Many people are aware in the United Kingdom that it is possible for them to take loans by pledging their cars as security for those loans. The loans are known as logbook loans. Yet, not many are aware of the fact that besides cars and vans, they can now avail of logbook motorbike loans at places such as LogbookCalculator.uk. Now, logbook loans are also relevant to motorbikes. These logbook bike loans may just be the financial answer that people may have been waiting for in times of cash shortfall due to emergencies. There is no reason why people owning motorbikes be left out when they want to pursue logbook loans. Modern motorbikes have values that are equivalent to or more than small cars. Places like Motorbike Logbook Loans are more than willing to use these motorbikes as collateral for extending their logbook loans.
What are Logbook Motorbike Loans?
A logbook motorbike loan uses motorcycles as security for loans. Motorbike Logbook Loans show the borrowers a way by which they can unlock values of their motorbikes without the need for selling them in order to avail of fast cash for financial emergencies. For the purpose of logbook bike loans, Motorbike Logbook Loans retain the logbook of V5C of the motorcycle during the tenure of the loan. This is the document for the registration of that motorcycle. The borrower is allowed to make full use of the motorcycle while the loan is being repaid regularly. Once the loan amount is settled in full, the logbook of the motorcycle is returned to the borrower.
Motorbike Logbook Loans allow borrowers to access amounts ranging between £250 and £50,000. This depends on the market worth of the motorcycle that is being pledged and the repayment amount that would be affordable to the concerned borrower. The logbook loan calculator that is provided on the website of Motorbike Logbook Loans will give a fair idea of how much the borrowers would be in a position to borrow as long as their bikes are roadworthy, comprehensively insured, fully taxed and have passed the Ministry of Transport (MOT) Test.
How to Apply for a Motorbike Logbook Loan?
Beginning the process of application for a motorbike logbook loan is a simple task. Motorbike Logbook Loans have made the entire end to end process a simple one, ranging from an application for a logbook loan to receiving the cash in the bank accounts. The whole process is a straightforward one. As borrowers need the money fast, the logbook loan is processed as quickly as it possibly could. Borrowers may expect the cash in their banks on the very same day that they apply for the loan. The loan gets approved fast when the requirements are met without any delay. The items required are a V5C Registration Document for the Motorcycle, a valid Ministry of Transport Certificate which has not expired and proof of comprehensive insurance coverage.
The loan amount can be repaid on weekly, fortnightly or monthly basis. It could be settled by means of a bank transfer or a debit card swipe or a cheque. The tenure of the logbook loan may stretch anywhere from twelve months to thirty-six months. If borrowers want to settle the loan amount earlier than the stipulated tenure, they will not be charged any penalties for doing so.
How do Motorbike Logbook Loans work?
There is a process that has to be followed when borrowers apply for motorbike logbook loans. There are a few things that the lenders check about the motorcycle that is being pledged. After this check, the application will be processed and finances will get arranged. The motorcycle has to be roadworthy and must have a minimum market value of £500 for it to qualify. The borrower also has to prove his or her ownership of the motorcycle.