First things first
First of all you must know what logbooks are. Logbook is also known as V5 document. It is the most important document which proves the ownership of a car. It entitles a person to self off it disposes of off his car. This car also entitles a person to take the loan for his car. Loans took by using a car or logbooks as a security are known as logbook loans. The following are the main advantages of taking logbook loans:
• Better when compared to many payday loans because payday loans charge you the very high rate of interest whereas logbook loans wouldn’t charge you that high rate of interest.
• Logbook loans are easy to take; you need a few documents and an income statement to prove that you earn well.
• People with bad credit history are also eligible for logbook loans; these people have the advantage of giving their car as security which enables them to get loans, and hence loans become easily accessible
• There is no early repayment fee in the case when s person wants to pay early. This lets a person create good credit history.
• You also get the power to drive your car because, in such tours of loans only the logbook of your car is taken as security. Your car remains with you for your usage. This is the best feature of logbooks or V5 loans.
There are some companies which provide logbook loans. All of these companies have a different working environment and hence different terms, conditions and rate of interest. For you it becomes quite difficult to choose from all such companies. There is one company which acts as a mediator between the lender and the borrower. Logbook Calculator UK is the company which helps you in finding the best money lender. To know about the contact details of Logbook Calculator you can simply type logbook calculator in any of the search engines.
More about Logbook Calculator:
The Logbookcalculator doesn’t itself provide loans or funds against your logbook. It rather acts as a media or channel to let you connect with the lender. Using the site is 100% free, they do not bind you under any agreement to take a loan from their recommended lenders. The following are the requisites for obtaining a loan:
• Eligibility criteria: You need to be 18 years or more in her. You have to be a citizen of the UK. You have to be the legal owner of the car. The car should have its insurance cleared and free from any financial obligations.
• Documents required during application: The logbook is the first and foremost requirement for an application. The borrower will also have to submit an MOT certificate and insurance papers.
• A person can borrow anything between £200 and £50000. The amount will depend on the vehicle’s valuation as well as the borrower’s capacity to pay back
• Earlier payment is also accepted, and you do not have to pay any extra amount of fees for that.
• What are the risks? The worst risk involved is that the company will take your car away if you do not pay on time. This is a very rare case. The company doesn’t take away your car that easily.