Log Book Loans
We take a closer look at applying for log book loans.
This type of loan is designed for customers that need a fast loan yet have a low credit score and have normally been refused by a traditional bank. As a result logbook loans do not require any formal credit checks to be completed during the application process. A logbook loan is secured on the customers car and so credit history becomes less important as the company can reposes the car if the loan is not paid back within the agreed period. For this reason the logbook loan company will hold the vehicle log book and v5 document until the loan has been repaid in full.
This loan offers very fast turnaround, when we made a test application the representative came round the same afternoon to value the car. Be aware, second hand car prices have declined recently and your car may not be worth the same amount as valuation guides such as http://www.parkers.co.uk/ predict . Our rep told said ''80% of people I visit put an unrealistic value on their car and obviously we will only lend based on the current value of the car based on the market as well as age and condition''.
Once the valuation and HPI check is completed (to ensure there is no outstanding finance on the car) the loan amount will be agreed and you will be asked to sign some documentation. On completion we received funds in our bank account by transfer the next day.
To qualify for log book loans you must meet the following requirements;
1) You must legally own the car
2) Vehicle must be free of all finance agreements
Log book loans are a very specialist loan design for people with a bad credit history and as a result have a very high interest rate. As a result this type of loan is used very much as a last chance emergancy option for many customers. To reduce impact of interest rates rates you should repay the loan as quickly as possible e.g. under 4 months.
My Fast Cash Loans 13th August 2008
For more information, or to apply for a logbook loan simply click the banner below.
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