The major requirement for you to qualify for a logbook loan is being a car owner and proving that you have a regular source of income. There should be evidence of your legal ownership of the vehicle you want to pledge as security for the logbook loan. The minimum amount available for such loans is £50. The market valuation of your vehicle has to be determined at the time of the loan application being processed and not at the time you originally purchased the car.
Once you have decided on applying for a logbook loan, it is simple to calculate the cost of the vehicle loan. You can use our online application after visiting our website. The calculation of the loan cost can be completed by feeding in all important information in the inbuilt calculator that we have provided in order to arrive at the weekly instalments. It would give you the total cost after including the interest component.
How to use the logbook loan calculator?
- You have to enter the loan amount which you intend to borrow.
- You have to then enter the interest rate and the term you select as your repayment schedule.
- Next, you have to calculate and mark out your logbook loan repayments on a monthly instalment basis.
Based on the current market saleable value of your car, logbook loans could be taken for amounts ranging between £50 and £50,000. The loan value can be assessed anywhere between 50% and 70% of the actual market value of your car.
The loan calculator has been provided for your convenience so that you could prepare various illustrations of weekly or monthly instalments and repayment schedules. The sanctioning of the loan amount would finally depend on your regular source of income and the affordability potential of making repayments.
The logbook loan calculator at https://logbookcalculator.net/ can also be used to highlight amounts for various interest rates and repayment terms. Your final logbook loan calculation can then be emailed for your own convenience to check out numerous permutations. You can then take your own sweet time and mull over on how you would like to take steps for committing yourself to the repayment schedule for the entire logbook loan. The online logbook loan calculator provided by us will help you in working out repayments on monthly interest basis over a period of
- One-year period
- Two-year period
- Three-year period
- Four-year period
- Five-year period
- Ten-year period
If you have any queries and you are not able to arrive at a satisfactory calculation, you can always get in touch with us on the phone or through customer support online for the actual quote. The logbook loan calculator is meant to give you a clear indication of how to budget your weekly payments through instalments.
The Purpose of the Logbook Loan Calculator
The main reason why this logbook loan calculator has been provided is to keep the loan rates transparent and affordable for borrowers. They are recommended to use these free quote services online and work out their instant instalments on this calculator. It gives a fair idea of the monthly instalments amount which will be required to cover a logbook loan so that the borrowers could budget their borrowing and finalise the loan transaction.
Once the calculation is completed, borrowers are required to provide relevant information that concerns their personal and financial circumstances. They can finally fill out the online application form and it is quite simple to complete.
Before entering into a logbook loan, borrowers are advised to understand that these loans are made available as financing options for them to access the secured kinds of loans against the cars they own. They will be allowed to use their vehicles until they repay the loans with regular weekly or monthly instalments. In case of default in these instalments, the cars will be seized by the lenders and used as collateral to recover the loan amounts.