A Logbook loan is given when one gives out his or her car as a security for the money borrowed. The money issued heavily depends on the value of your vehicle. The lender owns your vehicle until you pay back. However, you can still use your vehicle for as long as you repay the logbook loan.
Before you take a logbook loan, you have to sign two agreements which are; Personal loan agreement and a bill of sale agreement.
Personal loan agreement
This agreement contains information about how much money you will borrow, the interest charged and how you will repay the logbook loan.
A bill of sale agreement
This is the agreement that transfers the legal ownership of the car from the owner to the lender until the loan is fully settled.
How do you qualify for a logbook loan?
- First you have to be over eighteen years of age to qualify for a logbook loan
- You have to be the legal owner of the vehicle for you to get a logbook loan.
- Your name must be on the logbook to acquire the loan.
- There should be no outstanding finance on the vehicle you want to apply the logbook loan with.
- The vehicle should have a comprehensive car insurance
- The car should be road worthy and reasonable condition for you to qualify for the logbook loan
Ensure you get the right information about how the logbook loan works before signing the agreement.
Are you in need of a logbook loan? Worry no more! Jijenge credit limited company offers logbook loans at very affordable rates and they are easily available. Having met the above qualifications visit their office and get your logbook loan within a snap.