Logbook loans are a type of money you borrow by putting your car as security. Under these secured loans, the title of your car will be with the lender until you pay off the debt in full although you can use it. If you fall behind repayments, the lender will have the right to repossess your car to cash it out.
You can borrow between £500 and £50,000 depending on the value of your car. However, most of the lenders will offer you only half of the worth of your car. The repayment term for easy logbook loans can be up between 1.5 and 3 years.
You will pay down fixed instalments every month that goes toward both the principal and interest. Some loan agreements will allow you to pay down only interest and the principal as a final payment at the end of the contract.
EasyCheapLoans can help you qualify for logbook loans in the UK at competitive interest rates. We have been offering these loans for a long time with fast, simple and convenient way.
Applying for logbook loans is too easy. You need to fill in the application form online and submit the required documents. If everything goes all right, you will get the money in your account as soon as possible. However, you need to meet the following conditions:
Note: during the application process, one of our agents will call on your home or office to verify your vehicle. Since you have to sign the bill of sale to transfer the car ownership temporarily, the car you are using to secure the loan must be in your name.
Like any other type of loans, logbook loans also require a lender to go through your credit report. EasyCheapLoans will run a credit check to see if you have been committed to your financial obligations.
It is always advisable that you should have a good credit rating while applying for logbook loans online. APR for logbook loans is generally slightly higher. With the bad credit rating, it may be hard to qualify for these loans, and if you do so, you will pay high interest. If you are looking to take out logbook loans with bad credit, it is always advisable to improve your credit before that.
If you do not have a credit history, you can intend to take out logbook loans with no credit check. Honestly, there are no such loans exist. A lender would like to get information about regular repayments. If you have ever built a credit history, the lender will look over your financial commitment by checking the record of utility bill payments.
Although not many lenders offer logbook loans, finding the best logbook loans is still not easy. You should research and find out the interest rates and APRs displayed on their site. Note that these can be just a representative of real figures showed in your loan agreement, but they will let you know how much it will likely cost you.
If you apply for logbook loans with EasyCheapLoans, you will get them at lower interest rates than the market. Our USP is we do not charge processing fees, and we accept early repayments without imposing you any penalties. We follow responsible lending norms for granting money. Hence, our interest rates are subject to the affordability of borrowers.
Most people worry that they will not be able to qualify for logbook loans with older cars. Having an older car does not mean that you are not eligible for these loans. Although age is a crucial factor to consider, lenders also consider the trade value, condition and mileage.
Lenders hesitate to sign off on logbook loans if the car is too old because older cars are subject to wear and tear. They will be less worth than newer cars, making it harder to get approval for a large amount of money.
If you take out logbook loans for older cars with us:
Try to have service receipts because it proves that your car was duly maintained. In the absence of them, the mileage should be lower. These conditions are applicable when your car is over 10-years-old.
Various short-term loans are out there that you easily qualify for when you are redundant. If you are looking to apply for logbook loans when your sole income is from benefits, your application will be turned down the straightaway. Logbook loans on benefits do not exist. You must have a regular income source to prove that you can easily manage to repay the debt.
We can let you take out logbook loans even if you are on benefits if you have a joint applicant with earned income. The applicant may be your family or friend and may have either a full-time job or self-employed.
Although logbook loans, unlike short-term loans, allow you to borrow larger loans at lower interest rates, they are still expensive. You are securing the loan against your car, which means the lender has the right to repossess your car to liquidate if you fail to pay off the debt on time.
It is paramount to ensure that the loan you are taking out is affordable. You should do all your homework to find out you will not have any problem in settlement of the debt and your regular expenses. You should find out the loan’s total cost to get a clear idea of whether you can afford to repay the debt.
Applying for logbook loans with EasyCheapLoans will be a good experience because of the following features:
Do you need money? Apply for logbook loans here.