Getting a Loan on your Log Book
Friday, June 20th, 2008
What is a book loan?
The general idea this that the lender takes the vehicle as security for the loan.
The log book part of the description refers to the document that is issued by the Driver and Vehicle Licensing Agency (DVLA). The logbook contains all the specifications of the car including ownership, serials numbers etc.
Log Book loans are an easy way to obtain money. Since the guarantee for the loan is the logbook of your car. The loan is given to the named owner of the car registered in the logbook. Depending on the lender and the value of the car, the amount of the loans can stretch to larger amounts.
The car may continue to be in possession of the borrower but the logbook is kept by the lender for the period during which loan is repaid.
The logbook loans are secured on the logbook of the vehicle of the borrower ready logbook; it does not involve credit check. So, whatever your credit rating, you need not worry, you can get a logbook loan if you meet the criteria. There is alos no problem in most cases for people with bad credit history such as those faced CCJs and/or bankruptcy.