Money is an important requirement nowadays. We need money for every small or big need in our day-to-day life. Our car is an asset that can be put to use for getting money. We can acquire the necessary amount through the logbook of our car and fulfill our needs easily.
The logbook of a car is practically the registration form V5 of the car. It is a very important document as it contains important information like current registration mark, VIN number, and details of registered owner of the logbook. If you are registered as owner of a logbook then you can apply for money through logbook loans.
Logbook loans are hence secured loans as the logbook of the car is in the possession of the lender till full repayment is made by the borrower. However unlike secured loans, the approval of logbook loans is very fast which provides the service like that of unsecured loans. No property evaluation has to be done therefore approval is very fast. With money available in the range of ?500-?50,000 depending upon the make and model of the car, the borrower can take up money to fulfill any personal needs.
To get approval for Logbooks Loans however, some pre-requisites have to be fulfilled like:
* The car should not be more than 8 years old
* No pending finances should be existing on the car
* The borrower should pay all the taxes and insurance premiums of the car that are due on it.
* The car of the borrower should have passed the MOT test that is to be cleared by every vehicle after every 3 years to check the fitness of the car.
* The logbook should be in the name of the borrower.
* The borrower should have a regular source of income.
Logbook loans are a great way of borrowing money and the borrower can use his car in the meanwhile. Any car owner should not lose this opportunity if he is in need of money.
