What is a Logbook Loan?

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Logbook Loans

• Presented by

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What is a Logbook Loans?

• Logbook loan is a secured loan in which borrower
  submits its vehicle as a security to the lender,
  against the amount borrowed. 
•  This loan is secured on a vehicle and lender
  becomes the owner of the vehicle, until the loan
  is paid back.
• Borrower can use the vehicle as long as loan is
  being repaid.
•  This loan is a risky and expensive option and
  one should consider all available options before
  borrowing a Logbook loan.

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Contd.

• Logbook loan is a fast track to cash and requires
  no credit check.
• The loans are available on various internet sites
  and on the high street.
• The amount borrowed largely depends on the market
  price of your vehicle.
• Depending upon the price of your car , borrower
  can borrow between 500 to 50,000.
•  Usually, lender doesnt lend money more than the
  50 of the vehicles value

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How does it work?

• Before applying for a logbook loan, borrower
  should have a vehicles logbook or vehicle
  registration document, which proves that borrower
  is the owner of the vehicle.
• Also, borrower has to sign a credit agreement and
  bill of sale.
• Signing the credit agreement means that lender
  is the owner of borrowers vehicle on temporary
  basis, however, borrower can use the vehicle as
  long as loan is being repaid.
• Law of England, Wales and Northern Ireland
  recognized these documents.
• Please note that these documents are not valid in
  Scotland.

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Contd.

• The bill of sale is only accepted by law, if it
  is registered with the High Court.
• If it is not registered, a court approval is
  needed to repossess the vehicle.  
• Usually, logbook loan is paid by cheque. Some
  companies also offer logbook loans in cash, but
  they charge fees for this.
• Various interest rates are offered by different
  lenders on logbook loans.
• To read more about Logbook loans, please read at
  http//www.loandocreviews.co.uk/logbook-loan/