If you are a car owner, then you can apply for the logbook loan. With this loan, you qualify for an amount based on the lenders perception of the value of your car. With the logbook loans, you offer your car as the security for the loans. With this option, the lender retains the logbook until the loan is fully pain. Individuals with poor credit can also take advantage of this type of loans.
Who is eligible for the logbook loans?
If you legally and fully own a car, that is eight years and below, then the logbook option is yours for the taking. However, there should never be any loan against the vehicle at the time of applying for the logbook loan. The lender will also demand that the vehicle be fully insured. Borrowers will also be required to surrender the logbooks of the specific vehicle at the lender. One of the key benefits of using this loan option is that you are allowed to continue using your vehicle with the exception being that you will no longer be in possession of the logbook of the car.
The next requirement that must be met is that the applicant must have a steady source of income. Keep in mind that the lender will have to check if you have a source of income to enable you repay the loan without defaulting. If you do not have a source of income, then you will automatically be disqualified for the loan.
There are several advantages linked to the log book loans with the most noticeable one being instant qualification. Applicants can get loans within the same day of application. Keep in mind that you may not qualify for a loan from your bank or mortgage lender. When it comes to the V5 loans, the lender does not have to check your credit score. Even with a bad credit history, you also qualify for this type of loan.Â This comes as a crucial benefit, especially when facing an emergency of any kind. If you have nowhere to turn to and in need quick financing, then this is the ultimate solution for you. If you are a car owner that is everything you need to get the much-needed instant loan.
How can you get the logbook loans?
Most lenders have an online presence. With the help of the Internet, you can check and compare different lenders before narrowing down on one lender. Application forms are also filled online are by visiting the lenderâ€™s local offices. When shopping for the logbook loan lenders, you should start with the lenders with office in your city. The lender will request that you drive your car to their office and with every other required document. In case the lender is satisfied that the applicant does not have any other loan against the vehicle, and the vehicle is fully insured, then will instantly extend the loan. The cash will be deposited into your bank account, or given in cash upon surrendering the V5 documents.
Feeling Clever? Join our newsletter!
Subscribe to get the latest from "Clever Dude."