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Logbook Loans - Finds Use As A Personal Loan Minus Its Inherent
By Andrew Baker, Thu Dec 8th
Logbook in legal terminology is known as registration form V5.The document is issued by Driver and Vehicle Licensing Agency(DVLA). Logbook has several entries about the vehicle relatingto the current registration mark, VIN number or the chassisnumber, and details about the registered keeper of the logbook.The registered keeper need not necessarily be the owner of thevehicle. He is the person who is responsible for paying taxes onor representing in cases of offences related to the vehicle. Did you know that the logbook of your car could help you draw aloan? Moreover, the borrower retains the use of the car. Findingit different from the regular car finance loans? Car financeloans help borrowers purchase cars. Logbookloans, on the other hand, help borrowers meet their otherfinancial requirements. There are certain distinct features of log book loans. Thesedistinctive features need to be discussed for a betterappreciation of logbook loans. First, logbook loans require theborrower to part with the car logbook and the car itself. Thus,borrower continues the use of the car even when loan is drawnagainst it.
Second, logbook loans do not entail a credit check. Thus,borrowers can have logbook loans even when bad credit tarnishestheir
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credit report. Borrowers, who have been refused loans andmortgages because of bad credit history, find logbook loansoffering a welcome relief. The amount provided against the logbook ranges from £500 -£50,000. The amount is available immediately after theapplication is made. Logbook loans are also preferred for thepromptness with which they are approved and sanction the loanamount. A borrower needs to fulfil certain basic criteria for availinglogbook loans. These are as follows: ·The vehicle whose logbook is being pledged for getting theloan must not be more than 8 years old. The vehicle pledged mustbe in good condition. ·The vehicle must not be serving as collateral for any loan.Any loan that the vehicle is a collateral of, must be paid infull before taking the logbook loan. ·The vehicle that is serving as the collateral for the logbookloans must be taxed and insured regularly. Any unpaid dues onthe vehicle on these grounds lessen the borrowers chances ofavailing logbook loans. The vehicle must be MOT'd. All Britishvehicles have to undergo a test every three years to satisfythat they are safe to ride. ·The borrower must preferably have a regular income. Regularincome ensures that the borrower is able to pay the logbook loanon time. This does not mean that borrowers who have afluctuating income, specially the self-employed, are noteligible for logbook loans. The lending policies will mattermore when defining the eligibility criteria. ·The logbook must be in the name of the borrower. This is likehaving the clear ownership rights of the house before drawing amortgage on the house. Like in the regular secured loans,logbook loans too offer the loan provider a direct stake on thevehicle. The loan provider has the rights to repossess the motorvehicle if the repayments are not made on time. Thus, properarrangements for the repayment of the logbook loan must be madeon time. Andrew baker has done his masters in finance from CPIT.He isengaged in providing free,professional,and independent advice tothe residents of the UK.He works for the Secured loan web siteloans fiesta for any type of loans in uk,secured loans,unsecuredloans,debt consolidation loans please visit http://www.loansfiesta.co.uk About the author:Andrew baker has done his masters in finance from CPIT.He isengaged in providing free,professional,and independent advice tothe residents of the UK.He works for the Secured loan web siteloans fiesta for any type of loans in uk,secured loans,unsecuredloans,debt consolidation loans please visithttp://www.loansfiesta.co.uk
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