Logbook loans- easy source of finance against vehicles logbook
Logbook loans have emerged as the popular medium to borrow finance in United Kingdom. There are many people in country who are not aware about this financial service or logbook. First of all, we would like to inform you that logbook is a document which is issued or provided by the Driving License Authorities. This paperwork contains the very important information about the vehicle or car, like car model number, chassis number, owner details, registration number, original color etc. To avail this finance, individual has to provide logbook as collateral to the lender. Lenders return the same document when you payoff the complete loan amount. However, borrowers can still use the car or vehicle for commercial or personal purpose without facing any problem.
Car logbook loans completely depend on the two important factors, repayment capability of loan seeker and car’s condition. Here are the criteria to obtain quick cash without any trouble.
- Age of car should be less than 8 years
- Vehicle should not have any insurance or financial claim
- Applicant’s age should be 18 years old or more with permanent UK citizenship
- You should be working full or part time with good monthly income
- Borrower should have one active checking bank account
With this loan option, you can avail money in the range of £500-£50000 for the period of 5 years. No lender offers cash more than 5 years because logbook is valid for 5 years only.
Logbook loans are best financial service through which individual can enjoy the benefit of big amount without taking risk of property or home. Borrower can utilize the cash for numerous purposes, like home improvement, debt consolidation, mortgage, wedding, insurance, credit card payment, holidays, business, education etc. Generally, lenders do not touch your vehicle or car unless you make the payment on time without any delay. The biggest advantage of finance is that loan providers do not run credit check on your name because they are not concerned about your past credit status.
Gerry Parker is an expert author and has more then 7 years of experience in writing finance related topics. To know more about
Article Source: Messaggiamo.Com
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