Need cash now? Go for logbook loans
Logbook loans may seem like getting into big trouble but think hard and you will realise that this may be your only choice. Now that you have accepted the reality of your situation and want to move forward allow us at Logbook calculator to give you the best logbook loan options.
What is a logbook loan?
A logbook loan or a Bill of sale is a unique type of loan where a debtor can borrow money against his vehicle and the lender keeps the logbook or vehicle registration certificate till such time as any outstanding from the amount of loan or any interest on it remains unpaid. The uniqueness of the loan lies in the fact that the lender will be able to repossess the vehicle without a court order in case of non-payment.
What do we offer?
Our company does not offer loans directly but we just make a comparative analysis of all the companies who have Consumer Credit Licence and are registered with the Office of Fair Trading. We study the requirements and features of all qualified companies and after careful analysis we make appropriate suggestions so that you will be able to make an informed decision after application of proper wisdom on securing your Logbook loan
. Thus you get the best deal.
How the process of getting a Logbook loan works?
• Making an Application
• Submitting your documents and their verification
• Pre-contract will be supplied by the lender describing all conditions of the actual contract, a bill of sale that you will be required to sign
• After consensus of both the parties to the terms and the relevant documents are signed, the borrower gets his funds.
Requirements to be met for the approval of your Logbook loan:
• Amount of loan: The amount of loan you will qualify for depends on the actual valuation of your vehicle. In most cases the amount of loan sanctioned is about half of its actual value.
• Documents and their verification: The documents you will require to give to secure a logbook loan are V5 logbook, Tax, MOT, Insurance Documents, Photo Identification Document (like Passport / Driving License), A Utility bill for your proof of address dated within the last 3 months at the address given by you, bank statements for the previous 2 months, proof of income like salary slip or a document that verifies your income.
• All applicants are treated at par and no differentiation is made among applicants on any basis. Though the lender company does emphasize on safeguarding their interest by ensuring the ability of the borrower to repay the loan along with the interest.
The benefits of a logbook loan are that they have a simple process which requires little time to be approved and you can get a loan almost instantly.