Log book loans have become very popular in the past few years, but are still relatively unknown in the UK by people who have not used them. So, what is a log book loan? Essentially, it is an interim loan using a vehicle as security. These loans can be applied for by anyone who owns a car and has their name on its log book. Although many people use log book loans in times of inadequate cash flow, they are particularly useful for people with a poor credit history or who wish to release the equity in a valuable car to raise a substantial loan, without potentially risking their home.
Who can apply for a log book loan?
Logbook Loans247 will endeavour to approve as many clients as we possibly can for a log book loan. Credit history, whether good or poor, will not be taken into account. We deal with all customers equally, and make our offer dependent on the applicant’s current employment status and the value of the vehicle being offered as collateral.
There are several other criteria which are mandatory before we can offer a log book loan, including the applicant being at least 18 years old and owning a fully insured vehicle.
Compulsory Insurance
To protect ourselves, Logbook Loans 247 will require the applicant to have current comprehensive insurance on the vehicle they are offering as collateral. This is because the loan is offered using the car as security, and in the event of the customer defaulting on the log book loan, we need to be able to recoup our expenditure. An uninsured vehicle would render our security against the loan ineffectual.
Condition of the Vehicle
We also require the vehicle to have a current MOT certificate and less than 100,000 miles on the clock. This will assure us that the vehicle is likely to be roadworthy and in good condition.
Logbook Loans 247
At Logbook Loans 247, we are confident that our staff will always provide a fast and professional service to our customers when they apply for a log book loan with us. Our online application procedure has been designed to be quick, user friendly and easily accessible. If you do have any problems, please contact us and we will happily sort things out for you.
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