Logbook Loans - Use Your Car For Availing Easier Finance
- Date: 2007-04-17 - Word Count: 366
Share This!
If you do not have property to take loan against and an unsecured loan also is not suited to you, then the best considered way to avail finance is to opt for logbook loans. Taking a logbook loan simply means that you are using your car as an instrument to avail finance. The logbook of your car serves the purpose of security in taking logbook loans. Logbook contains all necessary details about a car like its registered keeper, owner, the car's registration number, engine number, car model, its color etc.
For offering logbook loan, the lender keeps the logbook of the borrower's car as security of the loan. The logbook is returned only when the borrower has completely paid back the loan amount. As far as the use of the car is concerned, the borrower can continue to drive the car without any restrictions from the lender. You can easily borrow an amount ranging from £500 to £50000 as logbook loans. However you would be usually approved an amount that is below value of your car, minus any outstanding payments on it. So before approaching to the lender know current market of your car and make efforts to pay off any loans on it if you want to avail greater amount of logbook loan.
Main requirements of logbook loans are that the logbook should be in the name of the borrower, the car should be less than 8 years old and it must be insured and all taxed on it should be cleared. Also note that a logbook is valid for up to 5 years only.
Logbook loans do not require any credit checks on the borrowers. This is because the logbook has secured the loan for the lender. So all people who have credit related problems like late payments, arrears, county court judgments and payment defaults are approved logbook loans without running a credit checks on them.
You can apply to the banks or financial institutions for logbook loans. but it is advisable to apply to an online lender who is equipped for approving logbook loans faster and without any fee. But make a good comparison of different lenders so that you make a suitable loan deal.
For offering logbook loan, the lender keeps the logbook of the borrower's car as security of the loan. The logbook is returned only when the borrower has completely paid back the loan amount. As far as the use of the car is concerned, the borrower can continue to drive the car without any restrictions from the lender. You can easily borrow an amount ranging from £500 to £50000 as logbook loans. However you would be usually approved an amount that is below value of your car, minus any outstanding payments on it. So before approaching to the lender know current market of your car and make efforts to pay off any loans on it if you want to avail greater amount of logbook loan.
Main requirements of logbook loans are that the logbook should be in the name of the borrower, the car should be less than 8 years old and it must be insured and all taxed on it should be cleared. Also note that a logbook is valid for up to 5 years only.
Logbook loans do not require any credit checks on the borrowers. This is because the logbook has secured the loan for the lender. So all people who have credit related problems like late payments, arrears, county court judgments and payment defaults are approved logbook loans without running a credit checks on them.
You can apply to the banks or financial institutions for logbook loans. but it is advisable to apply to an online lender who is equipped for approving logbook loans faster and without any fee. But make a good comparison of different lenders so that you make a suitable loan deal.
Related Tags: secured loans, personal loans, debt consolidation loans, bad debt secured personal loan, logbook loans, personal debt consolidationl loan
James Taylor holds a Master's degree in Commerce from JNU. He is working as financial consultant. To find debt consolidation loans, logbook loans, bad debt secured personal loan, personal debt consolidationl loan, personal loans that best suits your needs visit www.chanceforloans.co.uk Your Article Search Directory : Find in Articles
Recent articles in this category:
- Payday Installment Loans: Ideal Funds That Supports Your Impending Needs
Any impending monetary crisis will be tough to deal with, if you are not having adequate funds. Neve - Educational Loans -helps To Secure Bright Future
Education is said to be the most important thing in ones life. It not only helps to improve the stan - One Hour Payday Loans No Faxing - Fastest Option Of Acquiring Money
Nowadays, loans have become a common thing among the UK people as needs are rising while the salary - Tenant Loans - Instant Monetary Support For Non Homeowners
Are you looking for an unsecured financial help that does not demand security to place against the r - Payday Loans No Faxing - No Verification And Delay
So many times, the approval of the loan gets delayed due to the lengthy paperwork and documentation. - Bad Credit Car Loans -helps You Finance A Car
Are you in need of a new car? Here bad credit car loans can offer you finance as you need. Perhaps y - Logbook Loans - Friendly Deal For Car Owners
Everyone knows that logbook is a paper issued by driver and vehicle licensing agency. This important - Same Day Loans For People On Benefits - Quick Money For Instant Financial Hold
Urgent and unpredictable demands might arise at times when you are not financially prepared. To deal - 3 Month Payday Loans - Feel Free With Longer Repayment Option
Are you looking for the loan that can give you small cash, but for longer duration? Are you worried - Loans For Bankrupt People - Look Forward For Financial Stability
Financial acronym or injury and inability for reimbursement to the concerned are known as insolvency
Most viewed articles in this category:
- Unsecured Personal Loans - Loan for the Common Man
Loans can broadly be divided into two types - unsecured loans and secured loans. Secured personal lo - High Risk Unsecured Personal Loans at Nominal Interest Rate
Today, unsecured loans gave grabbed the market as more and more people are opting for it. The loan m - Personal Loans-Don't Suppress Your Financial Needs
Personal loans can be segregated into a secured and an unsecured loan option. If you are a homeowner - Take the Loan; Show No Reason
If you are in need of a loan and want to utilise it for any purpose without showing the reason to th - No Compromise With Your Pleasure, Have Your Own Car
On a fine morning, you get up to see the sun shining brightly in the sky, leaving the world bathed i - Subsidized And Unsubsidized Student Loans!
These loans carry different loan terms and different requirements. According to the student situatio - Interest Rate: The Key Factor on Car Loans!
There are such wide variations in APR between lenders that you can end up overpaying on your car loa - Fight Against Tight Financial Situation With Personal Loans UK
It is always better to prepare yourself for unforeseen or unexpected expenses. If you are not born w - Advantages And Disadvantages Of Lack Of Security On Loans!
The unsecured nature of these loans attracts tenants but homeowners as well. However, in order to de - Unsecured Personal Loans-A Loan Everybody Is Eligible To Procure
Unsecured personal loans cater to urgent day-to-day financial requirements, and have become very pop