Requirements For Getting Logbook Loans

Basically, this is one of the first things any person should know about logbook loans

. Before you apply for the loan, you have to know the requirements that are needed for the application, so as not to have your application turned down. The number one general requirement in this aspect is what qualifies you to be eligible for this. The first one is that you must own a car and be in possession of its logbook. No lender will give you any attention if you do not have these, as this is where the loan is predicated. The next thing is that you must be 18 years or above. Of course this age bracket is the bracket that is eligible to drive cars.

Again, you must be in a full time job or employment that guarantees you steady income. You dont just tell them this. You have to provide a proof that might include employment letter and a credible pay slip from the bank, and your company. Then you must present all the relevant original papers of your vehicle to confirm you are the owner.

Most of the lenders will only offer you the loan if your car is not more than eight years of age. This is to say that if your car is more than this, you will find it difficult to get the loan. This is to make sure your car is sellable in case you dont complete the payment. A lot of countries also have relevant bodies that inspect and certify cars for use in some areas. You have to present a copy of this certification or MOT certificate. Before you are deemed fit to receive the loans, you have to make sure your car is insured and present the proof of insurance. You must also submit your own identifications which will include drivers license and some passport photograph. This is to guard against some practices where people, probably those who dont own cars or whose cars are not qualified use other peoples cars to get logbook loans even when the owners are not aware.

Due to the fact that these lenders do not make credit checks, they are serious about utility bills. This will even be up to 2 or 3 to make them know you can pay your debts. It will make them see you as a good risk. Just try and make sure the bill you present is not more than 3 months old. You have to go with your car spare key as some firms might even demand that you drop it with them. All these requirements are not just for formalities. The main thing that brings about these requirements before you are given the loan is to make sure you will repay the loan. This is hinged on ascertaining that you have the wherewithal to pay the loan as at when due and that you will be willing to pay, because not many will be willing to pay off debts even when they have the money.

The next is to make sure you are the real owner of the car, so that it does not develop another problem if you secure with another persons car and abscond. It should be noted that every lender of the logbook loan will prefer being paid the money owed, rather than having to sell your car. This is due to the fact that the money you are paying back is fixed, while the car is prone to a lot of momentary risks that might not be favorable in some cases.

by: Will Scarlet

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