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Logbook
Loans: Car to take care of your
financial woes …...
Who do you call when you have important things to discuss
like that dream wedding, a long holiday or even renovating
your home? It's often a friend whom you can turn to
for help and what if that friend turns you down?.....
Well, in that case your car or vehicle can help you
borrow money. Yes!! Welcome to the modern lending market
…. Small car? Family car? Or sheer luxury on wheels,
be it any of them, you can borrow money against it;
this is what logbook loans are all about.
Logbook loan is devoid of any distinctive character
and is been described as the service of securing a secured
loan against the production of the logbook of the vehicle.
The logbook loan requires the borrower to keep the logbook
with the lender until the loan amount has been repaid
in full. Here, it is worth noting that you can keep
using the vehicle in the way you want provided the vehicle
is kept in good condition. Besides this obligation,
there are some pre requisites as well to be fulfilled
before securing a logbook loan.
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These
are:
- Logbook should be in the name of the borrower.
- Vehicle should be .less than 8 years old and has
to be taxed and insured.
- Vehicle should be free from financial obligation,
if any.
- Borrower must have a regular source of income.
Borrower will have to submit details about the vehicle
such as its type, make, model, the year it was purchased
and the mileage that it is presently offering.
Once these details have been submitted and pre requisites
are met and the lender is satisfied with the condition
of the vehicle, the logbook loan is granted. The terms
of payment, the amount to be borrowed and rates can
vary according to the needs and desires of the borrowing
party.
The logbook loans owe its growing popularity to following
features and benefits:
- The best thing about logbook loans is that it does
not involve credit check. So, whatever may be your
credit rating you need not worry, you are eligible
for a logbook loan if you meet the above criteria.
- Speedy processing - as in secured loans involve
valuation of the asset pledged as collateral. This
may often involve time. Whereas, logbook loans is
that they allow borrowers the advantages of secured
loans without protracting the process
- Being secured on your vehicle, flexible repayment
options and low interest rates are offered
Summary
With the advancement of technology and corresponding
increase in desire , it has become a norm to take up
loan these days and to keep pace with the dynamic environment
, the loans have also advanced. Logbook loans are relatively
new to market as compared to traditional loans but the
benefits being offered and ease at which these are available
scores out most of the conventional loans. The process
is simple, fast and reliable and it makes a lot of sense
to simply secure your vehicle’s logbook to fill
in that financial gap and still keep driving your vehicle.
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