Information on Log Book Loan

A logbook loan happens to be one of the best options, if you require money for urgent or regular expenses and are looking for easy borrowings. Logbook loans are easy loans which are available in a hurdle free manner and are availed at low costs. Not just that, it gives you freedom to utilize the loan for whatever purpose you think best.

Before we discuss logbook loans, it is important to know about logbook. A logbook is a document issued by Driver and Vehicle Licensing Agency (DVLA). Typically a logbook has several entries about the vehicle relating to the current registration mark, VIN number or the chassis number, and details about the registered keeper of the logbook.

In recent times logbook loans have become very popular as it is an easy way to get money by keeping the logbook as security. In case of a logbook loan, the logbook of your car is the Collateral for your loan. Anyone who has logbook loans registered in his name is eligible for logbook loans. A logbook loan depends on the lender and the vehicle.

The following are some of the points which are applicable in a log book loan:

1. Your car or vehicle should be ideally less than 8 years old, for getting a logbook loan approved.
2. Apart from that, it is required that the logbook must be in the name of the borrower.
3. It is also required that the borrower should have a regular income and there must be no financial claims on the vehicle.
4. It is also expected that all the Taxes and insurance due on the vehicle have been paid in full before the vehicle logbook is pledged for logbook loan.
5. Although the car or vehicle may continue to be in possession of borrower, the logbook is kept by the loan providing agency for the period, until which loan is repaid. Also this does not imply that the borrower can save himself from the obligation to maintain the vehicle in good condition.

Since logbook loans are secured on the logbook of the borrower's vehicle therefore logbook loans do not involve credit check. Therefore, whatever may be your credit rating you do not have to worry, about your eligibility for a logbook loan if you are able to meet the criteria of the loan providing agency. Apart from all this what really attracts borrowers is the fact that problem cases such as people who have faced bankruptcy can also apply for this loan.

A logbook loan can solve a lot many of your needs. For example, you can take logbook loan for purchasing assets and consumer durables, for buying a washing machine or renovating your house, tax saving investments, higher education, vacations, as well as emergency medical needs. In other words, you can use it for any declared legal use.