Pledging your dream home against finance can be a tough task because it contains risk of repossession. What options a homeowner has, if he/she is looking for finance? Borrowing unsecured loans can not be a good option either because this facility contains high interest rate and APR. In order to resolve the financial dilemma of homeowners and tenants, lenders introduced logbook loans. It is one of the finest and easiest loan services in United Kingdom where consumers can borrow cash against the logbook or document of the car.Basically, this document contains the important information about the vehicle.
Loan amount that can be secured under logbook loans will depend on various factors, like borrower’s monthly income, repayment capability and market value of car or vehicle. This loan service is the only loan facility in market where loan seekers can access an amount up to £50000 without depositing property, home or real estate. Since logbook is valid for 5 years only, lending agencies approve loan amount for the period of 5 years only. Hence, individual has to return the money with interest rate within 5 years. It is a good time period to payback the cash.
Logbook loans are also known as car logbook loans; loan secured against car, loans against car, logbook loans UK, and secured loans against car. Are you suffering with bad credit history? People with bad credit history can also enjoy the benefits of finance without facing any problem. To qualify for the loan amount, you should have regular income source, car in better position, logbook of car, and one active checking bank account. While submitting loan application, please make sure that car should be free from insurance or financial claim and car age should not exceed more than 8 years.