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One of the most instantaneous forms of arranging credit, car log book loans, is becoming quite a bankable financing norm among the interested loan applicants in the UK lending industry. Reason: The asset pledged as collateral for car log book loans (which is very easy to arrange) with the lender serves as guarantee of the amount extended as a loan from the borrower's end.
Overview of car log book loans
Meanwhile, speaking of the guarantee factor involved, as the name suggests, car log book loans (also known as loans against cars) are secured against the logbook of the vehicle in your name. For readers’ information, the old document V5 was made invalid as logbook document in the year 2005 by the British Government. Since, then this new document, reportedly called V5C has taken its place and is being treated legally for car log book loans. But there are few things that can raise concern for a petite borrower. First thing is the APR (Annual Percentage Rate). Yes, APR woes do not cease here as despite the involvement of security element, people are likely to be offered deals where they will be asked to repay it at exorbitant APR. Although, there are ample of providers operating in the market who are offering car log book loans deals at fairly low APRs.
Rules of car log book loans
Second thing that is likely to cause concern for the borrower is the long list of conditions that are mandatory to be met if one wishes to seek monetary assistance in the form of car log book loans.
•    The borrower should be a citizen of the United Kingdom
•    He/she should be 18 years or above in the age
•    He/she should have a logbook in his/her name (as told above)
•    The vehicle whose car log book loans is being pledged should not be more than 8 years old
•    There should be no financial obligation left outstanding on the car
•    The vehicle should be adequately insured and taxed
•    He/she should have a permanent source of income in order to be eligible for car log book loans
Bill of Sale
If that is not enough, there another thing that a borrower of car log book loans should be aware of. It is the bill of sale. Yes, bill of sale is the only document that is acknowledged by the court of law. Hence, the borrower first needs to check if this bill of sale is registered or not. Remember, if it is not then the lender will have to knock the door of high court to repossess the ownership rights of the vehicle. Interestingly, during this entire process, borrower can use the vehicle normally although the legal possession stays with the lender. This probably is one of the chief USP of this loan product. Other thing is that there is quick availability of the car log book loans, without entangling into the vicious web of legal formalities and other unnecessary formalities, thus delaying the transfer of liquidity to the needy. The above jargon is not defaming the car log book loans but is making people aware of its fine points.

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