People may want many things, but their ability to pay for them is limited. This is why they have to resort to taking out loans. When this happens, you will need to look for a loan with the most beneficial terms. However, it may not be available to you because of poor credit score or some other factors.
Logbook loans can become a perfect solution for you in this case, because it’s easy to get approved for them. These loans are secured with vehicles. Thus, as long as you have a car, you should be able to borrow money without any problems.
There are many benefits of getting a loan that is secured against your vehicle. The most important of them are:
- The amount of money you can borrow is rather significant. Bear in mind that the type of the car you use as collateral will influence this amount, but you should be able to get several thousand pounds easily.
- Taking out a logbook loan is a speedy process. This means that you won’t have to wait for days to get the money you need immediately. Of course, you will have to wait for approval and money transfer, but this shouldn’t take long.
- Eligibility requirements for logbook loans are very lenient. Thus, almost everyone should be able to get one.
Logbook Loans Eligibility Requirements
The fact that the requirements one needs to meet in order to take out a logbook loan are lenient doesn’t mean that everyone can get it. Thus, you will need to study them carefully before you start looking into offers from different lenders. If you don’t meet these standards by default, you will just waste your time researching this type of loans.
These requirements are:
- The car must be in use less than eight years.
- Your name must be in logbook.
- There may not be any other loans or other financial obligations attached to this particular car.
- As a borrower, you must have a stable source of income.
- You should be older than eighteen.
- Taxes and insurance must be off.
- You must be a citizen of the U.K.
Be a Responsible Borrower
Even despite the fact that taking out a logbook loan isn’t difficult, paying it off may be hard if you don’t plan your budget well. In case you won’t be able to keep up with your payments, you will lose your car, and this isn’t something one can look forward to. This is why you should be sure that you’ll have enough money every month to make your regular payments.