Logbook Loans - Finds Use as a Personal Loan Minus its Inherent
Drawbacks.
Logbook in legal terminology is known as registration form V5.
The document is 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.
The registered keeper need not necessarily be the owner of the
vehicle. He is the person who is responsible for paying taxes on
or representing in cases of offences related to the vehicle.
Did you know that the logbook of your car could help you draw a
loan? Moreover, the borrower retains the use of the car. Finding
it different from the regular car finance loans? Car finance
loans help borrowers purchase cars. Logbook
loans, on the other hand, help borrowers meet their other
financial requirements.
There are certain distinct features of log book loans. These
distinctive features need to be discussed for a better
appreciation of logbook loans. First, logbook loans require the
borrower to part with the car logbook and the car itself. Thus,
borrower continues the use of the car even when loan is drawn
against it.
Second, logbook loans do not entail a credit check. Thus,
borrowers can have logbook loans even when bad credit tarnishes
their credit report. Borrowers, who have been refused loans and
mortgages because of bad credit history, find logbook loans
offering a welcome relief.
The amount provided against the logbook ranges from