Do you own a car? Are you looking for some financial help? If the answer to these questions is in the affirmative, then you could consider going in for logbook loans. If you are wondering what these loans are all about, let me discuss the same with you. These loans are typically meant for the benefit of those who have had a bad credit history, who are self employed or salaried people whose expenses may be more than their income. Such people may not be eligible for regular loans and hence can resort to logbook loans as a convenient alternative.
By pledging your vehicle logbook which is issued to you in the capacity of an owner by the Driving and Vehicle Licensing Agency in UK, you can now avail of logbook loans up to an amount of 50,000 pounds, depending on the value of the vehicle. These loans are secured, get approved within a day and any resident of UK qualifies for such a loan. Most top banks and financial institutions in UK provide such loans. The best part about these loans is that no credit checks are conducted and hence this is a great opportunity for people with bad credit files to get financial assistance with no hassles. Such loans help in meeting medical and educational needs, repaying old dues, revamping homes and other emergency situations.
Logbook loans may be the fastest way to obtain cash loans but there are certain requirements to be fulfilled in order to apply for such loans. Only the legal owner of the vehicle becomes eligible to avail of such loans, which means the vehicle should be registered in the name of the borrower and the logbook should bear the name of the borrower. Only cars purchased in 2002 or later are entitled for such loans. All taxes, insurance and other claims must have been duly paid before applying for logbook loans and likewise all outstanding dues and claims on such a vehicle must be cleared prior to availing of such loans. Whatever form of employment, it is mandatory for the applicant to have a steady and regular source of income to get the loan approved.
Since the logbook is pledged, the rate of interest on Logbook loans is also low and the repayment period may be decided by the borrower depending on his repayment capacity usually ranging from 5-7 years. During the loan tenure, the car continues to remain in the possession of the borrower itself. Once the loan is repaid in full, you get back the custody of your logbook.
0 comments:
Post a Comment