Logbook Loans – The Easy Way To Get Cash From Your Car’s Logbook

So, what exactly is a logbook or even a log book loan?

A logbook is a form of vehicle registration certificate issued by Driving and Vehicle Licensing Agency (DVLA) in the UK. A logbook is valid for 5 years and contains various entries regarding the vehicle’s owner, registered keeper of the logbook, chassis number, current registration mark, engine/chassis number, model and colour of the car.

A logbook loan allows a borrower to receive £500 to £50,000, and requires the borrower to let the lender retain their logbook until their loan has been repaid. In other words, logbook loans are the easiest way to get money from your logbook.

The loan amount depends on the market price of the vehicle. In general, the loan amount can be anything up to £50,000. The loan amount also depends on the fact whether the car is new or used and the borrowers' repaying ability.

The rate of interest depends on the amount borrowed, and may also vary from lender to lender. To get the cheapest loan rates, it is a good idea to get loan quotes from at least several lenders. Some lenders offer rates without any fees at all. The loan term depends on the loan amount, and may vary from 3 years to 5 years.

Car logbook loans are offered to the borrowers who meet certain criteria. The main requirements are stated below:

Borrowers should have a permanent full time fixed job and income, a bank account and proof of ID. You must have a full time employment and you may require submitting details regarding it. The vehicle must be less than 8 years old. The vehicle must be insured and taxed. The vehicle must be clear of any finance or other loans.

If you meet the above criteria, the loan is approved within the same day if you need it quickly.

Another important factor of logbook loans is that your credit history is not checked as the loan is basically insured on your vehicle. The loan amount is approved after deducting any outstanding finance on your vehicle.

Logbook loans are also offered by online lenders, so you have the ease in searching an optimal lender. You must be timely in repayment of the debt otherwise lender may take possession over your vehicle.

Log Book Loans have been established as the number one lender in secured vehicle finance for many years.