If You Have a Vehicle, You Can Avail a Logbook loan
If you are looking at a short term loan, and not a large amount of money, then you can go for a logbook loan in the UK. This loan is available against a vehicle you own. It is important that you be the owner of the vehicle, as you have to submit all the registration documents of the vehicle in order to get this loan. You don’t have to own a house, or need any other collateral in order to get a logbook loan. It is available with individual lenders. You can also request a logbook loan online. The procedure of availing a logbook loan is easy. The terms and conditions of repayment of a logbook loan are also easy.
When you register and apply for a logbook loan, you can get it approved within twenty four hours and the amount of the loan is also transferred to your bank account. Before this happens, the concerned authorities will come and check the condition of your vehicle, estimate the amount that you can get for a logbook loan, and also check your documentation. So, even if you are an immigrant to UK, and own a vehicle, you can still apply for a logbook loan. A proof of identity, address proof, or social security number is needed to apply for this loan. You will also sign agreement papers and some documentation when this loan is approved.
If you are unable to repay the loan amount in the said time, the lender can apply for reownership of your vehicle and take complete possession over it. You can also use a commercial vehicle that is registered under your name to apply for a logbook loan. There are many logbook loan lenders available online to estimate the amount of loan that will be approved when you type the details of your vehicle. If your vehicle is old and it still has a good market value, then the amount of loan that is to be approved will depend upon the current market value of your registered vehicle.
A logbook calculator also gives you the amount you can pay as an interest for the loan that you avail. Usually, you will get only about sixty five percent of the estimated value of the vehicle as the logbook loan amount. You can check for the percentage that is available with a variety of lenders, as a few also provide more than eighty percent of the estimated value of the loan amount if your vehicle is new. If your lender has taken the ownership of your vehicle due to non payment, then you can apply for reownership of your vehicle in your local court, once you repay the entire amount of the loan.
Most of the logbook loans have a very simple procedure of approval and there are no hidden interest rates when you apply for a logbook loan. You could get this loan approved regardless of having a bad credit history. Only a few banks provide this loan. These loans are available at most of the financial firms in UK. Why don’t you visit the log book loan site to find out more in detail?