Writen by James Taylor
You own a vehicle for comfort with lots of regular expenses going towards maintaining it. The same vehicle can earn you a logbook loan as well and that too in a hassle free manner. Amongst all secured loans, logbook loan is considered by increasing number of borrowers as most easily accessible and therefore is gaining popularity and preference. Borrowers can put logbook loan to numerous usages. They can renovate home, clear medical or education bills, enjoy holiday trip, buy durable items like washing machine etc.
To avail logbook loan, borrower must own a car or any vehicle as its logbook is required to be offered to the lender as collateral. The loan is thus taken against the logbook which is a document containing vital records of vehicle including current registration mark, the chassis number or VIN number and information about registered keeper of the logbook. The logbook is issued by Driver and Vehicle Licensing Agency.
The logbook is required to be placed with lender as security of the loan. While logbook is in possession of the lender, the borrower can keep the car and drive it. This makes logbook loan as one of most attractive loans. It is on the strength of logbook and borrowers' financial position that the loan amount is decided. Usually lenders provide logbook loan in the range of £500 to £50000.
There are some conditions to be met for availing logbook loan. The vehicle or car should not be in use for more then 8 years. The vehicle must be free of any financial claim. Before taking the loan, all taxes and insurance due on the vehicle must be cleared and only then the logbook should be pledged to the lender. The logbook of course must be in the name of the borrower. While applying for the loan, borrower should provide every detail about himself and the vehicle like employment, income source, model ,make and type of the vehicle, mileage etc. Remember that the vehicle must always be in perfect condition during the period of the loan.
One attractive feature of logbook loan is the lenders do not check credit history of the borrowers as the logbook has provided adequate security to the lenders. So people who have faced CCJs and bankruptcy can also easily take logbook loan without worrying about their adverse credit history as no credit checks are done on them.
It would benefit more if logbook loan is applied online as lot of lenders respond to your loan queries and you get loan offer at the comfort of your home. Compare different terms and conditions and choose the loan offer that suits your budget.
Logbook Loan thus is one of easiest source of finance that not only meets your immediate requirements but might strength your financial position as well.
James Taylor holds a Master's degree in Commerce from JNU. He is working as financial consultant. To find Bad credit personal loans, Personal secured loans, Tenant loans, logbook loan, Cheap personal loans that best suits your needs visit http://www.chanceforloans.co.uk |
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