Your car or any vehicle is not just a driving pleasure but is a tool for getting a loan as well. And while you can take a loan against your whole of the car, there is even better option in the form of logbook loans which are approved against the logbook of the car. Logbook loans are considered as fast loans. This is because there is no minute valuation of the car involved in offering logbook loans and so the approval is almost instant. Also credit problems are seldom an impediment in taking logbook loans.
Logbook loans are essentially secured loans and are approved against Log book loans of the borrower’s car. Logbook is a crucial and basic document of car. Logbook contains a car’s vital details like registered keeper of the vehicle, owner of the vehicle, current registration mark, chassis number, engine number, model and color details of the vehicle etc. being so important a document of the car, lenders just keep it in possession as long as the loan amount approved against it is fully returned back. So all you have to take a loan against your car is to offer its logbook as security to the lender. And meanwhile you can go on driving your car as usual. The amount approved as logbook loan depends on value of the car minus the amount due on the car. Usually lenders approve £500 to £50000.
For a car owner, logbook loans are best suited if he has bad credit. This is because logbook loans are approved without any credit check on the borrower and bad credit people too are approved log book loans in a smooth manner. However before applying to a lender, every logbook loan seeker should make sure he meets some requirements.
Lender will approve Logbook loans only if the logbook is in the name of the borrower. The vehicle should be free of any due payments. So you must clear all dues on the vehicle before applying for logbook loans. Note that the vehicle should not be more than 8 years older and then only lender will take its logbook as collateral. Also the lenders prefer offering logbook loans on insured vehicle. A proof of the borrower’s regular income also is what most lenders would like to see for logbook loan approval. So make sure that you have these requirements in place for the loan.
You can source logbook loans from various lending institutions but for fast approval and advantages prefer applying to an online lender. You can find number of online logbook loans providers for comparing their terms-conditions for a better deal.