Log Book Loans have been around for a long time and are known as the first secured vehicle loan. So, what is a log book loan exactly? ... The person who takes out a logbook loan has to give the logbook to the lender until the loan is paid off in full.
The Driver and Vehicle Licensing Agency gives out the logbook (DVLA). The vehicle's current registration mark, VIN number, or chassis number, as well as information about the person who is registered to keep the logbook, are all written in the logbook.
The easiest way to get money is to use your logbook as security for a logbook loan. As, the logbook of your car is used as collateral for logbook loans. Logbook loans can be taken out by anyone who has a loan on their logbook. Logbook loans can be for larger amounts, depending on the lender and the vehicle. Logbook loans can be taken out for amounts between GBP500 and GBP50,000.
If you want to get a logbook loan, your car or vehicle should be less than 8 years old. Along with that, the logbook must be in the borrower's name, they must have a steady income, and the car must not be owed any money. Before the vehicle's logbook is used as collateral for a logbook loan, all taxes and insurance must be paid in full.
The car or other vehicle may still belong to the borrower, but the loan provider will hold on to the logbook until the loan is paid back. But the borrower can't get out of the responsibility to keep the vehicle in good shape.
Logbook loans are backed by the borrower's vehicle's logbook. This means that there is no credit check for logbook loans. So, you don't have to worry about your credit score to get a logbook loan if you meet the above requirements. People who have had trouble in the past, like getting a CCJ or going bankrupt, can also apply for this loan.
You can take logbook loan for purchase of assets and consumer durables, to buy a washing machine or renovate your house, tax saving investments, higher education, vacations, emergency medical needs...in short, for any declared legal use.
