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You will need to give in your V5 report to the loan business until the loan is fully paid off. As no personal credit checks are conducted on borrowers , people with poor credit history can benefit greatly from this form of loan.


Who Is Eligible To Accept Logbook Loans


If you fully own a car not older than 8 years, you can meet the requirements for a logbook loan. There should not be any car loans against the vehicle. Your vehicle has to be wholly insured too. You will also need to give up your logbook or registration reports to the loan business. You can use the car as normal, except you don’t have the logbook of your car or other vehicle.


The next prerequisite you need to have in order for you to apply for a logbook loan , is that you need to have a steady income . Loan firms will first carry out financial test on the borrower to make sure that the borrower has an income and that they have the monetary ability to pay off the loan. They will not lend you if you can’t prove your income.