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Logbook Loans – A Quick Way Of Getting Loans Only To Be Availed As The Last Option

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Logbook loans are actually a form of secured loans that can be got much faster than the conventional loans. Borrowers do not need to show houses as collateral, and cars can be used as security against the cash borrowed. If they fail to make their payments, the cars would be confiscated and sold off by the lenders. Many loan applicants in U.K prefer these loans because of the ease in arrangement of the collateral. A car’s logbook basically contains all the pertinent details of the car, which are VIN number, registration details, registered keeper’s information, etc. When you borrow the logbook loan, your logbook needs to be handed over to the concerned lender.

When all the borrowed money is repaid, the logbook is handed back to you. One prime advantage with these loans is that the cash is usually received within 24 hours of your application submission. Logbook is alternatively also called registration form-V5. Logbook loans should not be the first option of getting cash, as these are usually very expensive and cheaper ways of borrowing funds are available. People with poor credit scores find this loan option very appealing. The lenders are also comfortable lending out cash to them as the car is already received as a form of security. Credit checks are not conducted while applying for these loans and even if a person has CCJs against his name he can get a log book loan.

But the car which you put up as security should be in good shape and relatively new. Also, all financial agreements need to be duly fulfilled regarding the car and the tax and insurance should be fully paid. To give an estimate of how costly logbook loans UK are, an instance is cited. If a person had to borrow an amount of £1,500 through Logbook Loans over a period of 6.5 years, the total amount that he would require repaying would be £4,180.80. This is more than 2.5 times of the actual amount borrowed. That is equivalent to an APR of 437% (approximately). If a person wants to get monetary assistance through this mode of loans in U.K, certain conditions need to be met.

These are –

  • The borrower must be an U.K. citizen.
  • The person’s age must be 18 years or more.
  • A logbook must be maintained in the borrower’s name.
  • All the financial obligations pertinent to the car must have been cleared.
  • The age of the concerned vehicle whose log book is pledged must not be greater than 8 years.
  • The car / vehicle must be sufficiently insured and also taxed.
  • The car’s registered owner must have a permanent income source.

The borrower needs to be cognizant of another important aspect too and that is the bill-of-sale. This is considered as the sole acknowledgeable document in the court. So, the borrower needs to ensure that the bill-of-sale is registered. The lender would need to approach the High Court for the repossession of the vehicle’s ownership rights if the bill-of-sale is unregistered.

Posted by on April 12th, 2010 :: Filed under Logbook Loans
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Young Driver Car Insurance

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There is a period in a parents life that they really don’t look forward to at all, this is when their children get to an age where they are able to drive. If your son or daughter passes their driving test and you only have one car you are probably going to have to add them to your insurance policy, which will send the premium through the roof. There is good reason why young people have to spend so much money on insurance though.

Reasons For High Premiums

The main reason for young driver car insurance being so high is that they have no experience behind the wheel. Yes they will have passed their driving test, but as we know and as they will soon find out, the driving test does not prepare you for driving out on the open road. There is still a lot to be learned after they pass their test.

Another reason is their age, many young drivers still have a lot of growing up to do and many insurers penalise drivers that are younger than 21, we only get the best prices from insurers when we reach 25.

Another factor is the drivers gender, it is statistically proven that young female drivers are less likely to be involved in an accident than a young male driver. So for this reason females get better quotes for their insurance. Though in the UK and Europe a new law has just been passed meaning insurers cannot give better prices based on sex, it has been decided that it is discriminatory against males. The US insurance companies might take notice of this in the coming months.

The Learning Curve

Paying high insurance premiums is part of a learning curve for young drivers, if they have accidents or get any marks on their license, for speeding, running red lights and so on, their premiums are only going to get bigger and more unaffordable. Its teaches them a very valuable lesson, to take care, be responsible and be sensible. This is one of the most important things that a young driver needs to learn. If you drive safely you are going to protect yourself from harm and also those around you, if everyone thinks this way then our roads can only get safer. If you keep a clean license the price of your insurance will come down each time you renew it.

The Right Car

Another important factor in getting cheap young driver car insurance is choosing the right car to drive. As much as most young drivers want to have the sportiest car on the market they need to learn that being able to drive such cars is a privilege that they have got to earn over the years. So buying a base model car with a smaller capacity engine is going to cost far less to insurance than a sporty GTI or convertible. Then as the years of trouble free driving with these cars adds up you gain the trust of the insurance companies and they give you better prices for insuring these more flashy cars.

Specialist Insurers

These days there are actually quite a lot of specialist insurers out there for young drivers, though recommending one is not easy. The company that gives the cheapest premium to me might not be the same company that can give you the best premium. As mentioned above there are a lot of factors that are taken into consideration, the drivers age, sex, where they live, the car they drive, any accidents or convictions and also the coverage needed. As much as it is a tedious task the best thing to do is just go through all the insurers and get quotes from them all. Thankfully most insurers have websites that give you quotes, so you don’t have to spend a load of time and money on the phone to different people.

Posted by on March 9th, 2011 :: Filed under Insurance,Young Drivers
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