Logbook loans are also known as a Bill of Sales. This was introduced to us by the Victorians in the 1880's, if you are thinking of taking one of these loans remember that it could cost you your car.
In the last few years there has been an ongoing financial downturn, hence the reason banks are reluctant to lend to businesses and individuals. With a logbook loan company it is a lot more flexible when accepting applicants.
You can apply for a logbook loan on the high street or via the internet. Logbook Loans are becoming highly popular when it comes to securing a loan against your vehicle. Some may compare Logbook loans to pawnbrokers, as the lender will offer you an amount which is related to your belongings, in this case it would be your vehicle. Unlike a pawnbroker you can drive away with your goods, providing you stick to the agreement of the loan. Check out loan agreements, you can find more details about logbook loans at easy logbook loans today.
Logbook loans get their name as you need to hand over the vehicles logbook and will be giving temporary ownership to the lender, so if any problems did occur, the lender would be able to repossess the vehicle without a court order.
It is unusual for the lender to repossess your vehicle unless you get severely behind in making the repayments. If you are reliant on using your vehicle for work, you will want to make certain you are in a position to afford to pay back the loan.
Logbook loan companies can lend you anything between £500.00 to £50,000.00, depending on the value of your vehicle. The lender will usually lend you anything between 50 - 70% the value of your vehicle and taking into consideration each individual’s circumstances. The lender will ask you to sign a repayment plan at the bill of sale, which will require you to pay the loan back within a set time, this is usually 58 weeks.
You can continue using your vehicle's benefits providing you are able to keep up to date with your weekly or monthly payments.
Your credit history doesn't have to be brilliant, you must be over 18 and be a UK resident, own a vehicle with your name on the logbook which is no older than 10 years unless it is a classic with some value to it. You also need to show you have a regular income - those who are self-employed are also considered and you will need to show you have little or no finance left on your vehicle.
In the last few years there has been an ongoing financial downturn, hence the reason banks are reluctant to lend to businesses and individuals. With a logbook loan company it is a lot more flexible when accepting applicants.
You can apply for a logbook loan on the high street or via the internet. Logbook Loans are becoming highly popular when it comes to securing a loan against your vehicle. Some may compare Logbook loans to pawnbrokers, as the lender will offer you an amount which is related to your belongings, in this case it would be your vehicle. Unlike a pawnbroker you can drive away with your goods, providing you stick to the agreement of the loan. Check out loan agreements, you can find more details about logbook loans at easy logbook loans today.
Logbook loans get their name as you need to hand over the vehicles logbook and will be giving temporary ownership to the lender, so if any problems did occur, the lender would be able to repossess the vehicle without a court order.
It is unusual for the lender to repossess your vehicle unless you get severely behind in making the repayments. If you are reliant on using your vehicle for work, you will want to make certain you are in a position to afford to pay back the loan.
Logbook loan companies can lend you anything between £500.00 to £50,000.00, depending on the value of your vehicle. The lender will usually lend you anything between 50 - 70% the value of your vehicle and taking into consideration each individual’s circumstances. The lender will ask you to sign a repayment plan at the bill of sale, which will require you to pay the loan back within a set time, this is usually 58 weeks.
You can continue using your vehicle's benefits providing you are able to keep up to date with your weekly or monthly payments.
Your credit history doesn't have to be brilliant, you must be over 18 and be a UK resident, own a vehicle with your name on the logbook which is no older than 10 years unless it is a classic with some value to it. You also need to show you have a regular income - those who are self-employed are also considered and you will need to show you have little or no finance left on your vehicle.