Logbook loans are the new concept that is making lot of news now days because of the features that come aligned with it
Online PR News – 20-July-2010 – – London (Shakespeare Finance) : Almost all of us own a car now days as it is a necessity now days and with time being so precious no one can afford to be traveling with out his car but then also you can leverage your car to get a loan extended towards you and that too without loosing the physical possession of it.
Understanding the worth of a car to the owner as it is not only a mobility facilitator but also a status enhancer and any borrower can not loose it, so the lenders of UK have come up with the concept of log book loans which refers to the process where by the owner of the car submits the logbooks of his car with the lender and gets the loan extended towards you.
The logbook of the car is kept as a security against the loan amount as it not acts as a collateral, but also helps the lender to cross check the name and the address and any previous address of the applicant and thus in that manner helps him out in the verification process of the borrower.
To avail a loan against car, the car of the applicant should not be more than 8 years old and the applicant name should be written there on the logbooks of the cars and it should be completely insured and free from any allegations of financial or any kind of loans then only he/she is eligible for any log book loans.
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