Logbook loans in Chesterfield, Derbyshire, same day logbook loans with free quotes and the fastest pay outs.
Logbook loans in Chesterfield, Derbyshire, same day logbook loans with free quotes and the fastest pay outs.
In Chesterfield, you could get a loan from your bank manager, this would be an unsecured personal loan, you would meet with the banks personal advisor and tell the bank why you wanted the loan and how much you wanted, if the personal advisor thought that your reason for wanting the loan was a good idea then the bank will get a credit report on you from a credit reference agency like Experian.
If the credit reference agency report came back and gave you a good or excellent credit rating then in a couple of weeks you could have a loan, if your credit report came back negative and says you have failed to pay back loans before or have a CCJ against you, or maybe the bank didnít like the reason you gave for the loan, then your loan application would be refused and just for good measure the loan refusal would be added to your credit file so the next time you tried to get a loan you would have an even worse credit score than before.
Alternatively, you could go to a pawnbrokerís shop in Derbyshire and pawn something of value, you would have to hand over your item of value and when you came back with the money the pawnbrokers had lent you, you would be able to get your item back, of course banks and pawnbrokers are only open during office hours and not at weekends or holidays and maybe you donít have anything of value to pawn anyway, there is a better way and itís called a logbook loan, let me explain.
A logbook loan is a loan against your car, the logbook lender lends the car owner the money that their car is worth and the car owner pays this money back over a period of time, but unlike a pawnbrokers you donít have to give your car to the lender whilst you have the loan, you keep driving your car and using your car just like you did before you took out the loan, the only thing you canít do with a logbook loan on your car is to sell your car because whilst you have the loan the car belongs to the lender (even though you are using the car) and only belongs to you again once you have paid the loan off.
Whilst you might be in Chesterfield or anywhere in Manchester when you apply for the loan, you can be anywhere in the country because logbook lenders us online application forms so you can apply for your loan on your phone, tablet or laptop computer, imagine sitting in bed making a loan application, long gone are the days when you needed to dress smart for the bank manager and find your local bank branch in Manchester.
Logbook loans can be taken out on cars, vans, trucks, motorbikes and scooters, as long as the vehicle has a logbook, the proper name for a logbook is a V5C document form the DVLA, but everyone calls this document a logbook for historical reasons, your need to be the owner of the car as listed on the V5C form and your need to have car insurance, road tax and a valid MOT (if your car is over three years old), if you have a car that you have declared SORN (Statutory Off Road Notification) for and keep off road only to be used in the summer months like a sports car or the winter months like a 4x4 vehicle, then your need to get car insurance, road tax and an MOT before you apply for a logbook loan as these details are looked up online automatically by the logbook lender and you wonít be able to take out a logbook loan unless the lender can find the online versions of these documents.
Itís great that you donít need to have the paper versions of these documents to get a logbook loan because itís easy to lose these documents and you donít want the hassle of having to photograph the documents with your phone and email them to the lender, you can really make a logbook loan application from your bed with nothing more than your phone or tablet.
To get a logbook loan your need to be the owner of the vehicle and have no other loans on your vehicle, the difference between a logbook loan and a personal loan from your local bank branch in Derbyshire is that a personal loan is against you as an individual and a logbook loan is against the car, if you run a credit check against someone with a logbook loan, you wonít find any evidence of the loan on the credit report but run the equivalent report against your car and your find the logbook loan listed, this equivalent of a credit report for your car is called an HPI report (Hire Purchase Investigation), this report will show anyone who cares to pay for the report what loans have been taken out against the car.
You cannot take out a logbook loan on a car that already has a loan on it, unless the current loan is nearly all paid off, the reason for this that when you have a loan against your car, you are not the owner of the car the lender is, so you canít take out another loan on a car where you are not the owner, if the first loan on the car is nearly all paid off then you own more or the car than the lender and can get a logbook loan on your car.
Logbook loans are governed by Ďsale of goodsí act legislation rather than loan legislation, so logbook lenders do not need to report a loan application to credit reference agencies like loan providers do, so applying for a logbook loan wonít cause you to have a bad credit report like just applying and being refused for a personal loan, you can get as many logbook loan quotes as you like to help you make your decision and all the loan quotes will be no obligation and not affect your credit score in any way.
You can borrow up to the value of your car, this is the second-hand resale price of your car, when you take out a loan against your car youíre in effect selling your car to the lender who is then giving you the money that your car is worth as a loan and then youíre paying back the loan each month until the car is yours again.
Whatís great about a logbook loan is that you donít lose the use of your car, you continue to drive your car and treat your car just like it had no loan against it, no one will know that your car has a loan on it unless they pay for an HPI check, your still responsible for all bills towards your car like petrol, road tax, insurance, MOT and servicing.
Whilst secured loans like logbook loans are easier to get than unsecured loans like personal loans from your local Derbyshire bank branch, the logbook lender will still have lending criteria, they may or may not allow someone with a CCJ or loan default against their name to have a logbook loan for example, the only way to find out will be to complete a logbook loan application, which is not part of your credit record so your free to apply as often as you like from as many lenders as you like to see who will offer you a loan and on what terms.
You can borrow from a couple of hundred pounds to many tens of thousands of pounds with a logbook loan, it all depends on the value of your car, a Jaguar, BMW, Audi or Mercedes will cost more than a Ford, Toyota, Nissan or Volkswagen for example, but all cars will have some value and youíre be able to borrow up to 80% of your cars value.
Logbook loans are short term loans which means that the loan term is typically from three months to three years, but lenders will offer up to seven years for a logbook loan, most logbook lenders will want you to be in employment or be self-employed, they wonít want you to prove this, but you must reassure yourself that you have the money to make the monthly loan repayments otherwise your vehicle would be repossessed and sold to pay off the loan that had been given to you.
If you are claiming benefits like disability benefits, housing benefits or unemployment benefits that does not mean that you will be refused a loan as a matter of course, but your need to make sure that you have enough money coming in each month to make the loan repayments, lenders call this responsible lending and will ask you questions like how much you spend on food, clothing, rent etc. each month to determine that you really do have enough money coming in each month to make the loan repayments, generally you wonít have to supply documentary evidence of your income, of course some lenders may require this but certainly not all.
The great benefit of a logbook loan is that you are free to collect as many online quotations as you like without negatively affecting your credit score, so if one lender will not lend to you because you have a low paying jo then simply get another online quotation and see if that new lenders online lending policy is better suited to your needs.
If you already have a logbook loan but after getting some free online quotes believe you can get a better deal from another logbook lender then you can Ďswitch and saveí, where you apply for a logbook loan and use the money to pay back the first logbook loan or other type of loan against your vehicle, this can give you a lower monthly interest rate and lower your cost of lending, but you must make sure that your current lender does not charge an early settlement fee, meaning a penalty fee you must pay just for paying back the loan early.
You can get a logbook loan against a car of any age and thatís because you might have a classic car that is many years old and worth a lot of money or on the other hand you might have an old banger that is many years old and worth only a few hundred pounds, if your car has an MOT certificate, road tax paid and insurance youíre be able to get a logbook loan with the vehicle.
Many people overlook their car as a source of finance, thinking that if they get any sort of loan against their car they will lose their car until they have paid the loan off, but thatís simply not true, you can drive your car and ark your car at your house just like you did before you had a loan, there are no tracking systems fitted to the car or the need to lodge car keys with the lender or any other restrictive device.
Unlike a personal loan from your local bank manager, logbook loans offer quick acceptance because the details of your car are plain to lookup in databases owned by the DVLA, HPI etc. the bank manager on the other hand must build a relationship with you and decide if they can trust you with the money they are about to lend you.
With unsecured loans from banks we are encouraged not to shop around because o the damage that loan applications can make to our credit history, but with logbook loans you can shop around as much as you like getting no obligation quotes for a wide range of logbook lenders to look for the best deal.
If you donít keep up the monthly or weekly loan repayments on your car then the lender can repossess your car to get the money back that they have lent you, but this is a last resort and contacting the lender to rearrange the loan terms will usually be a better solution.