How Can I Get Log Book Loans?

Log book loans are a form of secured loan where the value of the loan is secured against your car. You hand the log book of your car over to the lender but you retain possession of your car. Once you have repaid your loan repayments you will receive the log book back. Log book loans can be a very beneficial way for anybody to get a loan regardless even of their credit history. However, there are some stipulations that the borrower must meet.
Be The Registered Vehicle Keeper
The borrower must be the registered owner and keeper of the vehicle. As such, their name must be the one that appears on the log book or v5 document. This prevents people from borrowing money using anybody else’s car as collateral. Make sure the details on your log book are correct before you try proceeding with log book loans.

The Car Should Have No Financial Claims Against It

The car itself should be less than 10 years old with no financial claims against it. This means that if the car is part of a hire purchase agreement then it is not suitable as security in a log book loan. Similarly, if there is another outstanding log book loan using the same car security then a second loan will not be offered.

The Car Should Be Less Than 10 Years Old

The car needs to be under 10 years old in order to ensure that it holds value for the period of the loan. Cars older than this are more susceptible to breakdowns and costly repairs that mean they are not worth using as collateral from the lender’s point of view. The age and value of the car will also help determine how much you can borrow.

The Borrower Needs To Be Able To Meet Repayments

The borrower should be in gainful employment, thus ensuring that they are able to make their monthly repayments against the loan. The lender has the car as security but selling it can prove a costly and timely means of recouping their losses and they would prefer to receive the repayments as agreed from the customer. If you do not have a means of making the repayments then you should consider selling the car or finding some other means to raise the money that you need.

Log Book loans from Cash4MyCar provide a beneficial and quick way to borrow money against the value of your car. For good rates and loans for people with bad credit visit www.cash4mycar.tv now.