Securing loans with difficulty have become a thing of past for residents of U.K. when there are logbook loans we don’t have to worry of a thing as the demands of the lender are simple and easy to meet. Loans are got by way of handing security papers of your car to the loan company. Car is one of the most priced assets of every household and it would be well-maintained. So getting loan against car is easier than we think. But there are a few things that the loan providers would want from the borrower. They are (1) The car should belong to the person who is applying for the loan; (2) There shouldn’t be any finance or credit on the car; (3) The person applying for the loan should be older than 18 years; (4) An income certificate such as salary slip should be submitted for the last three months showing that you are able to pay back the loan; (5) If the car is older than 3 years it should have MOT, (6) Spare keys of the car should be handed over to the loan providers.
So when the borrower is getting into the Logbook Loan Centre, he should be having all the above necessary documents. If he wants to confirm that he will be getting the loan faster, logbooks loan online does the job. The details to fill in to apply online are
Your personal details such as
- E-mail address
- Phone number
- Post code
Vehicle details such as
- Vehicle registration
If borrower provides his car logbook registration number along with these details, the process would be faster since the number will be needed by the lender to check eligibility of borrowing.
The amount of money that the borrower wants and the amount that the lender can lend will depend upon the market price of the car and ability to pay back. There is Logbook Loan Calculator wherein you can enter the amount of money that you are planning to borrow. The number of months that you will need to repay the loan is another thing by which the interest rate will be multiplied to see how much you will have to pay every month.
There are 18 months and 48 months from which you can choose. If you are able to repay the money earlier than what was actually decided, then interest would not be taken into consideration for the rest of the months that are left out. Payment options are flexible so there is no worry of weekly and monthly payments.
Another best thing about being able to get this loan is that there is no need to give the reasons for which you need the loan. While most of the institutions stress on many proofs and documents that you will have to submit to before getting the loan, this is not so. But having the documents mentioned above is essential. So when you are fulfilling all these, stay assured to get a loan in a day.