Logbook loans are a brilliant way of securing finances quickly and with minimal fuss. However, many people are worried about the process and giving their financial information. You don’t need to worry, as handy online calculation tools can give you an idea of how much you can borrow.
1. Who Can Apply?
Many people worry that their poor financial history means that they will not be approved for a log book loan. They may have poor credit ratings after having problems in the past. They may even have a CCJ or County Court Judgement for non-payment of loans in the past. However, because logbook loans are secure during your car as collateral; they are not subject to the same checks as a normal loan. There is no need to be nervous about applying as all applications will be considered even with poor credit ratings. Many people also worry that applying for a logbook loan will affect future financial applications. Unlike other forms of fast access loan which interrogate your credit report, there is not the same level of check and hence will not leave traces all over your credit history. Logbook loan companies do not need to know what you will use the money for and you can pay the loan back at any-time making them ideal for stop gap loans.
2. Using a Logbook Loans Calculator
Using a logbook loan estimation tool could not be easier. One of the best logbook loans calculator is at www.varooma.com. Once you have logged on to the website you will be shown the tool which has a number of sliders. You can use the sliders to decide how much you want to borrow and how long you wish to borrow it for. The tool will offer a handy calculation of the monthly repayments that you can expect to pay. If you like the terms, you can then enter your car registration number to begin the application process and find out how much you can borrow against the value of your car. The website will ask you to enter your email address and confirm a few details such as: your vehicle is 10 years old or less, or a classic car, or a prestige vehicle; it has valid UK road tax, an MOT certificate and insurance; your name is on the V5 document/logbook; it is clear of finance, or has very little finance left outstanding and that you have a regular income.
3. What Happens Next?
Once you have submitted an application via the logbook loans calculator, your particulars will be checked by a team of underwriters who consider the value of your car and your personal circumstances. Once successful, a representative will meet with you at an agreed location to complete the paperwork. Once the paperwork is complete the logbook loan can be in your account within hours.
Logbook loans calculators are a handy way of checking the funds available before you make an application. The application process is quick, easy and without the hassle of extensive credit checks which could be an ideal solution for those needing access to finance right away.
Idania Silvia is a financial adviser who writes for a number of online publications. She feels the best logbook loans calculator can be found at www.varooma.com.