Logbook Loans: Loans Of Secured Features Sans Any Security

by Scarlette Riley - Date: 2008-06-26 - Word Count: 319 Share This!

Logbook loan is a sort of personal loan which is secured against your car. Logbook means a vehicle registration certificate issued by driving and vehicle licensing agency. This is a secured loan with the satisfaction of approval of the unsecured loan.

These loans are secured by placing the logbook of the borrower's vehicle with the lenders as collateral. Logbook is actually the registration form V5, previously called DVLA. This logbook has entries about registration mark, details about the legal keeper and VIN number. This logbook stays with the lender till the loan amount is repaid. But the borrower can enjoy every inch of the vehicle and as he wishes. There is no indulgence on the lender's side.

Bad credit holders are eligible for a logbook loan. It has no credit check. Those who are denied other loans and are owner of a logbook can easily procure such loans. There are lenders who render the loan even when all the criteria to get the loan do not match.

The basic criteria for eligibility:

1. The car you want to own must not be more than 8 years old.
2. The car must be free of any loan or finance unpaid other than this loan.
3. The taxes and car insurances must be paid fully before applying for the loan.
4. MOT test should be passed by the car in order to apply for the loan. Every car should go for this MOT test in every 3 years to get a safe certificate to ride the car.
5. The borrower must have a regular and fixed income.
6. The logbook entry will be in the name of the borrower to get a logbook loan on the same car.

The amount you can borrow is 500 to 50000. The amount depends on the car you want to place as security. Online loans are faster and loan amount is transferred to your checking account within few hours. A good shop around can get you a good loan deal.

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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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