A Log book loan are a form of a secured loan, the loan is secured against your vehicle. The log book of your car needs to be given to the lender with you retaining your car. Once the log book loan has been repaid in full your log book will be returned to you. Bad credit is often the reason why people are unable to obtain a loan. This is why a log book loan is a great way to obtain funds. There are, however, some requirements that the borrower will need you to adhere to.
The person applying for the loan MUST be the registered keeper of the vehicle. The clients name is required to be on the V5 or log book document. This is to ensure that the people requesting the loan do not use another person’s car/vehicle as a form of security against the loan. You will need to ensure that all of your details on your log book are up to date and correct before proceeding with the application of the loan.
Obviously the car being used to apply for the log book loan should not have any financial claims against it. If it is part of a hire agreement then it will be unsuitable as collateral for the log book loan. If the car has already been used as collateral for another loan then the log book loan will not be offered.
The Age of the Car should be less than 8 Years old
It is required that the car should be under eight years old to apply for a log book loan. This is because a cars value can depreciate rapidly and a car that is over eight years old is more likely to have problems, cosmetic or mechanical, thus it is worth less as security to the lender. Ultimately the age and condition of the car will affect how much you will be able to borrow.
The borrower will need to be in some form of employment to ensure that the monthly repayments on the loan are made without fail. As the lender will be able to use the car as security, it can be a very costly and time wasting exercise for them just to recover their losses, therefore the lender would much prefer the repayments being adhered to as per the agreement they set out. If something goes wrong and you do not have the means to make the agreed repayments you will need to find a way to raise the money that is required, possibly selling the car.
A log book loan is one of the simplest means of obtaining finance currently available in the UK. It is simply a loan which is secured against a vehicle. If you are someone who has a history of bad credit, or who needs a loan as quickly as possible, the log book loan is something which you should consider using.
You can take out a log book loan of anything between £50 and £50,000 with Logbook Loans 247 and this is fairly typical of the log book loan industry as a whole. You will need to be able to prove that you are over 18 years of age and the owner of your vehicle before you can take out a log book loan but and your car must meet with our requirements, but barring that there are few obstacles to securing a log book loan with us.
You will find when taking out a log book loan that your poor credit history is not really an issue. Logbook Loans 247 do not carry out credit checks as we are more concerned with the condition and value of your vehicle and whether you have a steady income or not. This means we can offer log book loans to even those with a low credit score, providing they meet our criteria.
Whereas getting a loan through traditional channels can be time consuming and extremely stressful, taking out a log book loan with Logbook Loans 247 could not be simpler. We use a simple online system for our applications. This application can be completed in only a few minutes and you will receive an instant decision.
Logbook Loans 247 could deposit a loan of up to £50,000 directly into your bank and all you need to do is provide an up to date, clean log book and some valid id. Of course, you car will need to be of a value which would secure your loan, so if your car was only worth £10,000, you would not get a loan of that value or higher. We are responsible lenders who want to ensure that our customers only get loans they can easily afford.
Click here to apply now
The TGS brand is built on an established, trusted high street presence that has spanned over 20 years. The TGS brand slogan is “Trust the experts”. We are a business that has grown because of our reputation and quality of service for over 20 years.
