Logbook loans
2009
What is a log book loan?
A logbook loan is a loan secured on the logbook of your vehicle. If you own your vehicle, it is now possible to obtain a loan by the car of a security or collateral, if by acting as collateral to obtain.
How do they work?
The logbook serves as proof of ownership of the car and the loan will not be attached to the owner of the car. These loans can get a quick and easy means to get a loan. They are suitable for borrowers requiring immediate rapidFund.
The logbook will remain in the possession of the lender for the period until the loan has been repaid. The car remains in the possession of the borrower. The borrower must keep the car in good condition and stroke continue to ensure vehicle tax and the car has a valid insurance and MOT.
Borrowing criteria
There are basic criteria that will reach the borrower must log book loans. These are:
• The vehicle must not be older than 8 years.
• The vehicle shouldare not being used collateral
• If the vehicle has been used as collateral, the vehicle should be clear of all charges.
• Taxes and insurance through the vehicle must be complete before the vehicle logbook is to be paid, pledged for logbook loan.
• The vehicle must have passed the technical inspection / MOT test, for which the loan was granted logbook. Every British vehicle has to be subjected to an examination after 3 years to check all his dignity.
• A borrower, the loan shouldfull-time employment. He or she should have some regular source of income.
• The logbook must be in the name of the borrower.
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