If you need an emergency loan and you want to bypass traditional lending institutions, consider using a car book loan. Even if your personal credit history is in a bad shape, you will still be eligible to use your car for cash. Discover what makes a car log book credit attractive as a personal credit loan in this article.
The V5 log book
What is the V5 book? The V5 book in the UK logs all the relevant information of a car, including verification of the 'keeper' of vehicle. It contains information such as the name and address of the 'keeper', registration number, make of car, model, previous keepers (if applicable), and the vehicle identification number (VIN). When you buy a new car, the dealership will usually take care of registering the vehicle with the Driver and Vehicle Licensing Agency (DVLA). If buying second-hand, the seller is responsible for sending the V5 log book to the DVLA for registration. If there is no log book or certificate available from the previous keeper, you apply to register the vehicle with the DVLA. Importance of the V5 Keeping your V5 in order prevents theft, unauthorised, and illegal sales. It also allows you to sell the car without a hassle. For buyers, it is an assurance that the 'keeper' of the vehicle is legitimate.
How car book loans work
Log book loans
As long as you have a car, bad credit will not affect your eligibility to borrow cash. A valid V5 log book is all you need for secured car loans. In simple terms, your car serves as collateral for any credit that you make. It does not matter if your personal loan history is bad.The only other condition that needs to be fulfilled is that there should be no outstanding payments on your vehicle.
The amount that you can borrow is dependent on the value of your vehicle.
Advantages of personal loans secured by log books
No credit check Even if you have bad credit, loans can be secured. You do not need background and loan history checks. Quick processing Loans are granted in a short time, usually within 24 hours. Cash You are given cash as soon as you hand over the log book. Lower APR Lenders that offer log book loans have lower APRs than traditional financing institutions such as banks and credit unions. You keep the car Even when your vehicle is used as collateral, you continue to drive it while repayments are being made. Lenders that provide car log book financing include: - Log book UK - V5 Loans UK - Mobile Money - Log book Loans - Chance for Loans - Cash Converters