Wednesday, 5 February 2014

Logbook Loans – What All You Need To Know

Logbook loan simply means a loan against your vehicle’s registration certificate. If you are a resident of UK and looking for emergency funding, you should be happy to know that you can avail a loan against your car. This kind of loan is secured and you have to give your car’s document as collateral. The main document required in this loan is V5C of the car which was formerly known as V5. The changes were made on late July 2005, by the UK government. In the whole process, the good thing is that you can continuously utilize your car without any interference of the lender besides the fact that your car’s registration certificate are in other’s custody.

Logbook loans is a kind of personal loan secured ageist the vehicle. So, if you are a legal owner of a vehicle you can apply for a logbook loan. You can apply for this loan to meet any of your financial objectives and requirements. Struggling from any financial slowdown can be resolved with logbook loans.

Let’s find out the eligibility criteria for this loan:
  • The registration certificate of the vehicle shall have the name of the borrower in order to become eligible for this loan.
  • The vehicle against which the logbook loans are taken should be insured.
  • Borrower must be the citizen of UK and should be more than or equal to 18 years in age.
  • Vehicle should be finance free.
Author :  Alison Katte

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