Logbook loans: loan based on your car
Log Book Loans are established as the innovator of secured vehicle finance. So- what exactly is a log book loan? … The logbook loan requires the borrower to keep the logbook with the lender until th Contd...
Logbook is the document issued by Driver and Vehicle Licensing Agency (DVLA). Logbook has several entries about the vehicle relating to the current registration mark- VIN number or the chassis number- and details about the registered keeper of the logbook.
Finance
Logbook loans: loan based on your car
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. For getting logbook loans approved the car or vehicle must be ideally less than 8 years old. Along with that the logbook must be in the name of the borrower- regular income and there must be no financial claims on the vehicle. All the Taxes and insurance due on the vehicle must be paid in full before the vehicle logbook is pledged for logbook loan.
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While the car or vehicle may continue to be in possession of borrower- it is the logbook that is kept by loan provider for the period until which loan is repaid. However- borrower cannot save himself from the obligation to maintain the vehicle in good condition.
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You can take logbook loan for purchase of assets and consumer durables- to buy a washing machine or renovate your house- tax saving investments- higher education- vacations- emergency medical needs...in short- for any declared legal use.
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