Vehicle finance loans
Saturday, June 30, 2007
Vehicle Finance loans
Your Vehicle Can also earn Money: Check-Logbook Loan
By [http://ezinearticles.com/?expert=Steve_C_Clark] Steve C Clark
We spend a lot on bringing home a vehicle we want for example a car. But do you know, the same can also be used one more reason. Do you know that you can use the logbook of your vehicle to sponsor a loan? Well, that is one unlikely sponsor. Financial loan market is flooded with offers for logbook loans and makes it worthwhile that you own a vehicle.
Log book loan is the type of secured loan which lender provides against the production of a log book. In simple term, in case of log book loan, the log book (e.g. Car registration documents) functions as collateral.
The method is to provide a third party with proof of owernership by production of the log book (car registration documents) and a loan then can be secured against the ownership of the car.
Now a day, log book loans are getting preference over other types of loans due to the fast and easy process involved in log book loans. Log book loans also provide the benefits of secured loans without protracting the process, as in secured loans.
Logbook loans are mainly suitable for the immediate and urgent needs of borrowers. In this case, the vehicle continue to be in the possession of borrower, it is the logbook which remains in the possession of the lender for the period until which loan is repaid. An important requirement of logbook loans is that the borrower should keep the vehicle in good condition. The borrower must be regular in paying taxes and insurance on the vehicle.
Basic Criteria for availing log book loans are as follows:
Borrowers who want to have a logbook loan need to fulfill certain basic criteria. These are as follows:
· The vehicle must not be older than 8 years.
· The vehicle should not have been used as collateral
· If the vehicle had been used as collateral, vehicle should be clear of all dues.
· Taxes and insurance due on the vehicle must be paid in full before the vehicle logbook is pledged for logbook loan.
· The vehicle must have passed the technical test/ MOT test for being eligible for the logbook loan. Every British vehicle has to undergo a test after every 3 years to check its worthiness.
· A borrower of the loan should be in full time employment. He or she should have some regular source of income.
· The logbook must be in the name of the borrower.
Log book loan Vs. Other loans
The first advantage of log book loan is that this type of loan does not involve credit check meaning that irrespective of credit status, anybody and every body can enjoy logbook loans. Loan amount depends upon the lender and the vehicle, the amount of logbook loans can stretch to larger amounts. Through logbook loans, borrowers with bad credit history get a chance to draw larger funds at indiscriminating terms. While processing application for log book loan, borrower have to submit complete details including source of income, age proof, vehicle such as its type, make, model, the year of purchase and the mileage that it is presently offering. With work going on at the lenders’ round the clock, borrowers are sure to get a quick approval and a fast sanction of logbook loans.
Logbook loans are secured form of financing. The recognition of logbook loans as a dependable loan type is providing the benefits of secured loans without the disadvantage associated with them, namely, time consumption.
Steve Clark can tell you how to look better, live better and breathe better by giving you tips to improve your finances.He
writes on loans. His ideas can help you rejuvenate your money.To find Personal loan UK,homeowner personal loan visit
[http://www.ezpersonalloansuk.co.uk] http://www.ezpersonalloansuk.co.uk.
Article Source: [http://ezinearticles.com/?expert=Steve_C_Clark ] http://EzineArticles.com/?expert=Steve_C_Clark
[http://ezinearticles.com/?Your-Vehicle-Can-also-earn-Money:-Check-Logbook-Loan&id=188684 ] http://EzineArticles.com/?Your-Vehicle-Can-also-earn-Money:-Check-Logbook-Loan&id=188684
By [http://ezinearticles.com/?expert=Steve_C_Clark] Steve C Clark
We spend a lot on bringing home a vehicle we want for example a car. But do you know, the same can also be used one more reason. Do you know that you can use the logbook of your vehicle to sponsor a loan? Well, that is one unlikely sponsor. Financial loan market is flooded with offers for logbook loans and makes it worthwhile that you own a vehicle.
Log book loan is the type of secured loan which lender provides against the production of a log book. In simple term, in case of log book loan, the log book (e.g. Car registration documents) functions as collateral.
The method is to provide a third party with proof of owernership by production of the log book (car registration documents) and a loan then can be secured against the ownership of the car.
Now a day, log book loans are getting preference over other types of loans due to the fast and easy process involved in log book loans. Log book loans also provide the benefits of secured loans without protracting the process, as in secured loans.
Logbook loans are mainly suitable for the immediate and urgent needs of borrowers. In this case, the vehicle continue to be in the possession of borrower, it is the logbook which remains in the possession of the lender for the period until which loan is repaid. An important requirement of logbook loans is that the borrower should keep the vehicle in good condition. The borrower must be regular in paying taxes and insurance on the vehicle.
Basic Criteria for availing log book loans are as follows:
Borrowers who want to have a logbook loan need to fulfill certain basic criteria. These are as follows:
· The vehicle must not be older than 8 years.
· The vehicle should not have been used as collateral
· If the vehicle had been used as collateral, vehicle should be clear of all dues.
· Taxes and insurance due on the vehicle must be paid in full before the vehicle logbook is pledged for logbook loan.
· The vehicle must have passed the technical test/ MOT test for being eligible for the logbook loan. Every British vehicle has to undergo a test after every 3 years to check its worthiness.
· A borrower of the loan should be in full time employment. He or she should have some regular source of income.
· The logbook must be in the name of the borrower.
Log book loan Vs. Other loans
The first advantage of log book loan is that this type of loan does not involve credit check meaning that irrespective of credit status, anybody and every body can enjoy logbook loans. Loan amount depends upon the lender and the vehicle, the amount of logbook loans can stretch to larger amounts. Through logbook loans, borrowers with bad credit history get a chance to draw larger funds at indiscriminating terms. While processing application for log book loan, borrower have to submit complete details including source of income, age proof, vehicle such as its type, make, model, the year of purchase and the mileage that it is presently offering. With work going on at the lenders’ round the clock, borrowers are sure to get a quick approval and a fast sanction of logbook loans.
Logbook loans are secured form of financing. The recognition of logbook loans as a dependable loan type is providing the benefits of secured loans without the disadvantage associated with them, namely, time consumption.
Steve Clark can tell you how to look better, live better and breathe better by giving you tips to improve your finances.He
writes on loans. His ideas can help you rejuvenate your money.To find Personal loan UK,homeowner personal loan visit
[http://www.ezpersonalloansuk.co.uk] http://www.ezpersonalloansuk.co.uk.
Article Source: [http://ezinearticles.com/?expert=Steve_C_Clark ] http://EzineArticles.com/?expert=Steve_C_Clark
[http://ezinearticles.com/?Your-Vehicle-Can-also-earn-Money:-Check-Logbook-Loan&id=188684 ] http://EzineArticles.com/?Your-Vehicle-Can-also-earn-Money:-Check-Logbook-Loan&id=188684
Friday, June 29, 2007
Vehicle Finance loans
Auto Loans after Bankruptcy - How to Avoid Dishonest Vehicle Lenders
By [http://ezinearticles.com/?expert=Carrie_Reeder] Carrie Reeder
Following a bankruptcy, it is important for you to begin rebuilding your credit. This may involve opening a new line of credit. If you need a new automobile, obtaining a new car loan is perfect for rebuilding credit. Because the loan is secured by the vehicle, most lenders are willing to give loans to people with a bankruptcy.
Ways to Get Approved for a Car Loan After Bankruptcy
While getting approved for a car loan after a bankruptcy is possible, there are techniques that can improve your chances of getting a good deal. For starters, work on rebuilding your credit before applying for a car loan. Following your bankruptcy, apply for three new lines of credit. You may have to obtain a secured credit card. However, once you establish a good payment history, you may qualify for an unsecured credit card.
If possible, pay the balance each month. Moreover, avoid late or missed payments. By establishing and maintaining a good credit history, your credit score will increase, thus opening the door for better loan options.
How to Choose a Lender for Bad Credit Car Loan
If your credit is bad, and you need a new car, you may obtain a reasonable deal from a sub prime lender. Sub prime or high risk lenders are willing to help you establish or re-establish credit. Dealerships, banks, and other financial institutions may deny your credit application. However, sub prime lenders specialize in bad loans. Of course, the interest rate for these loans is higher. Thus, if you default on the loan, the lender is able to make a small profit. While the interest rate on sub prime auto loans is higher, the rates are not ridiculously high, which is common on most hard money loans.
Avoiding Dishonest Auto Loan Lenders
Even though most sub prime lenders are eager to help you get a car loan, some lenders are fraudulent. Unsuspecting car buyers fall prey to their scams and agree to unreasonable loan terms. Some auto loan lenders charge huge fees and rates in order to boost their profit. For example, you may qualify for an auto loan with a 7% interest rate; however, the lender boosts the rate to 9%. The best way to avoid shady lenders is to shop around and compare rates.
"Buy here, pay here" dealerships offer quick financing. However, they may not offer the best rates. Consider completing an online auto loan application through an auto loan broker. After entering your information such as income, employment history, and credit score, the broker will review your information and email you quotes from various lenders. Your responsibility entails reviewing quotes and choosing the lender with the best rate.
Here are our recommended [http://www.abcloanguide.com/autoloans.shtml] Bad Credit Auto Finance Companies Online.
Carrie Reeder is the owner of [http://www.abcloanguide.com/] ABC Loan
Guide, an informational website about various types of loans.
Article Source: [http://ezinearticles.com/?expert=Carrie_Reeder ] http://EzineArticles.com/?expert=Carrie_Reeder
[http://ezinearticles.com/?Auto-Loans-after-Bankruptcy---How-to-Avoid-Dishonest-Vehicle-Lenders&id=104963 ] http://EzineArticles.com/?Auto-Loans-after-Bankruptcy---How-to-Avoid-Dishonest-Vehicle-Lenders&id=104963
By [http://ezinearticles.com/?expert=Carrie_Reeder] Carrie Reeder
Following a bankruptcy, it is important for you to begin rebuilding your credit. This may involve opening a new line of credit. If you need a new automobile, obtaining a new car loan is perfect for rebuilding credit. Because the loan is secured by the vehicle, most lenders are willing to give loans to people with a bankruptcy.
Ways to Get Approved for a Car Loan After Bankruptcy
While getting approved for a car loan after a bankruptcy is possible, there are techniques that can improve your chances of getting a good deal. For starters, work on rebuilding your credit before applying for a car loan. Following your bankruptcy, apply for three new lines of credit. You may have to obtain a secured credit card. However, once you establish a good payment history, you may qualify for an unsecured credit card.
If possible, pay the balance each month. Moreover, avoid late or missed payments. By establishing and maintaining a good credit history, your credit score will increase, thus opening the door for better loan options.
How to Choose a Lender for Bad Credit Car Loan
If your credit is bad, and you need a new car, you may obtain a reasonable deal from a sub prime lender. Sub prime or high risk lenders are willing to help you establish or re-establish credit. Dealerships, banks, and other financial institutions may deny your credit application. However, sub prime lenders specialize in bad loans. Of course, the interest rate for these loans is higher. Thus, if you default on the loan, the lender is able to make a small profit. While the interest rate on sub prime auto loans is higher, the rates are not ridiculously high, which is common on most hard money loans.
Avoiding Dishonest Auto Loan Lenders
Even though most sub prime lenders are eager to help you get a car loan, some lenders are fraudulent. Unsuspecting car buyers fall prey to their scams and agree to unreasonable loan terms. Some auto loan lenders charge huge fees and rates in order to boost their profit. For example, you may qualify for an auto loan with a 7% interest rate; however, the lender boosts the rate to 9%. The best way to avoid shady lenders is to shop around and compare rates.
"Buy here, pay here" dealerships offer quick financing. However, they may not offer the best rates. Consider completing an online auto loan application through an auto loan broker. After entering your information such as income, employment history, and credit score, the broker will review your information and email you quotes from various lenders. Your responsibility entails reviewing quotes and choosing the lender with the best rate.
Here are our recommended [http://www.abcloanguide.com/autoloans.shtml] Bad Credit Auto Finance Companies Online.
Carrie Reeder is the owner of [http://www.abcloanguide.com/] ABC Loan
Guide, an informational website about various types of loans.
Article Source: [http://ezinearticles.com/?expert=Carrie_Reeder ] http://EzineArticles.com/?expert=Carrie_Reeder
[http://ezinearticles.com/?Auto-Loans-after-Bankruptcy---How-to-Avoid-Dishonest-Vehicle-Lenders&id=104963 ] http://EzineArticles.com/?Auto-Loans-after-Bankruptcy---How-to-Avoid-Dishonest-Vehicle-Lenders&id=104963
