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V5 Loan against Car: A Brief Read

If you are in urgent need of cash and owns a car that still holds some market value, it’s time to put it to some good use. A short-term loan also known as logbook loan is soon becoming a popular loan vehicle in the UK. Many loan lenders are now providing V5 loan against car without checking the credit history of the provider. Hence this type of loan opens up a new avenue for raising finance for loan seekers with poor credit history.

Since this is a loan against collateral, rates are also good depending on the market value of your vehicle.

How to Procure Logbook Loan

Logbook loans are easy to procure and entail a hassle free procedure. Here are 4 basic stages to procure v5 logbook loan against your car.

Application: You can apply for logbook loan online, an application form would be provided on the lender’s website. This process won’t take more than few minutes.

Qualification: If the applicant qualifies for a loan, he/she receives a call from the lender.

Documentation Verification: The representative of the lending company will meet the borrower in person and verify the documents such as logbook of the car and then will give a final touch to the paperwork required.

Cash Delivery: Now that everything is verified and evaluated, the money might be transferred directly to borrower’s account presumable on the same day.

Logbook Loan: Prerequisites

• The logbook should be on the name of the borrower
• Car should not be older than 8 years
• Borrower should be at least 18 years old or above it
• Applicant/borrower should be a UK resident
• There should not be any pending payments or dues against the car

The need of finances can occur at any point in time, but knowing your options well in advance is essential in order to help you make intuitive decision. Hope this guide helps you understand various aspects of logbook loan in the UK.

This was posted in Bdaily's Members' News section by David Faulkner .