What is a Log Book Loan?
Written by admin on April 30th, 2011A logbook loan is a loan secured on the logbook of your car. If you own a vehicle, it is now possible to get a loan with your car or guarantee of safety, where the logbook as a guarantee.
How do they work?
The logbook acts as a proof of ownership of the car and the loan is secured against the property of the car.
The logbook loans can be a quick and easy way to obtain a loan. They are suited for borrowers requiring immediate funds quickly.
The logbook remains in possession of the lender for the period until the loan was repaid. The car remains in the possession of the borrower. The borrower must keep the car in good condition, and continue to cherish the road tax and ensure the car has valid insurance and MOT.
Borrowing Criteria
There are basic criteria which must be received by the borrower to obtain loan book. Namely:
• The vehicle must not be older than 8 years.
• The vehicle shall not be used collateral
• If the vehicle was used as collateral, the vehicle must be clear of all contributions.
• Taxes and insurance due on the vehicle must be paid in full before the vehicle logbook is promised to loan book.
• The vehicle must have passed the technical tests and MOT test to be eligible for loan book. British each vehicle must be tested after every 3 years in order to verify its validity.
• A loan of the borrower should be in full-time employment. He or she should have a regular source of income.
• The logbook must be on behalf of the borrower.
A logbook loans generally do not require credit checks, making it an ideal way of borrowing for people with poor credit and solvency. The loan amount will depend on the lender and the value of the vehicle.
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