywhere you want without any restriction even after the approval of your loan. However, maintenance of car should be totally your responsibility.
To qualify for secured loans against car you need to fulfill some basic terms and conditions that are given below:-
– Your age must not be less than 18 years – You must have permanent employment with stable income flow – Your car must be less than 8 years old – Your car must be clear from all financial dues – You car must be taxed and insured – You must have logbook in your name
After meeting the above conditions, you are free to borrow funds varying from £500 to £50,000 for a suitable time period of 5 to 7 years. The granted loan amount can be used to meet your several unavoidable needs such as paying off number of debts, wedding expenses, organizing a party, higher education of your child and so forth.
Use the most feasible online mode to apply for secured loans against car with ease and comfort. Due to stiff competition between various online lenders the interest rate may vary. To grab a cost-effective loan deal a careful online research is recommended.
Thus, avail car logbook loans right now to fetch suitable finance for your essential needs by using your car logbook as a security against the loan.