Log book loans qualifying criteria
Most people look for a log book loan because they have a less than perfect credit history. Logbook loans allow you to borrow money against your car, motorcycle, van, caravan or motorhome using the V5 document. Companies will take a look at the value of your vehicle and decide how much the it is worth before providing you with a logbook loan.
You will need to give up your logbook, also known as the V5, in return for a logbook loan until the remaining amount of the loan has been fully paid back. Failure to pay back the loan could result in you losing your vehicle. Most companies will accept bad credit ratings, ccj’s and bankruptcy. The amount you want to borrow will depend on the value of your car and your personal circumstances.
There are no credit checks when you apply for a logbook loan because the loan amount is secured against the car so no other documents are required so it is possible to have the money within 24 hours. This makes it ideal for people who are looking for fast cash and have a bad credit rating or no credit rating at all. Here is some criteria that most companies look for when you are considering a logbook loan.
- You must be a genuine citizen of UK.
- You must own a vehicle and it must be free of finance.
- You must be above 18 years of age.
- You should have a permanent job.
- Plus you should have a valid banking account
Logbook Loans can be used a short term solution. You can sette the agreements early at any time saving yourself some money. Speak to your local log book loan provider and discuss the options to settle early.
Applying for a logbook loan is pretty straight forward. Simply fill in their web enquiry form and they will call you right back to discuss your loan requirements. They'll need a few details about your car and your current work status as well. This is easily done within a few minutes and your application can be arranged over the phone.
So What Happens To My Logbook
Your logbook will be held by the finance company until the full amount of the loan has been payed back. Don’t worry you and still use the car as you did before. Be aware that a log book loan is secured on your vehicle and faliure to repay the loan could result in you losing your car.
What About The Age Of My Car
Some logbook loan companies do require that your car is no older than 8 years old.
Will I Get A Credit Check
Most companies will not reqiure a credit check because the loan is secured against the value of the car.
How Much Can I Borrow
This is down to the current market value of your car, most companies offer loans between £300 and £20,000