Ever heard the saying – money makes the world go round? Well, if you need to buy something, settle bills or pay school fees, get medical attention or pay rent, you will definitely need money. In a world where the cost of living is always rising, incomes do not seem to increase fast enough. There are times when the average person needs a cash injection quickly just to stay afloat. Unfortunately, taking out a personal unsecured loan may not be an option due to an outstanding personal loan, low income or bad credit. Remortgaging may also not be an option due to little equity in the property or the high cost or refinancing. This leaves the average person with one viable option – a logbook loan.
Age 18+ UK Resident Own a Vehicle Vehicle Model Year 2008 or Newer Vehicle Should be Free of Finance
If you meet the requirements you could get a loan!
Fill the form below to get a QUOTE!
Money Delivered Fast – Same Day! No Admin or Setup Fee Bad Credit Considered Can Borrow £200 to £50,000
Need cash in a hurry? You get cash the same day!
And you keep your vehicle!
What are Logbook Loans?
These are credit facilities extended to individuals who own motor vehicles and have a regular source of income. A logbook loan is a secured loan which uses the logbook of a motor vehicle as collateral for the loan. When the loan is approved, the lender puts a lien against the vehicle. The owner is also required to surrender the logbook to the lender. Upon paying back the loan plus interest in full, the lien against the vehicle is released and the logbook returned to the owner. It is important to note that the borrower will not be able to sell the vehicle until the loan is fully paid. Taking about another secured loan against the vehicle will also not be possible. In case of default, the vehicle will be repossessed and auctioned off to clear the loan balance.
Requirements
To be eligible for any type of loan in the UK, the applicant must be at least 18 years old. He or she must also be able to afford the loan payments. There are additional requirements for logbook loans in Birmingham. For instance, the vehicle used as security must be free and clear of any type of finance. In other words, there should not be any lien against the vehicle. The loan applicant must also be the real owner of the vehicle and the name on the logbook should match that of the applicant. Obviously, the applicant must submit their full name, address, phone number, email address and vehicle registration when applying for the loan.
What Lenders Consider When Processing Logbook Loans
After receiving a loan application, the lender will consider a number of factors. The first is the credit history of the borrower. The applicant’s monthly income must also be considered. Next, the lender will conduct due diligence on the vehicle. A search on the vehicle’s registration must be done to find out if the applicant is the real owner as well as to find out if there is any lien against the loan. A valuation of the vehicle will also be done to determine its actual market value. This is what will dictate whether or not the applicant will get the loan amount he or she is applying for. After all, the loan must be fully secured, so the loan amount cannot be greater than the actual market value of the vehicle. Since the borrower will continue to use the vehicle when servicing the logbook loan, the vehicle must be fully insured against theft or damage.
Where to Get Logbook Loans in Birmingham
There are many lenders offering logbook loans in the city of Birmingham. They include banks and private lenders among others. Consumers can apply for loans by visiting their offices or submitting their loan applications online. Our loan application form is simple, convenient and can be completed in a matter of minutes. All you need to do is fill out the online form provided on our website to get a quote. If the quote pleases you, the next step is to provide further details. Apply for a logbook loan online today and get the money you need to sort out your financial needs.
