If you have ever tried to get a loan from a bank and have been turned down due to bad credit or perhaps you are a tenant, then you should apply for a log book loan. This handy credit product is granted based on the value of your vehicle and you will need to own the car outright with remaining credit outstanding on it. You might want to apply for a loan up to the value of the car but in reality the maximum you are allowed is usually about half its market value. Once the loan is approved, you turn your log book or V5c document over to the financing company and when repayment of the loan is complete the log book is returned to you. Continue reading »
