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If you own your own car or it is almost paid for then you could qualify for a logbook loans. These fast, easy access loans offer a practical way to borrow money by using your car as security. Who Qualifies for a Logbook Loan? You do need to be over the age of 21 years old (some providers require you to be over just 18) and a UK resident in order to apply for a logbook loan. You will also need to be the legal owner of the vehicle you are offering as security against the loan and have all the relevant documentation to go with the car. Ideally you should fully own the car but if you have almost paid it off the provider may be willing to lend against the vehicle. How much can you borrow? This will depend very much on how much your car is worth. In most cases the provider will value your car based on current market selling prices and then allow you to borrow a percentage of the cars total value. So for example if your car was worth £2,000 then most logbook loan providers would offer you up to £1500 for your loan. It is a good idea to shop around and make sure you can get the very best deal for your loan. How to apply for a Logbook Loan The main benefit of logbook loans is that they are straightforward and easy to apply for. If you have a suitable vehicle as security then all you need to do is follow these steps: 1. Locate logbook loan providers in your area and contact for a quote. 2. Compare quotes and reviews of the providers and then select the one best for your needs. 3. You can apply online in most cases or contact the provider by telephone. 4. Visit the local branch and bring all your vehicle documentation with you (the V5 proof of ownership is the most important part). 5. Review the terms of the loan to ensure they are still right for you and then sign the agreements. 6. The loan will then be activated and transferred to the account of your choice within 24 hours. 7. You will leave your logbook and documentation with the provider but you can still continue to drive your car. 8. Once the loan has been paid off completely you can pick up your documentation again from the local branch. Repaying the Loan Repayments will be typically scheduled for the loan on a monthly basis. It is important you make sure you can meet these repayments on time and in full. Failure to repay the loan may result in your car being repossessed. Logbook loans are a fast and effective way to get the cash you need. You can get a decision on the loan in just a few minutes and the cash can be in your account within 24 hours. The main benefit of using your car as security with a logbook loan is that you will still be able to use it as you normally would. This is ideal if you need cash quickly but do not want to have to sell your car.
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