A Brief Guide To Understanding Log Book Loans

By Author: Colin McDermott
Total Articles: 3
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Log book loans are loans that are made against the ownership of a personally owned car by the applicant of the loan. These loans are secured against a vehicle and proof of income will need to be supplied as well as the ownership documents for the vehicle because the vehicle registration V5 document would be temporarily transferred to the lender. The car can still be used by the owner in the meantime, and would be attached only if the loan applicant fails to pay the payments due.


Who Can Apply?


Anyone who is 18 years of age or over and has had a job for the past six months in the same company, can apply for the log book loans as long as your car is registered in England or Wales.


How To Apply?


The process of application for log book loans has been greatly simplified these days, and one can simply apply online and fill in the application for the log book loan. Once the details have been verified by the lender and the vehicle registration number ...
... validated, the V5 log book has to be sent to the lender or the loan applicant can visit their nearest store and give over the vehicle registration book. Few papers need to be signed, and after approval the loan can be transferred into your bank.


What Are The Interest Rates We Are Talking About Here?


The interest rates of the AutoMoney log book loans presently a representative 346.3% APR, but be aware that the vehicle may be repossessed if you do not keep up the repayments. All logbook loans online are initially set up over an 18 month term.


How To Compare Different Logbook Loans Provider?


Comparing loan providers and the rate of interest they charge online is the best way to know where to apply for the loan.


How Much Can You Apply For?


The loan you apply for from Automoney can be from £100 up to £5,000. It basically depends on the market value of the car, and the amount approved for the loan is generally half the market value maximum.


These are the few facts that you need to keep in mind when contemplating applying for a log book loan. It is a way to get ready access to finance when you need it the most, but you also need to make sure that you are in a position to repay it back as soon as you can without any default.


Auto Money is one of the leading log book loan providers in the UK and have fair interest rates their customers. Get in touch with them to know how they can help you with their log book loans or to know how much loan you are eligible for.