With a logbook loan, you can borrow an amount of money based on the value of your vehicle. The lender will keep hold of your vehicle's logbook until the loan is paid back in full, but you will still be able to use your vehicle as normal. Logbook loans are a popular choice for those who may not qualify for traditional bank loans due to their credit history. Since the loan is secured against the value of the vehicle, lenders may be more willing to lend to those with a less-than-perfect credit score.
At [Micro finance company name], we understand that everyone's financial needs are unique, which is why we offer logbook loans as a flexible financing solution. Our experienced team can work with you to find a loan amount and repayment plan that fits your individual circumstances and budget.
Application Requirements:
To qualify for an auto logbook loan a client must furnish Meridian with the following:
- The motor vehicle log book
- Two blank but signed motor vehicle ownership transfer forms
- A copy of the motor vehicle’s records with the National Transport and Safety Authority (NTSA) as at the date of loan application
- The motor vehicle’s valuation report with photographs Proof of comprehensive insurance
- A copy of the clients’ national identity card or passport to be certified against the original by Meridian
- A copy of the registered vehicle-owner’s PIN certificate Personal or business bank statements for at least 3 months A cheque book account (Postdated Cheques)
- The latest utility bill or rental lease for proof of residential address Execution of a chattels mortgage
- 2 Passport size photos
