Cannot get beyond a refused loan? There are the logbook loan lenders, who do not care how other institutions appraise your credit report. Generally, a logbook is a vehicle booklet that acts as a proof of ownership of a vehicle. A logbook loan is one of the loan types that are offered as a financial incentive by financial institutions. So as the name suggests, this type of loan differs from the other types of loans in that the vehicle’s logbook is used a security or collateral. What this means is that your vehicle will act as payment guarantee for the lenders.

People go for logbook loans for various reasons. Amongst the reasons is a refused loan from other financial institutions. If you are planning to go for a logbook loan, certain conditions must be met. This is a safety measure put up by the lending company as a safeguard against losses from defaulters.

Eligibility terms:
Anyone applying for a log book loan must be over 18 years of age. This is the set age standard in many countries and states for adults and therefore one that is subject to the law.
You must also own a vehicle including its logbook. It is the vehicle and the accompanying log book that will be used as security. The vehicle being used should be free, meaning that it should not be pledged as a security against another loan or a security in another different financial case. Also, you must have further evidence of ownership of the vehicle.

You must also show the ability to afford the repayments. Although the vehicle will serve as security, the lending agency will require that you show proof of ability to repay the loan as per the signed agreement.

If you pass the eligibility requirement, you can apply for the loan which will now be further scrutinised. To ensure that you pass this stage, it is better if you know what is likely to be looked into. First of all, the vehicle being used as security must be under 8 years of age. This ensures that it still has a profitable market price. As stated earlier, the vehicle must not have been used as collateral somewhere else. If you have any insurance or tax on the vehicle, ensure it is paid in full or settled before you use it as security.

Ensure the logbook is in your name as this will serve as a proof of ownership of the vehicle. The vehicle will be inspected to ascertain its road and market worthiness so it is important that you ensure that it is tested prior to the inspection, and to ensure that it passes all the technical tests. Last but not least, you stand a better chance if you are in a full time employment. This will show your ability to fully afford the repayments. If you and your vehicle satisfy the above criteria, you stand a good chance of securing the logbook loan.

So don’t let refused loans stop you from accessing other financial solutions. The logbook loan offers a better alternative as they are easy to access and have flexible and longer repayment periods. What’s more, you still maintain full use of the vehicle throughout the duration of the loan.

Please visit us to get a better solution for the logbook loan http://www.logbookloans.co.uk and forget your worries about any type of refused loan http://www.logbookloans.co.uk/refusedaloan that you may have faced along the way.