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Category: Logbook Loans

Logbook Loans – did you know your vehicle can secure you a loan?

Logbook Loans – did you know your vehicle can secure you a loan?

One of the other loan services we offer at Link Loans is a logbook loan.

What is a logbook loan?

Well, this allows you to secure a loan against the value of your car, truck or even motorcycle. Securing a loan is fast and normally you will have cash paid into your bank in 24 hours.

How logbook loans work

Your vehicle is a serious asset and you can borrow money against it. There are a number of things, however, that need to be considered before a loan is secured.

  • You must be the legal owner of the vehicle. If you are applying for the logbook loan, the vehicle cannot belong to a sibling, spouse, other family member or friend. Proof of ownership is a pre-requisite of the application.

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  • The vehicle must be fully paid off.
  • The vehicle must be fully and comprehensively insured.

The condition of your vehicle, as well as the mileage covered, is very important, as loans are based on these two critical factors. Of course, we need to make sure that should you default on loan repayments for an extended period, we can sell the vehicle to recoup our losses. Effectively, when signing the loan, we become the owners of the vehicle for the loan period. The fully comprehensive insurance is there to provide cover should the vehicle be damaged in any way, either an accident or perhaps weather damage.

The application process

To apply for a logbook loan, you will have to provide us with a number of documents. These include your vehicle logbook (often called a V5 loan). This will remain in our possession for the length of the loan period. We will also need proof of comprehensive insurance, your personal identification (either a driver’s licence, identity document or passport), proof of address (a bill of some kind will do) as well as your pay slips and banks statements for the past three months.

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Once the loan application has been approved, the agreed amount will be paid into your bank account within 24 to 48 hours. If your application has been rejected, we will contact you personally, but with an acceptance rate of over 95%, this is not very likely!

Should you have any further queries, be sure to visit this site.

Why choose a logbook loan?

Why choose a logbook loan?

Let’s be honest, we all need some extra cash from time to time. Perhaps you need to pay for your child’s education, or you have unforeseen medical bills. Maybe you want to consolidate debt.

Well, not only can a logbook loan against the value of your car, truck or motorcycle help, but it is one of the easiest ways to secure money in the United Kingdom today.

Why are logbook loans becoming so popular?Let’s take a closer look.

An easy loan to apply for

Logbook loans are perhaps one of the easiest loans to apply for. Many companies allow you to apply online, but we prefer face to face applications. After all, we do require you to bring us original copies of certain documents. Once we have checked the documents you provide and have appraised your vehicle to determine its value, the application process can begin.

Credit scores mean nothing!

The best thing about a logbook loan is that your credit score means nothing. So if you have a bad credit rating, or are even blacklisted, you can secure a loan. This speeds up the application process as well. Many other loan products required thorough checks of a person’s credit score. This can add days to the application process and then the finance company still might turn the application down. For a logbook loan, it’s all about the value of your vehicle as well as a repayment rate that suits your budget!

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Money in your account in a matter of hours

Should your loan application be approved (and 95% of logbook loans are), you can expect the money to be paid into your bank account extremely quickly. Once you have signed the necessary agreement documents, we authorise the payment of the loan amount into your account. This can be a quick as 24 hours, especially if you signed the agreement in the morning. Sometimes, however, it can take 48 hours. This often depends on different banks and the time they take to clear the money into your account.

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The most affordable unsecured loan product available

A logbook loan is one of the most affordable ways to borrow a fairly large sum of money. Other loan products penalize you with high-interest rates which can make the loan repayment difficult. A logbook loan, however, remains affordable and repayments are easily managed.