Tag Archives: vehicle
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.
A Car Loan With Bad Credit – What Is It
Searching for an automobile loan when your credit is perfect is normally a piece of cake. Primarily you have the world of all car dealers within the palm of your hand. However, if you’re planning on looking out for any type of car loans with bad credit or are searching for a bankruptcy auto loan, it becomes much more difficult. You see, your credit score is the number one factor that loan originators will look at before they make a decision to loan you the cash or tell you you cannot have a loan your credit score is too low.
But, do not begin getting too exited yet. If you happen to have some ‘fair’, ‘bad’ or ‘poor’ credit as the lenders wish to call it, you still have several options to get yourself a vehicle loan. On the other hand, finding yourself a good car loan with bad credit is completely going to require some extra time since you’ll have to do some further researching and submitting more forms before you’ll find the one that you’re most comfortable with.
Most of the time the car loans depend on the applicants capability to pay the borrowed amount. Vehicle loans also rely upon the information that the applicant should have a good credit history. Deficient credit occurs when someone will not take his/her bank account seriously. There are a number of reasons why an individual could end up having rotten credit that finally results in him/her being rejected for automotive loans.
When an person submits for a car loan with bad credit he is apt to have a credit check. The creditors go through their past records to determine if bills are paid on time and if there have been important transactions made in their bank accounts. In the meantime if the person decides to apply for a mortgage throughout this period the pending inquiry would leave the creditors unsure whether or not he/she has been approved or rejected hence frequently putting off the creditors and being rejected for car loans.
The good news is that substandard credit is repairable and several individuals with rotten credit get approved for autoloans. A lot of often than not individuals with inferior credit will consult experts and acquire guidance to repair flawed credit. Moreover there are a lot of financial establishments which offer a car loan with bad credit to individuals with flawed credit history. These establishments also have definite auto types for specific sorts of applicants and provide them an idea of what kind of arrangement they’ll be approved of. With this data the applicant will select from the list and choose what type of car he/she would purchase.