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Author: Amanda Thompson Article source: http://www.articlealley.com/. Used with author's permission.
Logbook in simple terms means a vehicle registration certificate issued by Driving and Vehicle Licensing Agency (DVLA) in the UK. I hope you are aware of the fact that registration document V5 popularly known as logbook has become invalid from July 2005 and is replaced by a new style vehicle registration certificate (V5C). A logbook is valid up to 5 years and contains entries regarding owner of the vehicle, registered keeper of logbook, chassis number, current registration mark, engine number, model and color of the car. You know various means of borrowing. But, do you know you can borrow a loan by using a logbook. Yes, it is true, now you can borrow a logbook loan.
A Logbook loans is a kind of personal loan secured against a car. A UK resident who has a logbook registered in their name is eligible for logbook loans. Lenders in exchange keep the logbook of the borrowers with them against the loan. Borrowers can enjoy the complete freedom to drive their car without any restrictions from the lender.
Amount that a borrower can borrow with a logbook loan ranges from £500 to £50,000. The loan amount is determined on the basis of value of the car minus any outstanding payments due to be made on the car.
Following criteria are to be met to become eligible for a logbook loan:-
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