| We spend a lot on bringing home a vehicle we want | | | | · If the vehicle had been used as collateral, |
| for example a car. But do you know, the same can | | | | vehicle should be clear of all dues. |
| also be used one more reason. Do you know that you | | | | · Taxes and insurance due on the vehicle must |
| can use the logbook of your vehicle to sponsor a | | | | be paid in full before the vehicle logbook is pledged for |
| loan? Well, that is one unlikely sponsor. Financial loan | | | | logbook loan. |
| market is flooded with offers for logbook loans and | | | | · The vehicle must have passed the technical |
| makes it worthwhile that you own a vehicle. | | | | test/ MOT test for being eligible for the logbook loan. |
| Log book loan is the type of secured loan which lender | | | | Every British vehicle has to undergo a test after every |
| provides against the production of a log book. In simple | | | | 3 years to check its worthiness. |
| term, in case of log book loan, the log book (e.g. Car | | | | · A borrower of the loan should be in full time |
| registration documents) functions as collateral. | | | | employment. He or she should have some regular |
| The method is to provide a third party with proof of | | | | source of income. |
| owernership by production of the log book (car | | | | · The logbook must be in the name of the |
| registration documents) and a loan then can be | | | | borrower. |
| secured against the ownership of the car. | | | | Log book loan Vs. Other loans |
| Now a day, log book loans are getting preference | | | | The first advantage of log book loan is that this type |
| over other types of loans due to the fast and easy | | | | of loan does not involve credit check meaning that |
| process involved in log book loans. Log book loans also | | | | irrespective of credit status, anybody and every body |
| provide the benefits of secured loans without | | | | can enjoy logbook loans. Loan amount depends upon |
| protracting the process, as in secured loans. | | | | the lender and the vehicle, the amount of logbook |
| Logbook loans are mainly suitable for the immediate | | | | loans can stretch to larger amounts. Through logbook |
| and urgent needs of borrowers. In this case, the | | | | loans, borrowers with bad credit history get a chance |
| vehicle continue to be in the possession of borrower, it | | | | to draw larger funds at indiscriminating terms. While |
| is the logbook which remains in the possession of the | | | | processing application for log book loan, borrower |
| lender for the period until which loan is repaid. An | | | | have to submit complete details including source of |
| important requirement of logbook loans is that the | | | | income, age proof, vehicle such as its type, make, |
| borrower should keep the vehicle in good condition. | | | | model, the year of purchase and the mileage that it is |
| The borrower must be regular in paying taxes and | | | | presently offering. With work going on at the lenders' |
| insurance on the vehicle. | | | | round the clock, borrowers are sure to get a quick |
| Basic Criteria for availing log book loans are as follows: | | | | approval and a fast sanction of logbook loans. |
| Borrowers who want to have a logbook loan need to | | | | Logbook loans are secured form of financing. The |
| fulfill certain basic criteria. These are as follows: | | | | recognition of logbook loans as a dependable loan |
| · The vehicle must not be older than 8 years. | | | | type is providing the benefits of secured loans without |
| · The vehicle should not have been used as | | | | the disadvantage associated with them, namely, time |
| collateral | | | | consumption. |