First things first, it is important to understand the concept of logbook loans. A logbook is nothing but a vehicle registration certificate that is issued by Driving and Vehicle Licensing Agency in the state of the United Kingdom.
Logbook is a document that contains various type of information, such as registered keeper of logbook, chassis number, engine number, present registration mark, owner of the vehicle and other necessary details. As far as the basic eligibility criteria goes, the borrower needs to have the vehicle (i.e., logbook) in his name.
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Update on Logbook loans -
Meanwhile, for readers information, the popular registration document V5 (which earlier was referred to as the logbook by people) has been made legally invalid from July, 2005 by the UK government. Instead of it, V5C, another type of vehicle registration certificate has taken its place. Another important thing that needs to be mentioned here is the fact that a logbook stays legal for a period of 5 years.
Borrowing loan against cars
Yes, one can get himself a loan, provided he is willing pledge the logbook of his car as security with lender. As readers might know, it is a sort of personal loans that is secured for financial problems trouble-shooting.
Eligibility criteria
* The borrower should be a citizen of the United Kingdom
* She/he should be 18 years or above in the age
* He/she should have a logbook in his/her name (as told above)
* The vehicle whose logbook is being pledged should not be more than 8 years old
* There should be no financial obligation left outstanding on the car
* The vehicle should be adequately insured and taxed
* He/she should have a permanent source of income
No apparition of credit checks to haunt borrowers!
Often, it has been seen that interested loan applicants get annoyed when they are asked to undergo credit check. But not in this case, since providers of logbook loans don't get the credit check done of their clients.
Modus Operandi
Speaking of the process, the lender keeps the logbook with him which serves as collateral and disburses loan to the borrower. Important thing to mention here is that during this whole process, not even once, the borrower is separated from his/her car. He/she can use it normally even when it is on the stake.
No problem for bad credit score, CCJs, tenants!
Even if you are a person with a bad credit score, a tenant or a person awaiting County Court Judgment, the task of finding a perfect logbook loan deal will not trouble you. Whats more, people who have filed for bankruptcy can apply for them.
The 'fundamental' of online application!
The best deals in logbook loans can be secured via Internet. All the prominent lending names operating in the UK lending industry have developed their virtual world arm and are looking to attract more clients through it. Prospective borrowers can take advantage of this opportunity and hope to strike gold this time in such case.
So if getting rid of all your financial worries ranks high on agenda then resorting to logbook loans is the best bet.
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