It has become a lot easier for the car owners to apply for loans against their car titles. You may qualify for a loan amount up to £50,000 depending on the valuation of your car and the other requirements of your lender. You’ll need to show your car as a form of security while applying for logbook loans. It’s quite similar to a mortgage loan in its nature. Until the time your loan amount gets repaid, your original v5 documents will be retained by the lender. Loans of these types are often quite beneficial for borrowers showing poor credit.
Who Can Quality for Logbook Loans?
Qualifying for a logbook loan gets easier when you own a car for a period up to 8 years. You shouldn’t carry any previous loan against your vehicle while submitting your loan application. The loan provider may make it mandatory for you to cover your vehicle. Borrowers may even submit their registration documents or log-book documents with the lender. After submitting this, you won’t be carrying the logbook of your vehicle anymore, but you’re still allowed to drive it as usual.
A stable income often forms the basis of loan approval. Your chances of repaying a loan get enhanced when you have a regular income. Lenders check out your income sources in advance; they won’t lend you unless you furnish a proof of your income.
Instant qualification is certainly a great advantage that you achieve with your logbook loans. You’ll see the funds in your account within a few hours time. In case you reach out to any mortgage lender or banking institution, you may simply be turned out for a regular loan. Your credit history isn’t checked by lender issuing logbook loans. So, chances of getting your loan approved are much more with these lenders.
Logbook lenders don’t consider your credit score while processing your loan application. In the event of an emergency, these loans turn out to be very handy when you’re experiencing some kind of financial emergency. Under such circumstances, you’ll need financial assistance but you’ll hardly find any external help. If you own a car, you can certainly achieve a quick loan against your car title.
How to Qualify for Logbook Loans
Most of the logbook lenders have set up their website. Before you narrow down your choices, you may simply compare a few of these lenders. All you need to do is to pay a visit to their website and fill out their application form.
You’re likely to come across lending institutions almost everywhere in your neighborhood. Compare a few of them in your attempt to choose the right one. You might be required to visit their office with all necessary documents. Your loan will be approved and you’ll see the funds in your account very soon if your car is adequately covered and is devoid of any loan against it. Till your entire borrowed amount gets repaid, your V5 documents need to be surrendered. You must read through the term and conditions of your lender before signing up with him.