Car Logbook Loans Explained

Car logbook loans refer to a loan scheme by which you can borrow money by keeping your logbook in hands of lenders. 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 the vehicle, registered keeper of logbook, chassis number, current registration mark, engine number, model and colour of the car. If you think that once you have kept your logbook as collateral you won’t be able to drive your vehicle than you are completely wrong. No such restriction is there and you can freely drive your vehicle to any place.
Credit score is considered to be an important element by lenders in UK while lending money to the borrowers. The best thing about car logbook loans is that it does not involve credit check. So, whatever may be your credit rating you need not worry, you are eligible for a logbook loan if you meet the above criteria. Problem cases such as people who have faced CCJs, bankruptcy can also apply for this loan.
Logbook loans can be borrowed from banks or financial institutions. But, if you are looking to get a fast and best logbook loan, you can apply for it from online lenders. Online loans offer the convenience of applying for the loan and saves time and money. A borrower can access infinite number of online lenders by using the internet from home or office. You can drive with the pleasure without any restriction and obligations by the lender.

Car Logbook Loans

The car logbook loans are loans that are attained against the car logbook of the borrower. The logbook is a manuscript that includes the car details, the registration point, car’s VIN number, the details about the owner and the frame number. The Driver and Vehicle Licensing Agency offers the logbook document to the car owner. These are secured type of loans where the borrowers can keep the security with themselves. Therefore, there is no risk associated with the car logbook loans.
Your own car becomes a vehicle of taking log book loans. The loan is offered by the lenders on the basis of the logbook of your car. Logbook is a document containing detail of car current registration mark, VIN number, chassis number and information about registered keeper of the logbook. Logbook document is issued by Driver and Vehicle Licensing Agency.
These loans demand logbook as security and hence it is easier to get money. Collateral for logbook loans is the logbook of your car. These loans are available for amounts ranging from £500- £50,000. Borrowers who want to have a logbook loan need to fulfill certain basic criteria.The vehicle must not be more than 8 years old. The vehicle must be clear of any finance that is remaining unpaid, or where the vehicle ownership has already been pawned for other loans. Taxes and insurance due on the vehicle must be paid in full before the vehicle logbook is pledged for logbook loan.