5 Secrets you should know about Logbook Loans against Car

If you do not have enough money and are looking for fast ways to get some cash for meeting some urgent financial requirement, logbook loans against car can be one of the best options. Based on the type of vehicle that you have, you can use it to get some money quickly. With a good vehicle, well-maintained and from a good brand, you will have higher chances of obtaining more money as loan. If you are unable to get loans from banks and other financial institutions, these loans can be pretty excellent option for you. Read on and know the secrets before applying for logbook loans against car and know how you can get good money against your vehicle.

Keep your vehicle in proper shape

First of all, you should keep your vehicle in proper condition. Maintain it well and have it in good running condition, so that it has good sale value. This is basically what your lender will look for. With a good vehicle in tip-top shape, you can hope to get higher loan amount and easily take care of all your urgent financial needs. It should not be over 10 years old.

Keep all documents in order

Other than keeping your vehicle in proper shape, you need to pay all your insurance and taxes on it. It should come with a valid license, and as an owner you should have a MOT certificate on your car. In the UK, a fresh MOT inspection is carried out after every 3 years to ensure that a car is according to the drive-able standards for the roads. You should also cover any road taxes while you are the owner of your vehicle.

You should have steady income source

In order to be able to avail loans against car, you need to have a steady income source or a full-time job. This will show the lender that you have the ability to pay the loan amount back on time. As these kinds of loans are offered without any credit check, you do not have to be worried even if you have an unsound credit. Logbook loans are designed specifically for those with bad credit or unsound finances.

You should have logbook clear of all dues

Logbook loans are typically approved when logbooks are found to be clear of any outstanding dues. In other words, no monetary obligations should be associated with your vehicle. As already mentioned, you have to pay all insurance and tax amounts for your vehicle prior to applying for money against the logbook of your vehicle. Without clearing all outstanding dues, you cannot hope to get the loan amount sanctioned in your name.

You should have the car in your own name

If you will be the person applying for the loan, the car should not be in the name of someone else - even if that person is a family member. Basically, it should be in the name of the recipient of the loan. It should be in the name of the recipient during the entire time that the loan is approved for.