It is not possible that your pocket is always filled with enough finance for satisfying any of your need. This is because people have limited finance whereas needs are unlimited. Therefore, in crisis time when there are some important fiscal needs lined up to meet you can take help from your car. This can be possible by opting for secured loan against car. This loan scheme provides sufficient funds to the people which are secured against the logbook of car.
Thus, by taking help from the most beneficial financial support of car logbook loans all your financial woes can be easily solved without any inconvenience. A logbook is issued by the Driver and Vehicle Licensing Agency, which is a legal document that contains the proof of your ownership of your car.
For entailing this loan you will have to keep the logbook of your vehicle as security with the lender until you repay the loan amount along with interest. This loan scheme allows you to fetch funds ranging from £500 to £50,000, for the time period of 5 to 7 years. By collecting and comparing different lenders loan quotes available online you will be able to get best and cost-effective loan deal with flexible terms and conditions.
However, you are required to meet certain common eligibility criteria for the approval of Car Logbook Loans, which are as follows:
- Car must not be older than 8 years.
- Your name must be matched with the owner name in the logbook.
- No financial dues against your car.
- The taxes and insurance dues must be completely paid off.
- Must have sound income source and must be over 18 years of age.
Secured loan against car can be open to people with blemished credit score as well, as there is no credit check formality involve. Under these loans you have advantage to drive your car anywhere even after loan approval without any restriction.