subject: Log Book Loans Are Ideal If You Have Bad Credit [print this page] Log book loans are one of the quickest and easiest ways to obtain a loan if you have had bad or poor credit.
Log book loans are secured on your vehicle, you are allowed to keep the vehicle but the log book will be kept with the provider. The log look or v5 as they are also known is basically the birth certificate of the car. If you need the v5 to tax the vehicle the loan lender will provide you with it but you must then send it back.
To apply for a log book loan you must be over 18, be a UK resident, be in employment part or full time, and own a vehicle thats under 10 years old and be free or nearly free from any finance
So how does it work? Well from my personal experience you will get in contact with a log book loan provider this can be done either other the phone or the application can be done via the internet. The application is dead simple basically involves name, address, car reg etc.
The provider will then contact you they normally phone you, this phone call will be to confirm your details and tell you how much they can lend you, normally they lender will give you a price based on its trade value. You will then be required to arrange the provider this will be carried out at their nearest offices to you.
Once you meet the lender, yet again the process is very quick they will take a photo copy of all your documents and if you are lucky like me they will take a picture of you next to the car. The loan provider will then look around the vehicle.
Once all the above is completed you will have to sign quite a few forms its quick but theres lots of sign here please, and here, and here. Then the loan provider will give you a cheque, if you are desperate like I was I took to the cheque to a place like cash convertor and they gave me the cash.
The loan is now secured on your vehicle which means if you miss a payment the provider may tow away your vehicle. If you cannot afford to make a payment on the due date you agreed make sure you get in contact with the loan provider, dont hide or ignore their calls because you will lose your vehicle.
