Bill of Sale in Logbook Loans in UK

By:  27/10/2012
Keywords: Secured Loans, logbook loans, bad credit secured loan

While applying for a logbook loan, you will need to sign on some legal documents.  Bill of sale is an authorized document which is important to sign if one wants to complete lending process through logbook loans. It is necessary to understand the working process of bill of sale because without this you cannot complete the logbook loan. Once bill of sale is placed then lenders can easily accept people with bad credit score and there will be no credit check for such borrowers.

Each lender follows slightly different process for bill of sale. However, you can access common working procedure here. Before applying for logbook loans, it is important to find individual about the terms and working of loan process with particular lender. There can be differences. Refer with below statements to find rough idea about bill of sale in logbook:


  • Applicant can apply online through lender’s own website after accessing important information about the terms from the site
  • Further, lender call back the applicant to agree on terms and also to verify that applicant is qualified for the loan option
  • You meet with the lender in person at local branch
  • Here, you need to sign loan agreement as well bill of sale
  • Further, you will receive the loan amount either in form of cheque or cash or may also receive through bank transfer
  • Lender holds logbook until the amount paid in full
  • You can keep your car during loan term and can use with full freedom
  • Bill of sale gets cancelled once after repaying the amount in full.

Bill of sale gives legal right to lender to sale the car if borrower fails to repay the amount. So, your car is at risk if you have borrowed amount against the car value. It is important to keep the terms of the loan against car and to pay back the amount in order to avoid the risk.

Keywords: bad credit secured loan, loan against car, logbook loans, Secured Loans



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