Log book loans are a kind of personal loan secured against a car. A UK resident who has a logbook registered in their name is eligible for logbook loans. Lenders in exchange keep the logbook of the borrowers with them against the loan. Borrowers can enjoy the complete freedom to drive their car without any restrictions from the lender.
Amount that a borrower can borrow with log book loans ranges from £500 to £50,000. The loan amount is determined on the basis of value of the car minus any outstanding payments due to be made on the car.
What happens if you cannot repay the loan properly? You can easily repay the loan if you select the repayment period carefully. The longer the period is, the smaller the instalment is. Of course in the long run, the total amount you pay as the interest is much more in case of longer repayment periods.
