Loans (Photo credit: zingbot)In UK all the vehicle owners are given a legal document which is a proof of his or her ownership over the vehicle. This document is known as the logbook or the V% book of the car. It is an extremely important document as it contains necessary information about the individual and his vehicle. The name and some other personal details; the date and number of registration; the chassis number are mentioned in this book. The Necessity of Logbook Loans
Today, at any point of tine one might be in a desperate need of some ready cash. In such situations one?s logbook will come to immense use. It can be used as collateral against which a certain amount of loan can be obtained. All one will have to do is walk in to a logbook lender?s office and avail the loan. This is the fastest form of short term loan that one can avail. It is faster than even pay day loans.
Since, the conventional loans can be availed only after all the formalities have been done, which might take weeks most people cannot afford to spend all that time. They need immediate cash. For instance, say a small business owner cannot wait for such a long time if it is a question of him investing on a project.
Benefits of Logbook Loans?
One who avail a logbook loan will not even have to be worried about his car either, since he will have all the liberty to keep his car to himself and ride it on his wish. Another interesting fact about this loan is that the lenders would never ask to check the applicant?s credit history. They understand that the financial condition of every individual isn?t the same always. So if he hasn?t been able to repay any loan at any point of time, that fact wouldn?t keep them from availing a logbook loan.
Things to be kept in Mind before Availing a Logbook Loan
One who avails the loan will have to keep certain points in mind. A lender would ask for certain documents. A proof of income is must, since that would ensure that the applicant will be able to keep on paying his repayments. Secondly, the applicant must be of 18 years or above in age, so he would require to come up with the age proof. This is necessary to prove that the car belongs to the applicant himself.
There must not be any debt against the vehicle against which one hopes to obtain a loan. All the documents regarding insurance premium clearance should also be submitted to the lender. The lenders would not lend money against a car which is more than 8-10 years old. The applicant will need to provide an ?age proof? for the car as well.
After all the documents have been provided, the total value of the car will be estimated. The loan amount provided will be a percentage of this estimated value. A lender generally offers a loan of 5000 ? to 50000 ?.
To conclude, one can say that to meet any kind of immediate fiscal need, logbook loans will be the best mode. They are quick, easy and hassle-free.
Author?s Bio
Steve Irons has written several quality articles on logbook loans. He suggests his readers to visit logbookmoney.com to avail more information on the same.
Source: http://www.50plusfinance.com/2012/08/the-benefits-of-quick-fast-and-hassle.html
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