A popular medium of borrowing loans is logbook loans. It's essential to look into the loan term before applying for logbook loans. Driving license authorities issue logbook which contains quite a few entries and information about the vehicle. To avail logbook loans the applicant has to give the logbook as security to the lender the time the borrowed amount is totally paid back.
Logbook loans can be easily secured by placing the logbook as a guarantee. Those who possess logbook are eligible for loans and the sum of loan usually depends upon the brand and the vehicle's value.
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Vehicles which are preferably less than 8 years are eligible for logbook finance. It's necessary that the logbook is in the name of the borrower of the loan amount. Secondly there should be no financial claims on the vehicle against which loan are sought. Any kind of insurance dues or taxes on the vehicle is a hindrance in procuring loan. Incase of any dues against the vehicle these should be paid off before the vehicle logbook is given to take a loan.
However the owner of the vehicle i.e. the borrower continues to enjoy the right to possess the vehicle till the loan settlement term. The vehicle can be only taken by the lenders in case the borrower is unable to pay back. Logbook finance is secured and does not require any credit check. Irrespective of a bad credit score the borrower can avail the loan. So those who are facing bankruptcy or arrears are also eligible to apply for these loans.
Thus these loans are secured loans that are approved against the vehicle's logbook. The right to possess the car still lies with the borrower even though he has taken a loan against the logbook. It's only under non-repayment of the loan that the lender has the right to take the car in his possession.
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