If you own a car, you can apply for a logbook loan, which qualifies you for £50 to £50,000 based on the value of your car and the lender. Logbook loan or V5 loan is like mortgage loan, where you offer your vehicle as the security. The lender keeps the original V5 documents until the loan is paid. People with very poor credit benefit from this type of loans.
Who Can Take Logbook Loans
If you fully own a car not older than eight years, you can qualify for a logbook loan. There should not be any vehicle loans against the vehicle. The lenders also require you to fully insure the vehicle. Borrowers also surrender the logbook or registration documents at the lender. You can use the vehicle as normal, except you don’t have the logbook of your car or other vehicle.
Another requirement is that you must have a … Read More