Fastest Way to Get a Logbook Loan

Bad credit history? Need cash fast? Logbook loans in themselves are quick and easy to apply for, and might provide the financial support you need quicker than a conventional loan.

A logbook loan gives the loan provider the security of your vehicle in case you default on your payments. Your credit history becomes negligible because your vehicle secures the company through its market value.

In the event that you maybe are seeking to secure a loan against your vehicle, loan providers are easy to come upon. Requirements for application are not as tedious as that of traditional financial institutions, but they are still present.

Here are a few ways to breeze through the process of applying for a logbook loan:

  1. Look up a log book loan company online. While these are readily available by walking around in the UK, the Internet is the most convenient and quickest place to look.

Take care to do your research. While logbook loan companies are prolific, try to read through any available reviews from actual customers who have had experience dealing with said companies.

A logbook loan leaves the borrower with very little protection, especially if contracts explicitly bind you without needing to settle things in court. Look for the most credible loan provider you can find to ensure that loan payments do not become difficult.

  1. Make sure that the vehicle you plan to put up as collateral has little to no finance.

Log book loan companies might become reluctant to approve your application if the car comes with strings attached to it. An existing balance of a car loan may also lower the market value of your vehicle.

  1. Have your papers ready. The logbook loan is called such because it depends on the existence of your vehicle’s logbook. The Driver and Vehicle Licensing Agency issue the logbook, or the V5C Registration Certificate.

The logbook itself is not a proof of ownership, though it’s treated as one. The keeper of the vehicle possesses the logbook, and he might not have necessarily bought the car. The document includes the vehicle registration number, the vehicle keeper’s name and address, and other relevant information such as vehicle make and information about previous keepers.

In case you’ve lost your V5C certificate, you can apply for a replacement copy by phone or by post.

  1. Before taking the time to apply for a logbook loan, evaluate your financial situation if you have the means to pay back the loaned amount with interest. Take account of your regular income and make sure that you have the means to fulfill your end of the contract.

Receiving a loan is only the first step. Log book loans have some of the highest annual percentage rates (around 400% or higher). However it still seems the fastest way to get the emergency cash you may need today.