A logbook loan is based on using a vehicle as collateral. In the process of making the application it isn’t likely to be necessary for a full credit check to be completed, so this type of loan is ideal for those that don’t have the same desirable credit rating. A loan amount is likely to range in the region of £1000 to £50,000 depending on the age, make, and value of vehicle. You will likely find that the loan companies are able to accept almost any vehicle type (trucks, vans, motorbikes, and cars) in the loan application. It is certainly possible to retain full use of the vehicle throughout the term of the loan. The only difficulties you might have would be if you aren’t able to stay on top of the monthly payments since the lender would have the right to claim the vehicle to cover the outstanding loan amount.
Appreciate the quick application process
A quality aspect of the logbook loans is that the application process is a simple and straightforward process that is likely to be completed within five or 10 minutes. If you are able to satisfy the loan company with your details and able to pass any relevant criteria you like to find that you will get a response within a period of 24 hours, and the loan can be deposited in your account within one or two days.
Making certain to use the right lender
If you really want to make certain that you are able to get the most desirable logbook loan it will benefit if you are able to research the market to investigate the available options. Ideally, you want to look at getting three or four quotes from different companies in order that you are able to easily compare the premiums and terms and conditions side-by-side. Since the interest rates can vary quite significantly with some of these companies you will certainly find that it is possible to make savings with the right lender.
You also want to make certain that the loan terms available are able to match your requirements and the weekly or monthly instalments would be able to fall in with your existing finances. It will certainly help if you are able to avoid overstretching the budget since this could leave you in a position of not being able to make the timely repayments.
A logbook loan can last for a period of three to five years so you really want to consider the long-term implications of applying for this type of finance package to ensure that you are likely to be able to maintain the repayments in line with the original agreement.