Car logbook refers to a vehicle registration certificate issued by Driving and Vehicle Licensing Agency (DVLA) in the UK. A logbook is valid till 5 years and contains entries regarding owner of your car, registered keeper of logbook, chassis number, current registration mark, engine number, model and color of the car. You can avail loans by keeping your car logbook as security to lenders. Such loans are known as logbook loans. Person who has logbook registered on their name are eligible for these loans. In spite of your logbook being kept as security, you can drive your car anywhere without any disturbance.
Various facts and figures:
In order to avail car logbook loans you must fulfill certain prerequisites and these are as stated below:
a) logbook should be on your name.
b) Car against which these loans are taken must not be older than 8 years.
c) You must be a full time employed and need to submit proof of your employment.
d) There shouldn't be any due on your car.
e) Car should be insured and taxed.
The loan amount is decided by deducting by outstanding dues on the car as lender doesn't want to take this overhead. The best thing about car logbook loans is credit history is not checked and thus people suffering from adverse credit score can also get the loan without any discrimination. The loan amount varies from £500 to £50,000. The loan amount can be used to meet your personal needs, debt consolidation or purchasing of a new car etc. depending on your wish solely.
Now day's logbook loans are also offered by online lenders. So if you want a fast access and quick money without much effort then online borrowing is good option. You must repay the debt timely because in case of failure you may loose possession of your vehicle.
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