Logbook loans – quick solution for instant loans

Logbook loans – quick solution for instant loans

What are logbook loans?

Logbook loans are a smart, fast and easy solution to borrow money against the value of your car. In order to access a logbook loan the only condition you need to comply with, is that you own or almost own a car. This meaning that you have already paid for the car or you are close to completely pay for the car.

General conditions to qualify for logbook loans

In order to qualify for logbook loans you will have to: be over 18 (or sometimes 21), have paid or almost paid for the car (1 or 2 months remain for the last payment to be done) , ownership of the vehicle or car and availability to provide all requested documents by the local lending agency. You also might be required to be resident of the country where your application is registered.

Special conditions to qualify for logbook loans

Apart from the abovementioned general conditions, in order to qualify for logbook loans you will have to: present a full insurance for the car, to be able to prove a regular income or the cat tohave been registered in 2004 or after.

What is the amount of money you can get by using logbook loans?

Depending on the assessed value for your car, practically you can get 3 quarter of this value. For instance, if your car’s value is assessed to be 4000 GBP, the logbook loan you can get is 3000 GBP. The logbook loan amount also varies from company to company.

Advantages of logbook loans

The most important advantage logbook loans offer is that if you comply with all requirements of the agency you are applying for the loan, you will get almost instant access to the loan. Rarely the loaners check your credit promptitude history. Logbook credit lenders don’t take into account a poor credit rates. Actually this is a quick solution for getting an instant credit by just owning a car. There are cases when a logbook car was granted in only 15 minutes. Also, another very important advantage is that you can repay your debt as soon as you have enough resources to do it. There is no timeframe for repayment.

Disadvantages of logbook loans

A disadvantage of logbook loans is that basically the logbook will have to be surrendered to the lender, branch or agency until your logbook loan is fully repaid. But this doesn’t represent an obstacle for you to drive freely your car. Also, another disadvantage is that interest rates are relatively high. You are the only person to judge if you can afford this kind of loan or not; you have to be aware that these logbook loans are emergency loans, so you will have to be prepared for emergency solutions or a plan B.

Where to look for logbook loans

Logbook loans are very popular nowadays and you will find for sure an internet source to get the basic instructions and guidelines online from the lending branch or agency’s website. Make sure that you have fully read and understood the terms and conditions of logbook loans before applying for it. Also, be careful and make sure you are dealing with legal providers of logbook loans before applying for one. For your own financial security, check that the logbook loans lenders have an office, branch or agency in your city, so that you can get as much information as possible.