Do you need information on logbook loans? Are you looking for advice or professional guidance regarding logbook loans? Do you wish to share with us a feedback, a recommendation or a suggestion? Feel free to contact us!
Do I need to have a perfect credit score for logbook loan consideration?
If there is something amazing regarding logbook loans, it has to do with the fact that your credit score status is of no consequence. At GT Loans, we can assure you one thing Ė that we do not run credit checks. We offer affordable and attractive logbook loans without taking into consideration the status of your credit score. As such, what we simply mean is that you are free to make an application for logbook loan products irrespective of how good or bad your credit score is.
Are your logbook loans available to foreigners?
If youíve just come to visit the UK and are a foreigner, we are sorry to inform you that we cannot accept your application for a UK logbook loan. The rules are pretty clear and we only accept UK citizens of sound mind and who are above the age of 18 years. If you are a foreigner, consider going for Pay As You Go (PAYG) plan.
What documents do you require prior to approving logbook loans?
As you already know, in order to be considered for a logbook loan, we require that you furnish us with a number of documents. These include: a Ministry of Transport (MOT) Certificate that essentially ascertains that your car is in good condition, utility bill to show proof of address, your carís tax as well as insurance details, copy of your bank statements, payslips to show proof you receive income on a regular basis and last but not least a copy of your identification card.
Can I use any kind of car as collateral?
Unfortunately, most people do believe that only cars can be used as collateral for a logbook loan. However, this is not the case as you can use a caravan, a motorcycle and even a van as security. That aside, we do not discriminate cars on the basis of models or brands. We accept all types of cars, motorcycles, vans and caravans provided that they are in good condition.
What is the duration of repayment for a logbook loan?
The average repayment period for most logbook loan products is 78 weeks. However, it should be noted that the period of repayment is dependent on a personís ability to repay the loan. Those that have the means can repay it in a shorter period without any penalties. In fact, we advise our customers to make haste and repay loans as fast as possible.
My car has been on the road for more than 10 years. Is it acceptable as collateral for the purposes of securing a logbook loan?
The rule of thumb is that we only accept cars that have been on the road for a period not exceeding 10 years. In addition to that, the said car must be in good condition. In that regard, we cannot accept a car that is more than 10 years old as collateral.
What are the risks if I fail to repay the loan as agreed?
In as much as we strongly recommend paying in good time monthly, we are also cognisant of the fact that this might not always be the case due to unforeseen circumstances. When you encounter problems in repaying your logbook loan as initially agreed, we strongly encourage you to reach out to us in order for us to work out a new agreement that reflects your financial capabilities at the moment. However, if you remain mum and our attempts to reach you prove futile, our last resort is to repossess your car.