Loans help a lot of people to solve their financial problems. With the money that they can immediately get from loans, people can now help themselves to get over if they have debts to pay. There are many kinds of loans available in the United Kingdom that helps a lot of residents. Sometimes, people’s income does not really amount to much, which is why they need the help of loans to be able to survive their day to day expenses. With loans, they can get help to be able to make their ends meet.
One loan that is popular to many people is logbook loans. Logbook loan is a type of a secured loan which needs collateral to secure the loan against with. This collateral must be the legal documents of the vehicle. This loan is only available for people who legally own one. By legally own, it means that the person must provide sufficient evidence that he or she owns the vehicle. Here in BottinWeb, we offer you logbook loans through the use of the internet. You can generally borrow an amount that ranges between £500 and £50,000, but it still depends on the worth of your car. In some cases, you may only be allowed to borrow the amount of money that is half the value of your car’s worth, but it depends on the situation and also the type of the vehicle being offered in the loan process. The process in the logbook loans consist of getting your loan in exchange of the vehicle’s documents.
This log book loan does not totally mean that you have to give your documents away. It just stays in the care of the lending company, while you are making your monthly repayments for your loan. When you are done with your repayments, then you can get back the documents of your vehicle. What is great with logbook loan is that you are still able to drive your vehicle while you are doing your repayments. However you are still fully responsible to take care of the car, and also the insurances that it needs so that the car will still have the best value. Now if there is an unlikely case that you should fail to do your monthly repayments and default on it, then the ownership of the vehicle will be affected.
Since the legal documents are in the custody of the lending company, they have the right to seize it without having to do court proceedings. This is why logbook loans are somehow risky. But if you continue to do your repayments every month then there will be no problems at all. With logbook loans, you will have to sign a credit agreement called bill of sale. The bill of sale must be registered with the high court so that it becomes valid. If in case that the bill of sale is not registered, then there should be a high court approval for the lending company to repossess the vehicle. To know more information about logbook loans, see other information here in our website.