subject: Ye Car Logbook Loans: Excellent way to procure suitable finance for urgency [print this page] Ye Car Logbook Loans: Excellent way to procure suitable finance for urgency
Many people know about the car logbook loans but they do not have proper information about the procedure and features. Today, we will discuss the features, functionality, advantages, importance and limitation of this financial service. Basically, this loan option provides money to needy people against the car logbook. Yes, you have to place the document or logbook of car to avail desired amount. Logbook is a manuscript that contains important information about the vehicle, like engine number, chassis number, model number, color, owner's details, registration number, VIN number, etc. This document is issued by only Driver and Vehicle licensing agency. In other words we can say that these loans are like secured loans where you need to take the risk of logbook. However, there is no risk involved regarding your car as long as you make the payment on time.
The biggest advantage of car logbook loans is that individual can still use the car or vehicle for personal or commercial purpose after taking the loan amount. Loan application is approved very quickly but the loan amount completely depends on the age of car, model, and repayment capability of borrower. Under this loan segment, loan providers have authority to lend the cash in the range of 500-50000 for the period of 5 years. Since money is secured against the car logbook, you can expect the low interest rate and minimum APR. Individual can get the document of car easily when he/she returns the full loan amount with interest rate. Lenders have right to sell the car or vehicle in case there is any default in the repayment of loan.
Car logbook loans can be used for various purposes, like home improvement, debt consolidation, car purchase, wedding, holidays, business, education and unexpected expenses. The criteria to attain this loan service are very simple and easy:
- Car should be below 8 years old
- Owner of logbook and loan seeker should be the same person
- Age of borrower should be 18 years old or more
- Person should have good income source with full or part time job
- UK citizenship and valid bank account is mandatory for everyone.
