Do you Qualify for Logbook Loans?
Logbook loans are popular throughout the UK because they are fast and flexible. But this doesn’t mean everyone is eligible to get these loans. There are many people that start finding out about logbook loan rates before finding out whether they are eligible for these loans. To ensure that you are not disappointed later it is best to find out whether you qualify or not.
Are you qualified to get a logbook loan? Please go through the eligibility criteria given below to find out.
- You must be a resident of the United Kingdom.
- You must be at least 18 years of age.
- It is not mandatory to be employed if you want a logbook loan. Self employed professionals are also equally welcome. It is important to show the lender that you are capable of making regular payments.
- There are no credit checks done for these loans.
Conditions Related to your Vehicle
There are certain conditions related to your vehicle for you to be eligible for logbook loans. Please go through the points mentioned below.
- You need to have a vehicle (bike or car) that is legally registered in your name.
- It is not mandatory that your vehicle is free of finance but if it is then you tend to get better deals.
- Your vehicle should be insured.
- You should have the tax certificate for your vehicle. Click here for more information on vehicle tax in the UK.
- Your vehicle should be MOT certified.
- The value of your vehicle should be more than the amount of loan requested.