Logbook loans cannot compete with other loans in terms of the time span for which they have been in use, given their recent entry in the financial market. Nevertheless, logbook loans have left the other loans far behind in terms of popularity.
One of the primary reasons behind the popularity enjoyed by logbook loans is that they allow borrowers the advantages of secured loans without protracting the process, as in secured loans. Secured loans involve valuation of the asset pledged as collateral. This may often involve time. A borrower who may not have provided sufficiently for the delay might receive the loan proceeds much after the desired task is over.
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The delay may not be endured by borrowers whose needs are of an immediate nature. Logbook Loans have been specially designed to cater to immediate needs. Logbook loan is a secured loan, wherein loan provider is offered rights on car or any other vehicle. A distinctive document used for the process is the logbook. Logbook is issued by the Driver and Vehicle Licensing Agency (DVLA) as registration form V5. Logbook contains entries regarding owner/owners of the vehicle, registered keeper of logbook, chassis number, current registration mark, etc.
While the car or vehicle may continue to be in possession of borrower, it is the logbook that is kept by loan provider for the period until which loan is repaid. However, borrower cannot save himself from the obligation to maintain the vehicle in good condition. An important prerequisite of logbook loans demands of the borrower to keep the vehicle in good condition. The borrower must be regular in paying taxes and insurance on the vehicle. Every British vehicle has to undergo a periodical test after every three years to ensure that it is safe to ride. This is known as MOT test. The vehicle against which logbook loan is being taken must have qualified the test. Any other tests that the loan provider requires of the borrower will have to be undertaken.
Borrower may have to satisfy a few more prerequisites in order to get hold of logbook loans. As mentioned before, lending decision is purely based on the lending policy. The lender may himself assign priorities to the various prerequisites.
o The vehicle against which logbook look is being taken must not exceed 8 years from the date of manufacture. Good condition of the vehicle is demanded by a majority of lenders. A well-maintained vehicle may command a better amount.
o The car or vehicle cannot serve as collateral for two loans at a time. Logbook loans demand that the vehicle must not be pledged to any other loan provider.
o Majority of loan providers require borrowers of logbook loans to have regular and stable income. This is related to the repayment of logbook loans. Borrowers with regular income are in a better position to repay the loan on time. Self-employed borrowers or borrowers with unstable income would work well to confirm with the loan provider if they prefer unstable income for lending logbook loans.
o Lastly, the borrower must have a clear title on the vehicle. All documents necessary to prove the ownership must be present with the borrower.
Logbook loans allow borrowing in the range of £500 - £50,000. Depending on the value of the vehicle and the lending policy of the lender, the amount may go upwards. The loan proceeds are immediately released after approval of the loan. Promptness of approval is a distinguishing feature of these loans. Borrowers must include this as an important search criterion for lender decision.
No credit check is an equally important feature of logbook loans. This implies that people with all kinds of credit status can enjoy logbook loans. Bad Credit status, commonly known as bad credit history, is the reason behind a large number of loan refusals or loans lent on strict terms. Through logbook loans, borrowers with bad credit history get a chance to draw larger funds at indiscriminating terms.
Online application allows borrowers to apply for logbook loans conveniently. While personal details have to be submitted in the application form, borrower will also have to submit details about the vehicle such as its type, make, model, the year it was purchased and the mileage that it is presently offering. With work going on at the lenders' round the clock, borrowers are sure to get a quick approval and a fast sanction of logbook loans.
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