Logbook actually means in simple terms, a registration certificate which is issued by the Driving and Vehicle Licensing Agency within UK. The logbook certificate is valid for 5 years and it contains the complete entries of the vehicle, owner of the vehicle, registration date, registered keeper of the logbook, the engine number, model, color and also the chassis number. We bet you know various regulations regarding borrowing loans; but did you know that the citizens of UK are also allowed logbook loans? Yes, it is a fact that you shall be allowed for a logbook loan with your car as collateral.
This can be said to be a personal loan that can be secured against a car. A resident of UK who has got a logbook registered in his/her name can be said to be completely eligible for the logbook loans. In exchange, the lenders will be required to keep the logbook of the borrowers along with them until the debt is not paid off completely. But one advantage is, the borrowers will be allowed to enjoy the full freedom of the car and the lender cannot impose any restrictions on the borrower. But there are certain criteria that need to be fulfilled for a logbook loan which are stated as follows–
- Firstly for logbook loan eligibility, the logbook must be in the name of the borrower.
- The next factor is the vehicle against which the logbook loan is being taken, must be less than 8 years old.
- The borrower, who claims for the loan, must be in a full-time employment and it needs to be made sure that he/she has a regular source of income and the income must be given as proof.
- The vehicle against which the logbook loans are being provided must be clear of any finances and there must not be any due payments for the vehicle.
- The vehicle needs to taxed and insured. This is because the lender will always want to be on the safer side and thus, it is required to be insured.
For the lenders in UK, an important factor is the credit score while lending money to borrowers. But the best part of this logbook loan is, the credit check will not be taken into account. So it does not matter what the credit ratings are. You shall be provided with the logbook loan if you can meet the above mentioned criteria. For certain scenarios, people who have faced situations like bankruptcy, or CCJ’s can also apply for the loan.
The logbook loans can be applied from the banks and any other financial institutions. But if you are in a hurry or emergency and looking for options to get fast logbook loans then you can also opt for the online lenders. The online loans are convenient because it saves much time and money. With the help of the internet, the borrower will be able to access a huge database of online logbook lenders. The process of applying a logbook loan is very swift and the lending websites offer an online application which needs to be filled up with the personal details of the borrower: like the name, amount of the loan required, address, and also other personal details. These details will be beneficial for the borrower because it will help him/her to opt for the most appropriate loan.
While looking for the online lenders, you shall be able to observe a lot of lenders who are willing to offer loans, but it will be better not to be overwhelmed by the offers that are present there. You need to do a bit of research, especially if you are taking up an online loan from an unknown agency. So make sure that the company is secured or registered, so that you can get the right loan in a legal manner. You can also collect different loan quotes from the different lenders available online which are free or take a very nominal charge for the quotes. Then you need to compare them for finding the best and cheap logbook loan. If you are having any questions or queries regarding the logbook loans, you can visit logbookcalculator online.