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Logbook is a certificate related to your vehicle registration issued by driving vehicle licensing agency. It holds its validity for 5 years and has all information regarding vehicle owner. It is amazing to know that logbook can be used to borrow money from market. Such loans are termed as logbook loan.
Logbook loan is a kind of secured personal loan. The only qualification for getting a logbook loan is that you must be a citizen of UK and have a logbook registered on your name. Entire loan process is very simple and lenders keep your logbook with them as security, however you have full freedom to use your vehicle. You can borrow money ranging from £500 to £50,000. And loan money is decided o the parameter which is your vehicle in this case.
Eligibility criteria for logbook loan
In order to qualify for logbook loan you need to fulfill following requirements:
• Logbook must be registered in the name of borrower.
• Your vehicle must not be more than 8 years old and there must not be any outstanding or pending dues with the same.
• You should be employed and you will have to furnish proof regarding your income proof.
• Insurance of your vehicle is another necessity for a logbook loan.
Satisfying aforementioned criteria you easily qualify for logbook loan.
It is observed that lenders consider credit score of borrower as an important factor before approving their loan application; however it is not the case with logbook loan. Your credit score hardly holds any importance and can’t act as hindrance in your way of getting your loan. Even people with CCJs, defaults and arrears against their name are considered for logbook loan.
Finding logbook loan
There are a number of banks and financial organization offering logbook loan and one can easily find them by using internet. Online query will also help you compare between offers of various lenders and will help you to decide upon one within your own interests. Entire process of application is very simple. You just need to fill a form and provide information related to your personal details. Lenders will verify the information provided by you and grant you the loan amount once this process is over.
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