Logbook Loans: Borrow Cash Without Hassles

by : Scarlette Riley

If you require money for urgent or regular expenses and are looking for easy borrowings then go nowhere other than logbook loans. These loans are in your pocket in a hurdle free manner and are availed at low cost. Your own car help you in taking these loans. The loan is offered by the lenders on the basis of the logbook of your car. Logbook is a document containing detail of car current registration mark, VIN number, chassis number and information about registered keeper of the logbook. Logbook document is issued by Driver and Vehicle Licensing Agency.

These are essentially secured loans and you need not to worry about the collateral. You need not risk your house or any property for attaining these loans as the very logbook of your car serves the purpose of collateral. The amount you are eligible to borrow depends on the vehicle and repayment capacity of the loan seeker. Usually one can easily borrow anywhere in the range of ?500 to ?50000.

Interest rate on logbook loans is kept lower as the loan is well secured by the logbook. The logbook is taken in possession by the loan provider and is returned when the loan is paid back fully. In the mean time the owner can continue driving car. In case of payment default the lender is free to sell the car for recovery of the loan. Also the borrower has to keep the vehicle in good condition. Usually the car or any vehicle is supposed to be less than 8 years old for a logbook loan. Other requirements are that the logbook must be in the name of the borrower and he should be getting regular income. Also no financial claims should be against the vehicle.

It would be wise to search extensively for suitable lenders from numerous logbook providers who have displayed their terms-conditions on internet. Compare their interest rate and conditions before settling for a lender to make a deal.