Do you have financial problems now or have had financial problems in the past? These issues can impact how easy it is for you to get credit from lenders and also impact how much the lenders are willing to lend you. Having a bad credit history will limit the options you have open to you, but there are still some potential, suitable options.
One option which may be of value to you is a Logbook loan.
Logbook loans are mostly used by people who are unable to acquire credit elsewhere, like at banks. These loans enable people to borrow against the value of their vehicle without the need for going through a credit check. There’s no need to worry if you’ve had bankruptcy orders, CCJs, or repossessions, as these won’t impact your ability to obtain a Logbook loan.
An essential document to obtaining a Logbook loan is your vehicle logbook, or v5c document. This displays information about the car, such as engine size, number plate, and so on. It will also contain a list of owners, including you. When taking out a loan, this document would be placed with the lender, who will keep it for the duration of the loan.
Logbook lenders recognise that many individuals who come to them are unable to get credit elsewhere.
Logbook lenders’ services cater these people and, therefore, Logbook loans allow you to retain your vehicle and continue driving it for the duration of the loan. This is great news for people who use their vehicles on a daily basis for getting around, of course.
Logbook lenders provide fast access to money when you most need it. The application process from start to finish is very rapid and often finished within twenty-four hours. These loans are hugely flexible, enabling you to spend the money for whatever you need it for — whether it is a new room or to consolidate some debts.
A Logbook loans lender will need to ensure that you meet some basic criteria prior to approving your application.
These basic criteria include things like you earning a regular. Basically, lenders will need proof that you have money coming in each month. This could be in the form of a P60 document or possibly a letter from your employer showing your earnings. Furthermore, the vehicle for which you are using the Logbook loan must be legally yours, and the logbook should display you as the registered owner. You must also own the vehicle outright, which means it, must be free of financial debt (or nearly clear).
As long as you comply with these requirements, then you may well qualify for a logbook loan.
To get going, simply apply online by tapping in a few details about yourself — such as name, location, and the make and model of your vehicle. An advisor will then be able to contact you to confirm your requirements. Once they have done this, they should be able to push ahead and complete the necessary paperwork and form filling. Then, they will be able to meet with you to finalise the loan details and organise payment to you.