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A logbook loan is a loan that you can get against your vehicle. It means that you use your car as collateral, and a
short term loan direct lender will provide you with the cash you need. You can not get more money than the worth of your car.
There are some lenders who only allow you to borrow an amount that is half of your car’s value. It is necessary to search and find a well-reputed lender that meets all your requirements.
To apply for a logbook loan online you have to fill a contract form. But in this case you have to show that you own a vehicle and most probably the lender may ask to show the registration documents of your car. Usually, you can borrow an amount between £500 and £50,000, and it depends on the value of your vehicle.
After providing complete documentation, you have to sign a bill sale agreement which means that the lender is now an owner of your car. However, you can use your vehicle as long as you make repayments of your loan.
Logbook loans offer several benefits to their users. Following are some of the logbook loan benefits.
There are some disadvantages of logbook loans, and as a borrower you must be aware of them.
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