Jan 08 2015

A Few Words On Logbook Loan

Posted by admin in Uncategorized

Logbook loans are no less than a boon when you are in sudden cash crunch and immediately require considerable cash. An urgent situation demands faster loan processing and hence the elaborate conventional loans won’t be viable here. Logbook loans can be defined as short term loans that are offered with the debtor’s car as a security to the lender. Yes, you would have to own a registered vehicle here to avail the logbook loan and the vehicle and your vehicle should be free of any sort of financial obligations. Additionally, the car must possess a  valid MOT & pertinent insurance certificates.

The logbook lender won’t go through your credit history for loan approval. Thus any car owner, with any form of credit history, can seek approval for the logbook loan. You are eligible even if you had a bankruptcy history in recent past. The debtor is just required to handover the registration certificate of the vehicle in order to avail the loan. Don’t worry, even when you are into the logbook loan, you will have this right to ride and enjoy your car at your will. But in case you fail to repay the loan, the lender will have full possession over your car, sans the court order.

In regards to the loan amount for a logbook loan, there is no definite amount for every debtor. In fact, the loan amount here is dependent on your car’s valuation by the lender. Generally, the debtor is allowed to ask for up to half the valuation of the car. You can even ask for lesser to what comes as half of the car valuation amount if you don’t need that much of money. Thus, more expensive the vehicle is, higher would be the loan amount for the debtor. The logbook loan value ranges from 500 pounds to 25,000 pounds.

If you are looking for a good logbook lender, you must take to a logbook calculator website initially. These websites involve a network of several logbook lenders and will introduce you to the most compatible lender of the lot, as per your application needs.

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