Logbook Loans: Convenient And Beneficial Monetary Option

by Karen Wardman - Date: 2008-07-06 - Word Count: 300 Share This!

Logbook loans are one of the easiest ways of getting short term loans in UK. They are simple and very easy to get. If you have a vehicle registered under your name and that has a valid logbook, you can apply for that loan. They are secured vehicle finances.

Logbook is issued by the Driver and Vehicle Licensing Agency (DVLA) of UK. The document is related to your vehicle which may be both commercial and private. The document has several entries about the vehicle such as the current registration mark, the chassis number, the VIN number and the details about the registered keeper of the logbook.

To apply for a logbook loan you will have to keep the logbook of your vehicle with the lender till you repay the full loan amount. The lender keeps the logbook as security for their money. You can apply up to 50,000.00; the loan amount again varies from lender to lender.

The basic criteria which need to be met for the loan application are:

The car should be registered in UK
The car should not be older than 8 years.
The name of the applicant should match with the owner's name in the logbook
There must not be any financial claims in the vehicle.
The taxes and insurance dues must be cleared for the vehicle.
The applicant should be above 18 years of age.
The applicant should have a regular income.

After the loan gets sanctioned the owner can still use the vehicle as long as he is paying the monthly repayments. It is the duty of the borrower to maintain the condition of the vehicle.

The Logbook loans are secured loans and hence no credit checks are done before sanctioning the loan amount. People who have faced CCJs and bankruptcy can also apply for this loan. The funds can be used for any reason.

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Scarlette started on a horse back and had a few falls herself. Therefore, she knows Financial decisions are to be made after considerable thought and backed by good financial understanding. To find unsecured loans for logbook , secured vehicle finance visit www.logbookloans.org.uk

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