Interesting Truths About Logbook Loans

Logbook loans are one of the most talked about loans today. But while many people have assumed negative things about this type of loan, there are a few things that you should know as a smart borrower!

You Donít Need to Own a Fancy Vehicle

You donít need to own a sports car just to get accepted for a logbook loan. Any type of vehicle is eligible, as long as it is free of financing, not more than 10 years old, and you are the legal owner. While the type and market value of the vehicle dictates how much you can borrow, these have nothing to do in determining your eligibility for a loan.

Logbook Loans Need Not be Expensive

During the years, logbook loans have gained mostly nothing but bad publicity due to their notorious interest rates. Though it can be true, we have to consider the risk logbook lenders are taking when dealing with borrowers with bad credit history. In many cases, the borrower can actually limit the cost of borrowing by comparing the interest rates across lenders and paying off the full loan amount whenever possible.

Logbook Loans Can Help Fix Your Credit

If youíre looking for a logbook loan, chances are youíve had credit problems that limit your chances of approval for traditional loans. While no credit check loans such as logbook loans are meant for those with bad credit, these loans are just like normal ones that would appear on your credit history. After youíve paid the loan back, this can count as a good entry on your credit report.

Logbook Loan Providers Will Come to You

Logbook loans are one of the most accessible loans around that you can take even without leaving your home. All you need is an internet connection, a comparison service like ours and the lenders will come for you.

Logbook Loans are for People with Good Credit as Well

Logbook loans are marketed as a bad credit loan, but what people often ignore is that anyone can actually apply for a logbook loan. They are not limited to people with bad credit. In fact, even if you have good credit rating but are in a hurry to get the money, a logbook loan may just for you because of the quick and hassle-free payouts.

Logbook Loan Companies are very Helpful

Logbook loan companies are often criticised and blamed for more people having bad debt. However, many of these companies do not merely exist to make money out of other peopleís misfortunes, but they sincerely want to help others survive an unpleasant money situation.

Logbook Lenders Follow a Code of Practice

Legit logbook loan lenders are members of the Consumer Credit Trade Association and follow a strict code of practice. No one can simply pop up in your home and drag your vehicle away without following protocols. It is your duty to find a lender that operates legally and is registered with the FCA.