If you are looking for greater amount of money in the same day or next day, then logbook loans against vehicle can serve the purpose. These loans are given against the logbook of your car or any vehicle and approval of an amount comes quickly. You can quickly put the loan amount to any personal purpose like home improvements, paying off old debts or bills, wedding and holiday tour expenses etc.
Your logbook of the car will be pledged as security for borrowing an amount under these loans. Since the logbook contains all the details of your car, the documents can serve the purpose of security the loan. So, these secured loans are quickly available to the borrowers.
Logbook loans against vehicle are provided also to the people having bad credit history such as cases of late payments, payment defaults and CCJs. The lenders approve the loan for such people as their logbook cuts the risks for them. We can say that these are ideal loans for the people who have damaged their credit rating. On timely repaying the loan amount, they can make some good improvements in their credit score in the coming months.
The loan amount will depend on your repayment capability and value of the car. You should bring documents that prove your bank statements and monthly or yearly earnings. After assessing the current market value of your car, the lenders will approve an amount accordingly. Generally, these are short-term loans as the borrowers take out the loan for few months or a year.
However, due to the short-term, logbook loans against vehicle are costly to borrow. The lenders want to charge interest at higher rates. But online lenders can be relied for finding out some offers of these loans at competitive rates. Settle for those loans that have fewer additional fee charges.
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