Logbook Loans - A Quick And Easy Personal Loan

A log book also known as a vehicle registration document V5, is issued by the Driver and Vehicle Licensing Agency (DVLA). The log book has entries about the vehicle including the current registration mark, VIN or chassis number, and details of the log book’s registered keeper.

Did you know that the logbook of your car could help you get a loan? The good thing is that the borrower retains the use of the car, i.e. the borrower can continue driving the car, and only the car’s logbook is retained by the lender.

Logbook loans do not need a credit check. Borrowers can have logbook loans even when bad credit tarnishes their credit rating. Even people who have previously been refused loans because of a poor credit history can apply for a logbook loan.

The amount that a borrower can receive for a logbook loan ranges from £500 - £50,000. This amount is available immediately after the loan application is made, and be in as little time as a few hours. Logbook loans are also preferred for the speed of application.

The main requirements are:

• The vehicle whose logbook is being used for getting the log book loan must be less than 8 years old and in good condition
• The vehicle must be clear of any finance, for example car loans
• The vehicle that is must be fully MOT’d, taxed and insured
Any unpaid loans or finance on the vehicle may lessen the borrower’s chances of a successful logbook loan application
• The borrower must have a regular income, as this ensures that the borrower is able to pay the logbook loan on time
• The logbook must be in the name of the loan applicant. This is similar to proving the ownership of a property before applying for a mortgage

Just as with normal secured loans, the loan provider has the rights to repossess the vehicle if the repayments are not made on time, or the borrower defaults on their loan. However, most lenders have flexible repayment plans and understand that some customer’s may have short term financial difficulties.

For a quick and easy personal loan, why not try logbook loan >>>