It is not easy to get loans these days if you do not have a stable income or if you have poor credit history. Banks refuse to give loans to unemployed people. To make the situation easy for people, logbook loans were introduced. Every person can get a logbook loan if he/she owns a vehicle. Logbook loan is obtained against the V5 documents of your vehicle while you can keep using your vehicle normally without any problem. The documents are given back to you when you are done with the repayment of loan.
The best thing about logbook loan is that it is quick and simple method. Person having any credit status can get loans and the maximum amount of loan depends on the market value of the borrower’s vehicle. Normally the value of loan is as much as 75% of the vehicle’s market value. The bad credit history including arrears, bankruptcy, etc. do not keeps you from getting the loan. The only thing you need to get a logbook loan is the registration documents of your vehicle and your income statement. You must prove to the lender that you are owner of vehicle and it is registered in your name. The logbook contains information like owner’s name, address, vehicle engine number, vehicle’s chassis number and other information about the vehicle. The loan payment is handed over to you in few minutes after all of this information is verified.
The amount of logbook loans can range from £250 to £100,000 depending on the vehicle’s market value. The vehicle against which the borrower is getting loan should not be older than 8 years and should not have any payable finances to bank (must not be leased). Loan companies provide logbook loans on easy monthly and weekly installments for the period of 12 to 36 months. You can pay back the loan early without any issue. If a person is unable to pay back the loan complete loan installments or delay the payment of loans then it can cause serious problems. The lender can seize the vehicle and sell it cover the loan payment. Lender do not need court order to take possession of the vehicle.
Logbook loans are only available in United Kingdom and other countries of world do not have this kind of scheme yet. According to loans data, thousands of people in UK get these loans every year. Manchester is second most populous area in UK with population around 2.6 million. There are several companies that offer logbook loans in Manchester with different interest rates and representative APR. If you are looking to get a logbook loan in Manchester with lowest interest rates in UK then you should get it from Logbook calculator. Logbook calculator provides loans up to £25,000 with 99.9% representative APR. You can apply for the loan online on their website or you can visit the Logbook Calculator Manchester branch for detailed information and for application of loan.